Misery on Wall Street...Retailers hope for big holiday sales...Oil slides again
UNDATED (AP) — It’s been another bad week for Wall Street. Stocks closed lower after a shortened session on Friday, bumping the benchmark S&P 500 into a correction, or drop of 10 percent below its most recent all-time high in September. The index fell 17 points to 2,632. The Dow Jones Industrial Average lost 178 points to close at 24,285 and the Nasdaq dropped 33 points to 6,938. The Nasdaq was already in a correction, and the Dow is 9.5 percent below its high set on Oct. 3.
NEW YORK (AP) — It would have been easy to turn on their computers at home over plates of leftover turkey and take advantage of the Black Friday deals most retailers now offer online. But across America, shoppers flocked to stores on Thanksgiving or woke up before dawn the next day to take part in this most famous ritual of consumerism. Retailers expect sales this holiday season to increase as much as 4.8 percent over 2017 for a total of $720.89 billion.
UNDATED (AP) — Crude oil prices are down for the seventh straight week. Investors are worried that a slowing global economy could hurt demand even as oil production has been increasing. Benchmark U.S. crude slid 7.7 percent to settle at $50.42 per barrel in New York on Friday. That is the lowest since October 2017. Meanwhile, Brent crude, the international standard, lost 6.1 percent to close at $58.80 per barrel in London.
QUITO, Ecuador (AP) — Officials in Ecuador say it will cost the small South American nation $550 million to respond to the influx of Venezuelan migrants. They say the price of health, education and other services migrants need is quickly adding up. The remarks came on Friday as leaders from throughout Latin America gathered in Ecuador’s capital to discuss a joint response to the exodus. The U.N. says more than 3 million Venezuelans have fled their country’s economic and humanitarian crisis in recent years.
NEW YORK (AP) — For generations, the lavish holiday displays in the windows of the Lord & Taylor on Fifth Avenue helped define Christmas in New York. This Christmas season, the most notable decorations at the Manhattan store are signs saying “everything must go.” Lord & Taylor plans to close its longtime Fifth Avenue flagship in January after one last blowout sale. Next year, the 11-story, Italian Renaissance-style building will be taken over by workspace leasing company WeWork.