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Stock market recovers...Oil prices mixed... Fed chief: economy in “good place”

July 12, 2018

NEW YORK (AP) — Technology companies soared today as major U.S. stock indexes recovered the ground they lost a day earlier. The S&P 500 index rose 24 points, or 0.9 percent, to 2,798. The Dow Jones Industrial Average gained 224 points, or 0.9 percent, to close at 24,924 and the Nasdaq jumped 107 points, or 1.4 percent, to 7,823. Meanwhile, the Russell 2000 index of smaller-company stocks added over 6 points, or 0.4 percent, to 1,690.

NEW YORK (AP) — Benchmark U.S. crude oil futures dipped 0.1 percent to $70.33 a barrel in New York today, while Brent crude, used to price international oils, rose 1.4 percent to $74.45 per barrel in London. U.S. crude dropped 5 percent Wednesday and Brent nosedived almost 7 percent as investors worried that the trade conflict will hurt the global economy. They also expect oil supplies to increase after Libya announced that it will start exporting oil again.

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the economy is in a “good place” at the moment with low unemployment and inflation rising toward the Fed’s optimal range. But he says rising trade tensions and higher tariffs could end up being a drag on growth. In an interview for American Public Media’s “Marketplace” radio program, Powell gave an upbeat assessment of the economy.

NEW YORK (AP) — A report says the Securities and Exchange Commission is investigating whether Facebook adequately warned its investors about privacy lapses involving the data mining firm Cambridge Analytica. The Wall Street Journal says the SEC has requested information from Facebook on how much the company knew about Cambridge Analytica’s use of user data. The report cites unnamed people familiar with the matter.

WASHINGTON (AP) — Stung by a federal judge’s dismissal of its objections to AT&T’s megamerger with Time Warner, the Trump Justice Department is challenging the decision with a legal appeal. The Justice Department says it is appealing the ruling last month by U.S. District Judge Richard Leon, which blessed one of the biggest media deals ever following a landmark antitrust trial.

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