Business Highlights

AP News
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Posted: Feb 08, 2018 5:26 PM

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Dow industrials drop another 1,000 points as selling spreads

NEW YORK (AP) — Stocks plunged again, sending the Dow industrials down 1,000 points, as investors continued to get out of the market. The Dow and the S&P 500 are now 10 percent below their record highs from just two weeks ago, entering what's considered a "correction" on Wall Street. The market's former leaders, including technology companies, took some of the worst losses.

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How the market's turmoil could affect Fed's rate decisions

WASHINGTON (AP) — Wall Street has thrown a rather sour welcoming party for Jerome Powell. On Monday, Powell's very first day as Federal Reserve chairman, the Dow Jones industrial average endured its worst percentage drop since 2011. The selling has raged on in the days since, fueled partly by fear that higher inflation would lead the Fed to accelerate its interest rates hikes and weaken the economy and the stock market. All of which has left investors wondering what the Powell Fed might do now.

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Kale to go: Amazon to roll out delivery at Whole Foods

NEW YORK (AP) — Amazon delivery is coming to Whole Foods. The online retailing giant plans to roll out two-hour delivery at the organic grocer to those who pay for Amazon's $99-a-year Prime membership. The move is the latest way Amazon is putting its stamp on its recent purchase of Whole Foods.

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Lawmakers push for budget vote to avert government shutdown

WASHINGTON (AP) — Lawmakers are working to enact a massive budget deal along with a funding measure to prevent a government shutdown at midnight. GOP leaders are working to shore up support among conservatives for a plan to shower the Pentagon and domestic programs with an extra $300 billion over the next two years. But it has opposition from many liberal Democrats who wanted to use the budget to resolve the plight of immigrant "Dreamers brought to the U.S. illegally as children who are facing deportation.

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Trump picks California lawyer to head IRS

WASHINGTON (AP) — President Donald Trump's pick to lead the IRS is Charles Rettig, a tax lawyer from Beverly Hills, California. If the Senate confirms him as head of the government's tax collection agency, Rettig would administer the tax code overhaul that Trump signed into law last year. Rettig has also defended Trump's decision to break with tradition and not release his own tax filings during the 2016 presidential campaign.

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Twitter makes money for first time ever, but problems remain

NEW YORK (AP) — Twitter has made money for the first time in its nearly 12-year history. The milestone in the fourth quarter of 2017 is satisfying investors in the short term. But with a slew of problems, including abusive content, fake accounts and a prominent executive leaving shortly, Twitter's still facing bigger questions.

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The doctor's in, but jury is out on new LA Times owner

LOS ANGELES (AP) — The struggling Los Angeles Times found a local savior in a biotech billionaire willing to buy the storied newspaper from a corporation half a continent away, but the change of ownership brings questions and uncertainty. Tronc Inc. announced Wednesday that Dr. Patrick Soon-Shiong agreed to pay $500 million and assume $90 million in pension liabilities for the Times and San Diego Union-Tribune. The news was met with optimism and skepticism.

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Airline 'bumping' of passengers falls to lowest rate ever

After viral video of passenger being dragged from a plane, airlines cut 'bumping' of customers to the lowest rate ever. Figures don't include passengers who voluntarily give up their seats in exchange for travel vouchers or other compensation. Meanwhile, United posts the best on-time mark in latest government rankings.

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Knock knock...Who's there? Taco Bell and the Colonel

NEW YORK (AP) — Yum Brands, the owner of Taco Bell and KFC, is teaming up with Grubhub to expand its delivery business as restaurant chains have been under pressure to offer more options and convenience. The fast-food company said Thursday that Grubhub will provide delivery people and the technology to run the delivery and online ordering service for Taco Bell and KFC in the United States. Customers will be able to order through the KFC, Taco Bell or Grubhub apps and websites.

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The Dow Jones industrial average lost 1,032.89 points, or 4.1 percent, to 23,860.46. The Standard & Poor's 500 shed 100.66 points, or 3.8 percent, to 2,581. The Nasdaq composite fell 274.82 points, or 3.9 percent, to 6,777.16. The Russell 2000 index of smaller-company stocks fell 44.18 points, or 2.9 percent, for 1,463.79.

Benchmark U.S. crude lost 64 cents, or 1 percent, to $61.15 a barrel in New York. Brent crude, the international standard for oil prices, gave up 70 cents, or 1.1 percent, to $64.81 per barrel in London. Wholesale gasoline remained at $1.77 a gallon. Heating oil lost 1 cent to $1.92 a gallon. Natural gas gave up 1 cent to $2.70 per 1,000 cubic feet.