Stocks lower...Oil prices continue slide... Black Friday looks like retail success
UNDATED (AP) — Stocks have closed lower after a shortened session today, bumping the benchmark S&P 500 index into a correction, or drop of 10 percent below its most recent all-time high in September. The S&P 500 fell 17 points, or 0.7 percent, to 2,632. The Dow lost 178 points, or 0.7 percent, to close at 24,285. The Nasdaq dropped 33 points, or 0.5 percent, to 6,938. And the Russell 2000 picked up less than a point, or 0.03 percent, to end the day at 1,488.
UNDATED (AP) — Crude oil prices have fallen for the seventh straight week on worries that a slowing global economy could hurt demand even as oil production has been increasing. The benchmark U.S. crude contract slid 7.7 percent to settle at $50.42 per barrel in New York today. And Brent crude, the international standard, lost 6.1 percent to close at $58.80 per barrel in London.
JUBA, South Sudan (AP) — South Sudan’s oil minister says South Africa will invest $1 billion into the war-torn country’s oil sector in what would be the largest investment in the East African country’s history. South Sudan has Africa’s third-largest oil reserves, at 3.5 billion barrels, and it hopes increasing production will help the country recover after a peace deal was signed two months ago.
NEW YORK (AP) — Retailers are offering much of their Black Friday deals online, but shoppers still showed up at malls and stores around the country looking for discounts — and to take in the scene. Black Friday is expected to be the busiest shopping day of the year, according to ShopperTrak. Sales are expected to hit $23 billion on Friday, up from $21 billion during the same year-ago period, according to MasterCard SpendingPulse.
RALEIGH, N.C. (AP) — North Carolina’s top environmental official hopes one of the country’s largest chemical companies will change how it operates now that it has been hit with the largest penalty a polluter has had to pay the state. North Carolina environmental secretary Michael Regan says The Chemours Co. is agreeing to pay the state a $12 million penalty and sharply reduce air emissions of the nonstick compound known as GenX.