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Stocks tumble...Oil prices continue drop... Macys to cut thousands of jobs, close stores

By The Associated Press | Posted - Jan. 6, 2016 at 3:41 p.m.



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NEW YORK (AP) — Stocks are closing sharply lower, led by a decline in energy stocks as the price of oil plunged to its lowest level since 2008. The Dow Jones industrial average gave up 252 points, or 1.5 percent, to 16,906. The Standard & Poor's 500 index lost 26 points, or 1.3 percent, to 1,990. The Nasdaq composite fell over 55 points, or 1.1 percent, to 4,835.

NEW YORK (AP) — The price of oil is at its lowest level since 2008. Traders are worried that global demand could fall further. Benchmark U.S. crude sank $2, or 5.6 percent, to close at $33.97 a barrel in New York, its lowest price since December 2008. Brent crude, a benchmark for international oils, fell $2.19, or 6 percent, to close at $34.23 a barrel in London.

NEW YORK (AP) — Macy's is cutting thousands of jobs after disappointing holiday sales. The Cincinnati-based department store chain says sales fell 5.2 percent in November and December at existing stores. Warm weather and lower spending by international tourists hurt sales. The company also listed today which 40 stores it would close.

ROCHESTER, N.Y. (AP) — The Wegmans grocery store chain is recalling more than 1,000 pounds of chicken shipped to six states. A federal inspector found that Rochester, New York-based Wegmans altered its production schedule and produced chicken products outside the approved hours of operation. Chicken products produced on Sunday were never inspected.

PASADENA, Calif. (AP) — The new Viceland cable channel that launches next month will have series led by actress Ellen Page, actor Michael K. Williams and celebrity chef Eddie Huang.. Viceland replaces A&E's H2 network on Feb. 29. Viceland's series mirror Vice's style of fast-paced stories that get out into worlds not covered heavily by traditional television outlets.

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The Associated Press

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