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Stocks tumble ...US oil edges up... Gap reports results

By The Associated Press | Posted - Aug. 20, 2015 at 3:51 p.m.



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NEW YORK (AP) — The stock market is closing with its worst performance in 18 months, driven lower by another slump in Chinese shares and heavy selling by technical traders. The S&P 500 lost nearly 44 points, or 2.1 percent, to close at 2,035. The Dow Jones industrial average plunged 358 points, also 2.1 percent, to 16,990. The Nasdaq fell 141 ½ points, or 2.8 percent, to 4,877.

NEW YORK (AP) — The price of U.S. oil is up slightly but remains near its low point of March 2009. Benchmark U.S. crude rose 34 cents today to $41.14 in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 54 cents to $46.62 in London.

NEW YORK (AP) — Gap is keeping its fiscal-year profit forecast unchanged after the retailer confirmed it continued to struggle in the second quarter, with sales rising at its Old Navy stores while business at Gap and Banana Republic stores weakened. Gap's income fell 34 percent. Its revenue fell 2 percent. The results were in line with estimates Gap gave last week.

BIRMINGHAM, Ala. (AP) — An automotive parts supply company based in India is planning to build a $150 million plant in Tuscaloosa, Alabama, and create 650 jobs, Samvardhana Motherson Group's 700,000-square-foot plant will supply the Mercedes Benz plant in Vance, Alabama. The plant's employees will produce bumpers, spoilers, interior door panels and other parts.

NEW YORK (AP) — The owner of the New York Daily News says the tabloid is no longer up for sale. Mort Zuckerman says that after meeting with "several potential interested and well-intentioned suitors," he's withdrawing the paper from the market. He said in February he'd been approached by a potential buyer. Zuckerman says the digital arm of the Daily News will be increasingly important.

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The Associated Press

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