Business Highlights

AP News
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Posted: Feb 06, 2018 5:34 PM

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Dow turns 567 point loss into 567 point gain as stocks rally

NEW YORK (AP) — After a plunge at the open and huge swings higher and lower, stocks finish with sharp gains Tuesday as technology companies, retailers and industrial firms power higher. The gains recouped nearly half of the losses from the day before, when the market had its steepest drop in 6 ½ years. Bond yields moved higher. European and Asian markets ended lower.

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Despite Trump's tough talk, trade gap widens to 9-year high

WASHINGTON (AP) — President Donald Trump campaigned on a promise to overturn U.S. trade policy and bring down the country's massive, persistent trade deficits. After a year in the White House, he still has a lot of work to do. The Commerce Department says that the U.S. trade deficit in goods and services rose 12 percent to $566 billion last year, biggest since 2008. A record $2.9 trillion in imports swamped $2.3 trillion in exports last year.

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Why Trump has little influence on rising or falling stocks

WASHINGTON (AP) — For months, President Donald Trump boasted about steering the U.S. stock market higher. What a difference a few days can make. The sudden cratering of stock prices, rising bond rates and fierce volatility have been reminders that Trump isn't commander in chief of the U.S. economy. Financial markets pivot on forces that owe at least as much to computerized trading programs and global central banks as they do to a president's policies and personality.

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Will Disney's streaming service roar - or squeak?

NEW YORK (AP) — Will Disney's upcoming streaming services be the mouse that roared ... or squeaked? Disney already owns enviable entertainment properties including Pixar, Marvel and Star Wars. Now it's looking to add Fox's TV and movie studios as it prepares to launch two separate streaming services, one for sports and another focused on entertainment. It's Disney's bet on what the next generation of entertainment will look like. But some investors are concerned that Disney isn't going "all in" on streaming.

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If interest rates rise, GM likely to expand subsidized loans

DETROIT (AP) — If auto loan interest rates rise as expected this year, General Motors and others are likely to make more subsidized loans including zero-percent financing, the company's chief financial officer said. CFO Chuck Stevens told reporters Tuesday after GM released its full-year and fourth-quarter earnings that generally, auto company finance arms try to make up for rising rates with subsidies.

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Macy's to launch a clothing line geared toward Muslims

NEW YORK (AP) — Macy's is launching a modest women's clothing line aimed at Muslim shoppers. The department store chain says it teamed up with a boutique called Verona Collection and plans to sell online the collection of dresses, tops, cardigans and hijabs in a variety of colors and fabrics. The clothing will launch on Macy's website on Feb. 15.

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GOP lawmakers take aim at cancer research group over Roundup

WASHINGTON (AP) — Republican lawmakers are threatening to cut off U.S. funding for the World Health Organization's cancer research program over its finding that the herbicide Roundup is probably carcinogenic to humans. House Science Committee Chairman Lamar Smith says the 2015 conclusion by the International Agency for Research on Cancer was flawed. A separate review by the Environmental Protection Agency concluded in December that Roundup is not likely to cause cancer at typical exposure levels.

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Ex-Uber CEO testifies in high-tech heist case

SAN FRANCISCO (AP) — Former Uber CEO Travis Kalanick sparred with lawyers who grilled him about his relationship with a former Google engineer accused of stealing self-car driving technology to help Uber build robotic vehicles. Lawyers for Google spinoff Waymo repeatedly challenged Kalanick about his discussions with Anthony Levandowski before Levandowski defected from Google in 2016. Waymo is trying to prove that Kalanick and Levandowski conspired to create the startup as a storehouse for Google's trade secrets.

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"Lady Doritos"? It's not happening, PepsiCo says

NEW YORK (AP) — Don't look for "lady Doritos" on store shelves soon. The company that makes the cheesy chips says it's not developing a line of Doritos designed specifically for women, despite widespread online speculation. The phrase "lady Doritos" trended on social media after PepsiCo's longtime CEO Indra Nooyi said women do not like to lick their fingers after eating a bag of Doritos. But PepsiCo says reports of female-friendly Doritos are inaccurate.

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The Dow Jones industrial average finished 567.02 points higher, or 2.3 percent, at 24,912.77. The Standard & Poor's 500 index climbed 46.20 points, or 1.7 percent, to 2,695.14. The Nasdaq composite rose 148.36 points, or 2.1 percent, to 7,115.88. The Russell 2000 index of smaller-company stocks rose 16.08 points, or 1.1 percent, for 1,507.17.

U.S. crude oil fell 76 cents, or 1.2 percent, to close at $63.39 a barrel in New York. Brent crude, the benchmark for international oil prices, lost 76 cents, or 1.1 percent, to $66.86 a barrel in London. Wholesale gasoline lost 4 cents to $1.81 a gallon. Heating oil dipped 3 cents to $1.99 a gallon. Natural gas added 1 cent to $2.76 per 1,000 cubic feet.