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Stocks slide…Oil prices drop… Nation’s 6th largest bank named

UNDATED (AP) _ Stocks have closed modestly lower, handing the market its second straight loss. Banks and technology companies accounted for much of the slide. But energy stocks took the heaviest losses as the price of crude oil continued to decline. The S&P 500 slipped 5 points, or 0.2%, to 2,879. The Dow fell 43 points, or 0.2%, to 26,004. The Nasdaq fell 29 points, or 0.4%, to 7,792. And the Russell 2000 gained less than a point, under 0.1%, to close at 1,519.

UNDATED (AP) _ Energy futures have finished lower. Benchmark U.S. crude slid 4% today to settle at $51.14 a barrel in New York while Brent crude oil, the international standard, dropped 3.7% to close at $59.97 a barrel in London. In other energy futures trading, wholesale gasoline fell 4% to $1.69 per gallon. Heating oil slid 2.3% to $1.78 per gallon and natural gas dipped 0.5% to $2.39 per 1,000 cubic feet.

NEW YORK (AP) _ The name of the nation’s newest mega bank is Truist Bank. Southern regional banking giants BB&T and SunTrust said Wednesday that the two would adopt the name for their merged institution. The two banks announced their merger earlier this year creating the nation’s sixth-largest bank by assets at $440 billion. The banks also announced Truist will be headquartered in Charlotte, North Carolina.

JACKSON, Miss. (AP) _ Mississippi’s capital city is suing the German company it hired to overhaul its water billing system. A lawsuit filed by the city of Jackson seeks more than $225 million from Siemens and several subcontractors. Siemens was hired in 2012 to overhaul the city’s water system under a $90 million contract, the largest in city history. Siemens it’s disappointed by the action taken and will respond through “the appropriate legal channels.”

PROVIDENCE, R.I. (AP) _ A federal judge has dismissed the final legal case stemming from Rhode Island’s failed $75 million deal with former Boston Red Sox pitcher Curt Schilling’s video game company, 38 Studios. The judge on Tuesday dismissed the U.S. Securities and Exchange Commission’s lawsuit against Wells Fargo employee Peter Cannava, who was lead banker on the bond offering that funded the deal.

Associated Press

Associated Press

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