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Oil surges to highest price since ’23 amid war in Iran

NEW YORK — Oil shot to its highest price since 2023 after surging again Friday because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street’s worst week since October. The S&P 500 dropped 1.3% after a report showed U.S. employers cut more jobs last month than they created and after oil prices spiked above $90 per barrel. The combination of a weak economy and high inflation is a worst-case scenario for investors because the Federal Reserve has no good tool to fix both problems at the same time. The Dow Jones Industrial Average plunged as ...

FedEx closing local location

DUNCANSVILLE FedEx has announced plans to close its Duncansville facility as of May 4. “As part of our previously announced network transformation strategy, the FedEx facility on Route 764 in Duncansville will close in early May. Team members at the facility were notified several months in advance, and certain employees will be offered other roles within the company. For customers who have historically used this location for package drop off, other locations providing these services can be found at fedex.com,” said FedEx spokesman David Westrick. “These decisions are never taken ...

USPS expects to run out of cash in a year without help

The U.S. Postal Service will run out of cash within a year unless Congress lifts a decades-old cap and allows the agency to borrow more money, the new postmaster general warned in an interview. If it doesn’t, the Postal Service might not be able to pay its employees or vendors by February ...

Briefcase: Reliance sets opening date

BELLEFONTE Reliance Bank will open its new Bellefonte branch at 801 E. Bishop St., a former PNC Bank site, on March 30. The new branch will be Reliance Bank’s second branch in Centre County, and its ninth branch overall, reinforcing the bank’s commitment to expanding its reach and enhancing customer service in the region. The Bellefonte branch aims to serve the growing community by providing personalized financial solutions and a full range of personal and commercial banking services. Reliance Bank’s Bellefonte Branch hours will be: 9 a.m. to 5 p.m. Monday through Thursday, 9 ...

Over 20 states sue over tariffs

WASHINGTON — Some two dozen states challenged President Donald Trump’s new global tariffs on Thursday, filing a lawsuit over import taxes he imposed after a stinging loss at the Supreme Court. The Democratic attorneys general and governors in the lawsuit argue that Trump is overstepping his power with planned 15% tariffs on much of the world. Trump has said the tariffs are essential to reduce America’s longstanding trade deficits. He imposed duties under Section 122 of the Trade Act of 1974 after the Supreme Court struck down tariffs he imposed last year under an emergency powers ...

Ticker: Stocks drop after oil spikes to high price

U.S. stocks sank after the price of oil spiked to its highest level since 2024. The S&P 500 fell 0.6% Thursday. The Dow Jones Industrial Average briefly dropped more than 1,100 points before finishing with a loss of 784. The Nasdaq composite slipped 0.3% The losses came as financial markets around the world keep following the cue of the oil market. Oil prices gave back some of their big gains late in the day, which helped stocks in the U.S. moderate their losses at the end of trading. Judge rules companies are entitled to refunds In a defeat for the Trump administration, a federal ...