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Stock indexes on Wall Street are mixed, shedding some of their early gains following another encouraging report about inflation. The S&P 500 was 0.1% lower in late-afternoon trading Thursday. It rallied earlier after data showed inflation at the wholesale level slowed more than economists expected in July. That bolstered hopes that inflation may be close to a peak and that the Federal Reserve will be less aggressive about raising interest rates than feared. Stocks were up even more in the morning, but pared their gains after Treasury yields climbed. The Walt Disney Co. rallied after reporting stronger quarterly results than expected.
A hostage standoff in which a gunman demanded a Beirut bank let him withdraw his trapped savings has ended with the man's surrender, and the bank handing over a reported $35,000 to his brother. Authorities say 42-year-old Bassam al-Sheikh Hussein entered a bank branch in Beirut on Thursday with a shotgun and a canister of gasoline and threatened to set himself on fire unless he was allowed to take out his money. None of the hostages were injured.
FILE - A screen displays market data at the New York Stock Exchange in New York, on Wednesday, Aug. 10, 2022. Wall Street is rallying again Thursday, Aug. 10, 200, after another encouraging dose of data showed inflation cooled last month. (AP Photo/Seth Wenig, File)
U.S. gas prices have dipped under $4 a gallon for the first time in more than five months. AAA says the national average is $3.99 for a gallon of regular. That's down 15 cents in just the last week, and 68 cents in the last month. Gasoline peaked at around $5.02 a gallon on June 14. Motorists in California and Hawaii are still paying above $5, and other states in the West are paying close to that. The cheapest gas is in Texas and several other states in the South and Midwest. The decline reflects falling prices for crude oil, which have dipped close to $90 a barrel from over $120 a barrel in June.
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 11, 2022. Shares advanced Thursday in Asia after benchmarks closed at three-month highs on Wall Street as investors cheered a report showing inflation cooled more than expected in July. (AP Photo/Ahn Young-joon)
A currency trader watches monitors in front of screens showing the Korea Composite Stock Price Index (KOSPI), left, and the exchange rate of South Korean won against the U.S. dollar at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 11, 2022. Shares advanced Thursday in Asia after benchmarks closed at three-month highs on Wall Street as investors cheered a report showing inflation cooled more than expected in July. (AP Photo/Ahn Young-joon)
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 11, 2022. Shares advanced Thursday in Asia after benchmarks closed at three-month highs on Wall Street as investors cheered a report showing inflation cooled more than expected in July. (AP Photo/Ahn Young-joon)
Traders work on the floor at the New York Stock Exchange in New York, Wednesday, Aug. 10, 2022. (AP Photo/Seth Wenig)
Traders work on the floor at the New York Stock Exchange in New York, Wednesday, Aug. 10, 2022. (AP Photo/Seth Wenig)
Traders work on the floor at the New York Stock Exchange in New York, Wednesday, Aug. 10, 2022. (AP Photo/Seth Wenig)
