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Good day on Wall Street...Oil prices surge... Macy's closing more stores



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NEW YORK (AP) — Stocks are broadly higher on Wall Street. All three major U.S. indexes set record highs today. The Dow Jones industrial average rose 118 points or 0.6 percent to 18,614. The Standard & Poor's 500 index rose 10 points or 0.5 percent to 2,186. The Nasdaq composite rose 24 points or 0.5 percent to 5,228.

NEW YORK (AP) — Oil futures are up. Crude prices surged today after the International Energy Agency said it expects supply and demand to be more in balance the rest of the year. It also projected that global oil demand won't grow as much as it previously expected next year, citing a weaker global economy. Benchmark U.S. crude rose $1.78, or 4.3 percent, to close at $43.49 a barrel in New York. Brent crude gained $1.99, or 4.3 percent, to close at $46.04 in London.

NEW YORK (AP) — Macy's plans to close about 100 stores next year and boost its online investments. The nation's largest department store chain is trying to become more nimble. The closures represent close to 14 percent of its stores under the Macy's brand. The company, which operates Bloomingdale's stores as well, says it'll increase its exclusive products and will prioritize its investments in the stores that offer the highest growth potential.

NAIROBI, Kenya (AP) — Kenya's government says it has approved a plan to start producing between 2,000 and 4,000 barrels a day of crude oil as a start to exploiting the country's oil production potential. Officials say infrastructure will be upgraded to allow trucks to ferry the oil to the country's main port in Mombasa. The Cabinet also approved the development of a pipeline from the oil fields in north to Lamu, where Kenya is constructing a second port.

BILLINGS, Mont. (AP) — A trade group for the energy industry is accusing federal officials of illegally canceling or postponing the sale of more than two dozen oil and gas leases over the past two years. The Western Energy Alliance is suing the Obama administration to force it to hold lease sales four times a year. The group says sales have been called off in Montana, Colorado, New Mexico, North Dakota, Oklahoma, Texas, Utah and Wyoming.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Associated Press

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