Business Highlights

AP News
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Posted: Jun 16, 2017 5:50 PM

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Amazon buying Whole Foods in bold move into brick and mortar

NEW YORK (AP) — Online retail giant Amazon is making a bold expansion into physical stores with a $13.7 billion deal to buy Whole Foods, setting the stage for radical retail experiments that could revolutionize how people buy groceries and everything else. If Amazon can be the one-stop shop for everything — groceries had been one of the key missing elements — customers would have even less of a need to go to Walmart or elsewhere.

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Walmart to acquire online men's clothing retailer Bonobos

NEW YORK (AP) — Walmart is buying online men's clothing retailer Bonobos for $310 million in cash, showing that its appetite for hip clothing brands shows no sign of abating as it looks for ways to gain on Amazon. It's a sign of the aggressive direction Walmart is taking since buying Jet.com last year.

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Tech stocks trip away from highs, but few expect bigger drop

NEW YORK (AP) — Technology stocks just stumbled after reaching their highest levels in more than a decade. But a great deal has changed, and experts don't think a bubble in technology stocks is bursting this time.

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Amazon-Whole Foods deal hammers grocery stores; Dow ticks up

NEW YORK (AP) — US stocks finish barely higher, but grocery stores, wholesale clubs and other retailers drop after Amazon said it will buy Whole Foods for $13.4 billion. Whole Foods and Amazon both climbed. Energy companies rise with oil prices and industrial and utility companies also gained.

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Trump restores some Cuba penalties, rejecting 'oppressors'

MIAMI (AP) — President Donald Trump declared Friday he was restoring some travel and economic restrictions on Cuba that were lifted as part of the Obama administration's historic easing. He challenged the communist government of Raul Castro to negotiate a better deal for Cubans and Cuban-Americans.

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Higher prices squeezing both renters and would-be homeowners

A diminished supply of available homes is swelling prices in large U.S. metro areas from New York to Miami to Los Angeles, squeezing out would-be buyers and pushing up rents as more people are forced to remain tenants. The trend is pressuring Americans' budgets, with about one-third of households spending more than 30 percent of their gross income on housing as of 2015, according to a new report.

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No longer a combo: McDonald's ends Olympic sponsorship deal

Fast-food chain McDonald's has ended its Olympic sponsorship three years early, severing a relationship that dated to 1976. The International Olympic Committee marketing director says McDonald's is focusing on different business priorities. McDonald's was among 13 top-tier sponsors signed through the 2018 Winter Olympics and 2020 Summer Games.

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Hiring up in 9 US states, jobless rates at record low in 4

WASHINGTON (AP) — Employers added a significant number of jobs in nine states last month and unemployment rates in four states fell to record lows. The Labor Department says the states with the largest percentage gains in jobs were Alaska, Alabama and Louisiana.

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US housing starts drop for 3rd straight month

WASHINGTON (AP) — Homebuilders slowed down the pace of construction for the third straight month in May, a possible sign that the shortage of houses for sale might worsen. The Commerce Department says housing starts fell 5.5 percent in May to a seasonally adjusted annual rate of 1.09 million units. This comes after a 2.7 percent monthly decline in April and a 7.7 percent drop in March.

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Greece dodges new crisis but austerity remains part of life

ATHENS, Greece (AP) — Greek stocks rallied to two-year highs Friday, a day after the Greek government struck a deal with European creditors that will mean the country won't face another brush with bankruptcy any time soon. However, for austerity-weary Greeks the latest deal does little to lift the pall from years of belt-tightening.

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The Standard & Poor's 500 index inched up 0.69 points to 2,433.15. The Dow Jones industrial average added 24.38 points, or 0.1 percent, to a record high of 21,384.28. The Nasdaq composite fell 13.74 points, or 0.2 percent, to 6,151.76.

Benchmark U.S. crude rose 28 cents to $44.74 a barrel in New York. Brent crude, used to price international oils, climbed 45 cents, or 1 percent, to $47.37 a barrel in London.

Wholesale gasoline rose 2 cents to $1.45 a gallon. Heating oil added 1 cent to $1.43 a gallon. Natural gas dipped to 2 cents to $3.04 per 1,000 cubic feet.