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Stock market hiccup...Oil prices drop... CBO reports government deficit

October 7, 2017

NEW YORK (AP) — Economists have been cautioning investors not to read too much into the latest hiring numbers, which were far weaker than expected, because they were distorted by hurricane damage. Nevertheless, stocks faded a bit from their record highs on Friday. The S&P 500 fell nearly 3 points to 2,549. The Dow slipped nearly 2 points to 22,773 but the Nasdaq added nearly 5 to 6,590.

NEW YORK (AP) —Oil futures are down. Benchmark U.S. crude sank $1.50, or 3 percent, to settle at $49.29 per barrel in New York on Friday. It’s was the fourth drop for oil in the last five days. Meanwhile, Brent crude, the international standard, lost $1.38, or 2.4 percent, to $55.62 per barrel in London.

WASHINGTON (AP) — The federal government ran a $668 billion budget deficit for the just-completed 2017 fiscal year. That’s $82 billion more red ink than the government produced last year. The Congressional Budget Office based its findings on preliminary Treasury reports. Treasury will issue the official deficit figures in a week or two.

NEW YORK (AP) — A financial report filed with the British government shows Donald Trump is losing millions for a third year in a row on a couple of his biggest investments: his Scottish golf resorts. A report from Britain’s Companies House shows losses last year at the two resorts more than doubled to $23 million. Revenue also fell sharply.

BOSTON (AP) — General Electric says CFO Jeffrey Bornstein will be leaving the company at the end of the month, the latest executive shuffle at the industrial conglomerate this week. The company says Jamie Miller, CEO of GE’s transportation unit, will take over the CFO job Nov. 1. She joined GE in 2008. GE also said two of its vice chairs, Beth Comstock and John Rice, will retire Dec. 31.

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