Twitter leads stock market slide...Oil prices dip...CBS looks into misconduct claims
UNDATED (AP) — Twitter is feeling the sting of its second-biggest market loss since going public in 2013 The social media giant’s stock plunged more than 20 percent on Friday, leading a technology slide in U.S. stocks. Twitter’s big loss followed Facebook’s a day earlier. The S&P 500 fell over 18 points, to 2,818 on Friday. The Dow slid 76 points to 25,451. The tech-heavy Nasdaq lost over 114 points to close at 7,737. And the Russell 2000 gave up 32 points to 1,663.
UNDATED (AP) — Oil prices are down. Benchmark U.S. crude lost 92 cents, or 1.3 percent, to settle at $68.69 per barrel in New York on Friday. Across the pond, Brent crude, used to price international oils, fell 25 cents to close at $74.29. In other energy futures trading, heating oil slid 2 cents to $2.16 a gallon. Wholesale gasoline was little changed at $2.16 a gallon and natural gas added 4 cents to $2.82 per 1,000 cubic feet.
NEW YORK (AP) — CBS says it is investigating personal misconduct claims after the company’s chief executive, Les Moonves (MOON’-vehz), was the subject of a New Yorker story detailing sexual misconduct allegations. The company says independent members of its board of directors are “investigating claims that violate the company’s clear policies” regarding personal misconduct. CBS Corp.’s stock fell 6 percent, its worst one-day loss in nearly seven years, as the reports triggered investor concerns Moonves might be forced to step down.
WASHINGTON (AP) — The federal regulator whose agency oversees mortgage finance giants Fannie Mae and Freddie Mac is being investigated for alleged sexual harassment of an employee. The probe into allegations against Mel Watt was first reported by Politico. Watt, the director of the Federal Housing Finance Agency, says documents were given to Politico in a politically motivated leak. Watt was appointed by President Barack Obama.
ANAHEIM, Calif. (AP) — Disneyland has agreed to raise the minimum wage for employees at its California theme park to $15 an hour. The deal affects more than 9,700 employees. The 40 percent increase will go into effect on Jan. 1, 2019. Disneyland’s president says the resort is paying workers $15 an hour three years ahead of a new California law requiring workers be paid that amount. He says that shows the resort’s “commitment and care” for its employees.