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Stocks slide ...Oil prices rise... Consumer spending continues to increase

August 30, 2018

NEW YORK (AP) — U.S. stocks skidded late today following a report that the Trump administration could put tariffs on $200 billion in Chinese goods as early as next week. The S&P 500 index lost nearly 13 points, or 0.4 percent, to close at 2,901. The Dow Jones Industrial Average fell over 137 points, or 0.5 percent, to 25,986. The Nasdaq composite slid 21 points, or 0.3 percent, to 8,088. And the Russell 2000 index dipped 2 points, or 0.1 percent, to 1,732.

NEW YORK (AP) — Oil prices are up today. Benchmark U.S. crude gained 1.4 percent to $70.25 a barrel in New York, while Brent crude, used to price international oils, added 0.8 percent to $77.77 a barrel in London. In other commodity futures, wholesale gasoline rose 1.8 percent to $2.14 a gallon. Heating oil inched up 0.3 percent to $2.25 a gallon and natural gas added 0.4 percent to $2.87 per 1,000 cubic feet.

WASHINGTON (AP) — Consumer spending has risen for the sixth straight month, bolstered by strong job growth and tax cuts. According to the government, spending rose a solid 0.4 percent in July, while a key gauge of inflation posted its largest annual gain in more than six years. Inflation rose 2.3 percent for the 12 months ending in July. It’s the fastest annual increases since March 2012.

WASHINGTON (AP) — The U.S. Business Roundtable and the Business Council of Canada are urging trade negotiators to agree to a version of NAFTA that continues to include the United States, Canada and Mexico. On Monday, the United States and Mexico cut a deal on a revamped regional pact that excludes Canada. Canadian negotiators are in Washington for talks that are aimed at reinstating Canada in a new version of the 24-year-old NAFTA.

OMAHA, Neb. (AP) — Billionaire Warren Buffett says stocks remain attractive investments even at today’s high prices when compared to bonds or real estate. Buffett reiterated his view that stocks are the best long-term investment during an interview on CNBC today. Buffett was in New York on his 88th birthday to dine with the person who paid $3.3 million in a charity auction for a private lunch with the investor.

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