Stocks fall …Oil prices higher… Wells Fargo board gives CEO a raise

NEW YORK (AP) — Stocks are down on Wall Street as banks and industrial companies posted sizable losses. Banks fell along with bond yields and industrial companies weakened as European leaders warned of the risk of escalating trade tensions. The S&P 500 dropped more than 15 points to 2,749. The Dow Jones industrial average lost 249 points to 24,758. And the Nasdaq composite fell 14 points to 7,496. The Russell 2000 index declined over 7 points to 1,584.

DATELINE (AP) — Oil futures are up. Benchmark U.S. crude gained 25 cents today to $60.96 a barrel in New York. Meanwhile, Brent crude, used to price international oils, added 25 cents to $64.89 per barrel in London. In other commodities futures, wholesale gasoline added 4 cents to $1.92 a gallon. Heating oil rose 1 cent to $1.89 a gallon. Natural gas slid 6 cents to $2.73 per 1,000 cubic feet.

NEW YORK (AP) — Well Fargo’s board of directors has given CEO Tim Sloan a $4.6 million raise, despite the bank continuing to face the fallout of its sales-practices scandal and other issues. John Shrewsberry, the bank’s chief financial officer, saw his total compensation increase to $11.9 million in 2017 from $9.3 million in 2016. Wells Fargo is facing several investigations into its business.

DETROIT (AP) — Ride-hailing company Lyft is joining with a big Canadian auto parts supplier to develop self-driving vehicles. Lyft and Magna International will share expenses on a multi-year project that could vault them onto the leader board in autonomous vehicle technology. The companies announced the partnership today and also said that Magna would invest $200 million in Lyft.

NEW YORK (AP) — NBC News Chairman Andrew Lack says he wants to start a streaming service for the news division and is currently exploring ways to do it. The service would operate alongside NBC’s cable channel, MSNBC, which benefits from the interest in politics and frequently is the second most popular cable channel in prime time after Fox News Channel. Fox recently announced plans for its own subscription streaming service.

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