Wall Street woes...Oil futures continue downward trend... Airlines aren’t bumping as many passengers
NEW YORK (AP) — Worries about inflation are driving down the stock market. The Dow plunged 1,032 points, or 4.1 percent, to 23,860 today. The index is 10 percent below the record high it set just two weeks ago, putting it in what is known on Wall Street as a “correction.” The S&P 500 is also 10 percent below the record high it set two weeks ago. The S&P gave up over 100 points, or 3.8 percent, to 2,581. And the Nasdaq lost nearly 275 points, or 3.9 percent, to 6,777.
NEW YORK (AP) — After a sharp loss Wednesday, benchmark U.S. crude oil lost 64 cents, or 1 percent today, to close at $61.15 a barrel in New York. Brent crude, the international standard for oil prices, gave up 70 cents, or 1.1 percent, to $64.81 per barrel in London. In other commodities trading, wholesale gasoline remained at $1.77 a gallon. Heating oil lost 1 cent to $1.92 a gallon. Natural gas gave up 1 cent to $2.70 per 1,000 cubic feet.
UNDATED (AP) — A government report says airlines bumped passengers off flights at the lowest rate on record last year after United Airlines was pilloried when a passenger was dragged off a full plane. The Transportation Department says airlines bumped about one passenger in every 29,000 in 2017, roughly half the rate of the year before. Meanwhile, there was a spike in long delays that trapped passengers in planes on the ground.
MEXICO CITY (AP) — Mexico’s central bank has decided to raise its key interbank interest rate from 7.25 percent to 7.5 percent, citing expectations of a U.S. rate increase in March and continued volatility in exchange rates for the Mexican peso. The Bank of Mexico says inflation in 2017 ran at 6.77 percent, but dropped a bit to 5.55 percent on an annual basis in January. The bank says it expects inflation will continue to decline throughout 2018.
COLUMBUS, Ohio (AP) — Ohio’s attorney general is suing DuPont over the company’s decades-long release of a chemical from a plant in West Virginia. At issue is the dumping of the chemical C8 into the Ohio River from DuPont Co. Washington Works plant, near Parkersburg, West Virginia. The lawsuit is one of thousands of state and federal complaints filed against DuPont over C8 in recent years. DuPont has agreed to pay hundreds of millions of dollars to settle suits.