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Oil surges to its highest price since 2023, and stocks drop after weak update on the job market

NEW YORK (AP) — Oil shot to its highest price since 2023 after surging again Friday because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street’s worst week since October. The S&P 500 dropped 1.3% after a report showed U.S. employers cut more jobs last month than they created and after oil prices spiked above $90 per barrel. The combination of a weak economy and high inflation is a worst-case scenario for investors because the Federal Reserve has no good tool to fix both problems at the same time. The Dow Jones Industrial Average ...

Surging oil prices sink stock market

NEW YORK — Stocks sank on Wall Street Thursday after the price of oil spiked to its highest level since the summer of 2024 because of the war with Iran. The S&P 500 fell 0.6% and erased what had been a small gain for the year so far. The Dow Jones Industrial Average briefly dropped more than 1,100 points before finishing with a loss of 784, or 1.6%. The Nasdaq composite slipped 0.3%. The losses came as financial markets around the world keep following the cue of oil prices. Sharp increases there are raising worries that a long-term surge could grind down the global economy, exhaust ...

Business at a glance for March 6

States sue over new global tariffs WASHINGTON — Some two dozen states are challenging President Donald Trump’s new global tariffs in court. On Thursday, the states filed a lawsuit over import taxes he imposed after a stinging loss at the Supreme Court. Democratic attorneys general leading the suit argue that Trump is overstepping his power with planned 15% tar an emergency powers law. Ohio is not among the states challenging the tarriffs. US jobless filings unchanged at 213K WASHINGTON — The number of Americans applying for unemployment benefits last week was ...

Judge rules companies are entitled to refunds for Trump tariffs overturned by the Supreme Court

WASHINGTON (AP) — In a defeat for the Trump administration, a federal judge in New York ruled Wednesday that companies that paid tariffs struck down last month by Supreme Court are due refunds. Judge Richard Eaton of the U.S. Court of International Trade wrote that “all importers of record’’ were “entitled to benefit’’ from the Supreme Court ruling that struck down sweeping double-digit import taxes President Donald Trump imposed last year under the 1977 International Emergency Economic Powers Act (IEEPA). Eaton also wrote that he alone “will hear cases pertaining to ...

Google settles with Epic Games, offers to lower its app store commissions

SAN FRANCISCO (AP) — Google will lower the lucrative fees imposed on its Android app store and offer a way for rival options to gain its stamp of approval, ending a bruising legal battle that led to one of several rulings condemning its tactics as an illegal monopoly. The proposed changes filed Wednesday with a federal court in San Francisco mark the latest twist in a case that began in August 2020 when video game maker Epic Games filed an antitrust case seeking to make it easier for alternative payment options to compete against Google’s Play Store system, which charges 15% to 30% ...

Gasoline, diesel prices spike as anxious drivers fill up tanks

NEW YORK (AP) — The average price for a gallon of gasoline jumped 11 cents overnight in the U.S., and drivers in Europe waited in line to fill their tanks with fuel, as war engulfed the Middle East and shipments of oil and gas were stranded in the Persian Gulf. Depending on the duration of the war, the pain of higher prices could increase in the coming weeks, and may be felt more heavily in areas reliant on imports. “Right now, the worst of it is centered on Europe, because Europe is a net importer,” said Susan Bell, senior vice president of commodity markets at Rystad Energy. ...