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Stocks tumble...Oil prices plunge... Inflation edges higher in China

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NEW YORK (AP) — Investors are concerned that China's economy is slowing down. A wave of late selling on Friday pummeled stocks and pushed the market to its worst week in four years. The Dow dropped 1 percent. The S&P 500 fell 1.1 percent and the Nasdaq shed 1 percent. The Dow and S&P 500 each dropped about 6 percent for the week. The tech-heavy Nasdaq fell 7.3 percent.

NEW YORK (AP) — The price of oil, already at decade lows, continues to fall. Oil lost ground yesterday as benchmark U.S. crude fell 11 cents to close at $33.16 a barrel in New York. Meanwhile, Brent crude, a benchmark for international oils, declined 20 cents to $33.55 a barrel in London.

BEIJING (AP) — China's consumer inflation edged up 1.6 percent in December as food prices rose. The inflation rate reported today by the National Bureau of Statistics was up from November's 1.5 percent. Consumer inflation has been drifting down since August. Relatively low inflation gave Beijing room to cut interest rates six times since last November to stimulate the slowing economy.

DETROIT (AP) — U.S. safety regulators have determined that only Fiat Chrysler radios have a security flaw that allowed security experts to hack into and take control of a Jeep. The National Highway Traffic Safety Administration says it's ending a five-month investigation into the vulnerabilities of automotive radios.

WALTHAM, Mass. (AP) — Thermo Fisher Scientific is paying $1.3 billion to add Affymetrix to its biotechnology toolkit. The Waltham, Massachusetts, company is planning to complete the acquisition by the end of June. Santa Clara, California-based Affymetrix specializes in making equipment to analyze genetic codes. It generates annual revenue of about $350 million.


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