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Stocks dive after Fed rate hike...Oil prices higher... More Russians sanctioned

December 19, 2018

NEW YORK (AP) — Stocks gave up a big rally and took a dive in afternoon trading today after the Federal Reserve raised interest rates again and said it plans to keep raising them next year. The market finished at its lowest level since September 2017. The Dow fell 351 points and lost 513 points. It closed down 1.5 percent at 23,323. The S&P 500 skidded 39 points, or 1.5 percent, to 2,506. And the Nasdaq gave up 147 points, or 2.2 percent, to end the day at 6,636.

NEW YORK (AP) — Oil prices have turned higher after plunging a day earlier on worries about rising supplies and weakening global growth, which could weigh on demand. Benchmark U.S. crude climbed 2.1 percent to $47.20 a barrel in New York today. At the same time, Brent crude, used to price international oils, rose 1.7 percent to $57.24 a barrel in London. In other energy futures trading, wholesale gasoline rose 2.7 percent to $1.39 a gallon.

WASHINGTON (AP) — The U.S. Treasury Department has sanctioned 15 Russians over hacking, interference in U.S. elections and a nerve agent attack in England. In a separate action today, the agency also announced plans to lift sanctions on the aluminum manufacturing giant Rusal. It comes after the department approved a plan that severed Russian oligarch Oleg Deripaska’s control of the company.

NEW YORK (AP) — The Consumer Financial Protection Bureau is abandoning a controversial renaming plan, in one of the first big decisions by its new permanent director. The CFPB is dropping the switch to “Bureau of Consumer Financial Protection” that had been sought by President Trump’s acting director of the bureau, according to an email by Kathy Kraninger, who cites cost factors in renaming the bureau as well as years of branding.

WILMINGTON, Del. (AP) — The former chief credit officer of the only financial institution criminally charged in connection with the federal bank bailout program has been sentenced to 4½ years in prison for helping conceal the bank’s troubled condition in the wake of the 2008 financial crisis. Fifty-nine-year-old William North formerly of Delaware’s Wilmington Trust was also ordered to pay a $100,000 fine. Two other former officers have also been sentenced to prison.

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