Funk on Wall Street...Oil prices rise a little... China will limit oil supplies to North Korea; ban textile imports
UNDATED (AP) — Investors are continuing to weigh the latest developments in the political brinkmanship between the U.S. and North Korea. Their concerns were reflected yesterday on Wall Street. Trading was listless and stocks only eked out small gains. The S&P 500 rose 1 ½ points to 2,502. The Dow Jones industrial average shed 9 1/2 to close at 22,349 and the Nasdaq composite added 4 points, to end the day at 6,426. The Russell 2000 gained 61/2 points.
UNDATED (AP) — Oil futures are up. Benchmark U.S. crude rose 11 cents, or 0.2 percent, to settle at $50.66 a barrel on Friday in New York. At the same time, Brent crude, used to price international oils, rose 43 cents, or 0.8 percent, to close at $56.86 a barrel in London. Meanwhile, wholesale gasoline gained 3 cents to $1.67 a gallon.
BEIJING (AP) — China says it will limit oil supplies to North Korea under U.N. sanctions, stepping up pressure on Pyongyang over its pursuit of nuclear and missile technology. The Commerce Ministry says China, the North’s main trading partner and energy supplier, will limit supplies of refined petroleum products starting Oct. 1. It says Beijing also will ban imports of North Korean textiles, one of Pyongyang’s last major sources of foreign revenue.
NEW YORK (AP) — Moody’s is downgrading its credit rating on Great Britain, citing the country’s weakening finances and the impact of its decision to exit the European Union. The agency is cutting its long-term debt rating on the UK one notch to Aa2, its third-highest investment-grade rating. Its outlook on the rating moved to “stable” from “negative.” Moody’s says it expects Britain to see higher budget deficits as a result of political and social pressure to increase spending after years of cuts.
BOSTON (AP) — A Massachusetts drug company has agreed to pay more than $35 million to resolve criminal and civil charges that it falsely marketed a cholesterol medication. The U.S. attorney’s office in Boston says Aegerion Pharmaceuticals has agreed to plead guilty to two misdemeanor counts of violating federal law when it sold and promoted the drug Juxtapid as a general treatment for high cholesterol. It was only approved for use in certain patients.