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Down day on Wall Street ...Big drop in oil prices... Sears will stay in business--for now

February 7, 2019

UNDATED (AP) — Renewed pessimism about the strength of the global economy and corporate profits this year have led to sharp losses on Wall Street. The S&P 500 fell 25 points, or 0.9 percent today, to 2,706. The Dow Jones Industrial Average lost 220 points, or 0.9 percent, to close at 25,169. The Nasdaq composite slid 86 points, or 1.2 percent, to 7,288. And the Russell 2000 index of smaller companies gave up 12 points, or 0.8 percent, to end the day at 1,505.

UNDATED (AP) — Oil prices are down today. Benchmark U.S. crude dropped 2.5 percent to settle at $52.64 a barrel in New York and natural gas slid 4.2 percent. That helped drag energy stocks in the S&P 500 down by 2.1 percent, the worst decline among the 11 sectors that make up the index.

NEW YORK (AP) — A bankruptcy judge has blessed a $5.2 billion plan by Sears chairman and biggest shareholder Eddie Lampert to keep the iconic business going. The approval means roughly 425 stores and 45,000 jobs will be preserved. Lampert’s bid through his hedge fund overcame opposition from a group of creditors, including mall owners and suppliers, that tried to block the sale and pushed hard for liquidation.

LOUISVILLE, Ky. (AP) — Google says it is pulling its high-speed internet service out of Kentucky’s largest city, one of about a dozen where Google Fiber is offered. Google Fiber announced on its blog Thursday that Louisville’s service will end on April 15. The tech giant acknowledged problems in Louisville with a new method of digging shallower trenches to speed up the installation times of the fiber optic cable.

WASHINGTON (AP) — Ivanka Trump has launched a White House effort aimed at helping 50 million women in the developing world get ahead economically over the next six years. The White House unveiled the Women’s Global Development and Prosperity Initiative, a governmentwide project led by the senior adviser and daughter to President Donald Trump. The president called it a “historic step” and signed a national security memorandum to officially launch the effort.

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