On Friday, Wall Street’s benchmark S&P 500 index lost 0.6% to 3,215.63. The Dow Jones Industrial Average slid 0.7%, to 26,469.89. The Nasdaq composite fell 98.24 points, or 0.9%, to 10,363.18.
Uncertainty pushes gold price to record $1,926 per ounce
BEIJING (AP) — The price of gold has surged to a record as investors moved money into an asset seen as a safe haven in uncertain times.
The price urged more than $30 to over $1,926 per ounce. It added 1.5% percent after breaking its 2011 record high price on Friday.
Prices of gold and silver have jumped as rising infection numbers and job losses in the United States and some other economies fuel concern the recovery from the virus and the worst global downturn since the 1930s might be faltering. Precious metals, along with bonds, often are seen as stores of value when financial markets decline.
US closes consulate in Chengdu, China, after Houston order
CHENGDU, China (AP) — The U.S. says it has closed its consulate in Chengdu, China. China ordered the consulate closed in retaliation for a U.S. order to shut down the Chinese Consulate in Houston last week.
A statement from the State Department says the consulate suspended operations at 10 a.m. local time Monday. It expresses disappointment at China’s decision and says the U.S. would try to continue its outreach to the region through its other missions in China.
China ordered the closing of the consulate on Friday in retaliation for a U.S. order to close the Chinese Consulate in Houston. The tit-for-tat closings mark a significant escalation in the tensions between the two countries over a range of issues, including trade, technology, security and human rights.
White House, Senate GOP try again on $1 trillion virus aid
WASHINGTON (AP) — Suggesting a narrower pandemic relief package may be all that’s possible, the White House is still pushing ahead with today’s planned rollout of the Senate Republicans’ $1 trillion effort.
House Speaker Nancy Pelosi assailed the GOP “disarray” as time-wasting during the crisis. By Friday, millions of unemployed Americans could lose an expiring $600 federal jobless benefit and a federal eviction moratorium is also coming to an end.
The Trump administration’s top negotiators — White House chief of staff Mark Meadows and Treasury Secretary Steven Mnuchin — spent the weekend at the Capitol trying to finish the package. Meadows said they have an agreement “in principle” with Senate Republicans.
Trump to discuss energy, tour oil rig, raise money in Texas
WASHINGTON (AP) — The White House says President Donald Trump will shift his focus to American energy dominance when he stops in Texas later this week on a visit that will include his first tour of an oil rig.
Trump is visiting Double Eagle Energy in Midland, Texas, on Wednesday. The White House says the president will discuss how the U.S. is achieving energy dominance by cutting regulations, simplifying the permitting process and encouraging private investment in energy infrastructure.
Trump will also raise money for the Republican Party and his reelection campaign at a fundraising luncheon Wednesday in nearby Odessa, Texas.
VIRUS OUTBREAK-BOAT SALES
Crush of boat buyers seek recreation, safety during pandemic
YARMOUTH, Maine (AP) — Large numbers of people seeking to escape the coronavirus are finding solace on the open water. And that’s good news for the boat industry.
The Marine Retailers Association of America says a recent survey shows more than 70% of boat dealers are either completely out of boats or have low inventory.
From Maine to California, boat dealers are reporting unprecedented sales that began in the spring in warm-weather states before picking up steam in other parts of the country, like Maine and Minnesota. Marinas and boat repair shops are swamped by the wave of interest. There also are waiting lists for slips for boats.
The U.S. Coast Guard recommends safety courses for new boaters, but hands-on instruction has been hard to find this summer because of the pandemic.
ASIAN SECURITY FORUM-VIETNAM
The Latest: Vietnam postpones hosting Asian security forum
UNDATED (AP) — Vietnam has postponed its hosting of Asia’s largest security forum, which includes North Korea, and an annual meeting of Southeast Asian foreign ministers by a month to September due to the pandemic.
Two Southeast Asian diplomats say that Vietnam, which leads the Association of Southeast Asian Nations this year, hopes to hold face to face meetings in mid-September instead of doing them by online due to travel restrictions.
Gas up a penny
CAMARILLO, Calif. (AP) — The average price of regular-grade gasoline inched up less than penny over the past two weeks to $2.25 per gallon. That’s 56 cents below the average pump price from a year ago.
Industry analyst Trilby Lundberg of the Lundberg Survey said crude oil prices have remained stable and there’s an abundant supply of U.S. gasoline to meet demand.
Nationwide, the highest average price for regular-grade gas is in the San Francisco Bay Area at $3.27 per gallon. The lowest average is in Baton Rouge, Louisiana, at $1.79 per gallon.