Business Report: Stocks down, oil pummeled

November 23, 2018 - 4:20 pm

Jim Chesko reporting

Wall Street ended a shortened session on a down note. The Dow Jones Industrial Average dropped 178 points.

The major indexes all lost between 3.8% and 4.4% for the week.

On the final day of the holiday-shortened week, U-S oil prices got pummeled. January crude plunged $4.21, or 7.7 percent, to settle at $50.42 a barrel  -- marking the worst, one-day percentage decline in 3 1/3 years. For the week, the near-term contract lost about 8%.   

Not surprisingly, shares of energy companies tumbled. Royal Dutch Shell slid nearly 4% today, while BP and Chevron both skidded 3 1/3 percent.

Online shopping is hotter than ever. Adobe kept track of Americans’ online shopping on Thanksgiving, and they tell us we filled our digital shopping carts with $3.7 billion worth of items. That’s an increase of 28% from a year ago.  

 

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