Tuesday, August 20, 2019
Area gas prices
The average price for gasoline across Northeast Ohio is a penny cheaper this week at $2.57 per gallon, according to AAA East Central’s Gas Price Report.
The majority of motorists in the Great Lakes and Central states saw gas prices decrease on the week, with Michigan (plus 6 cents) and Ohio (plus 2 cents) being the only two states to see increases. Every state in the region has gas price averages that are cheaper than a month ago by double digits (Ohio, minus 21 cents).
Monday’s national average was $2.61, which is 3 cents cheaper than last week, 17 cents less than a month ago and 22 cents cheaper than a year ago. Nearly half of all the country’s gas stations are selling gas for $2.50 or less.
The price for gas Monday in Youngstown was $2.55.
Federal contract
SALEM
Hunt Valve Co. Inc., 1913 E. State St., won a $325,404 federal contract from the U.S. Naval Supply Systems Command for the manufacture of ball valves.
Ruby Tuesday meals
Ruby Tuesday is rolling out two new limited-time-only meals – Cheesy Crunch Burger and Honey Crunch Chicken Sandwich, both at $7.99 – through Sept. 23.
The burger is topped with melted pimento cheese, bacon pieces and fried onion rings, all drizzled with sriracha ranch. The chicken sandwich offers crispy fried chicken, cheddar cheese, bacon, fried onion rings and a drizzle of creamy honey mustard. Both sandwiches are served with fries or tots.
Tech companies drive a broad rally on Wall Street
Technology companies powered a rally on Wall Street on Monday that gave the market its third-straight gain.
The surge in tech stocks followed a decision by the U.S. to give Chinese telecom giant Huawei another 90 days to buy equipment from American suppliers. Chipmakers including Qualcomm, Intel and Micron, all rose.
The decision to give Huawei more time to buy goods from U.S. companies appeared to put investors eager for any signs of progress in the trade war between the U.S. and China in a buying mood.
The buying went well beyond technology, with communication services stocks, health care companies and retailers notching solid gains. Financial stocks also rose as bond prices headed lower, sending yields higher. Energy stocks climbed following a 2.4 percent increase in U.S. crude oil prices.
Wide implications as Germany teeters toward recession
BERLIN
Germany’s central bank has raised the possibility that Europe’s industrial powerhouse and biggest economy is entering a recession.
That could have repercussions for the rest of the eurozone and the United States, especially if it dampens demand in Germany for those countries’ exports.
Staff/wire reports
Selected local stocks
STOCK, DIVIDENDCLOSECHANGE
Alcoa Inc.,18.230.71
Aqua America, 2.11 44.330.05
Avalon Holdings,2.23‚àí0.04
Community Health Sys, 2.100.00
Cortland Bancorp, 1.8723.490.99
Farmers Nat., 2.8514.02‚àí0.08
First Energy, 3.37 45.130.45
Fifth/Third, 3.7025.920.25
FNB Corp., 4.4210.870.11
General Motors, 4.0737.360.36
General Electric, .468.67‚àí0.12
Huntington Bank, 4.58 13.100.17
JP Morgan Chase, 2.94108.690.96
Key Corp, 4.4716.540.11
Macy’s, 9.3616.130.15
Parker Hannifin, 2.1316.130.15
PNC, 3.58128.361.36
Simon Prop. Grp., 5.60149.961.35
Stoneridge30.720.12
United Comm. Fin., 3.279.790.04
Selected prices from Monday’s 4 p.m. close.