Stocks under pressure...oil higher...Mortgage business slows

NEW YORK (AP) Stock prices have resumed their downward trend this morning. Crude oil prices are rising and worries about the health of the financial sector remain.

UNDATED (AP) The benchmark price of crude oil has pressed above $116 a barrel. Traders await release of the Energy Department's weekly update on inventories, expected to show a drop in gasoline supplies.

NEW YORK (AP) Another sign that the Housing Market is hurting.

The Mortgage Bankers Association says mortgage application volume fell last week to its lowest levels in nearly eight years. Not only are fewer new homes being built, but fewer people are refinancing mortgages.

NEW YORK (AP) American Airlines is beefing up its Internet offerings for passengers. It has launched e-mail, Web and other online services on some of its longer, nonstop flights. Where available, the cost is $12.95 a flight.

NEW YORK (AP) BJ's Wholesale Club says its second-quarter profit was up from a year ago. It is also raising its full-year earnings outlook with more cost-conscious shoppers searching to save there and other discount chains.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 08-20-08 0904CDT | save this article / add to your favorites list