US stocks swing back to gains, Dow up 330 on turbulent day
NEW YORK (AP) — Wall Street capped a day of wild swings with a late-afternoon rally that sent the Dow Jones industrial average 330 points higher. Even with the rebound, this was the worst week for the market in about two years. Stocks struggled to stabilize much of the day as investors sent prices climbing, then slumping in unsteady trading. A day earlier, the market entered its first correction in two years.
Even 'safe' bond investments falter as markets tumble
NEW YORK (AP) — Stocks aren't the only thing dropping. Bonds, which are supposed to be the safe part of every investor's portfolio, have faltered, too. It's been a rude awakening for some investors, because stock and bond prices usually move in opposite directions. Nevertheless, experts say bonds are still the best choice for stability.
Budget finally OK, Congress heads into big immigration fight
WASHINGTON (AP) — Chalk up one extensive budget agreement with wins for President Donald Trump, congressional Republicans and Democrats alike. Next up, however, is a Senate immigration battle that may well go nowhere. Divisions within each party have been rubbed raw by the spending pact, and congressional elections could make additional achievements this year unlikely.
Why prospect of higher budget gaps is spooking stock market
WASHINGTON (AP) — The stock market may just have fired off a warning shot to the Trump administration and Congress about their plans to blow up the size of the federal deficit. The anxiety that has gripped the market this week appeared to escalate just as President Donald Trump and lawmakers were setting the government up for annual budget deficits that would routinely exceed a gaping $1 trillion.
Uber to pay $245 million to settle Waymo's theft allegations
SAN FRANCISCO (AP) — Uber is paying $245 million to Google's self-driving car spinoff to end a legal brawl that had spilled into the courtroom and aired out allegations of a sinister scheme that tore apart the once-friendly companies. The surprise settlement announced Friday came as lawyers for Uber and Waymo, a company hatched from Google, prepared to return to the courtroom to wrap up the first week of a sensational trial revolving around accusations of a bold high-tech heist.
A budget the likes of which the Pentagon has never seen
WASHINGTON (AP) — It's the biggest budget the Pentagon has ever seen: $700 billion. That's far more in defense spending than America's two nearest competitors, China and Russia, and will mean the military can for the bill for thousands more troops, more training, more ships and a lot else. Next year it would rise to $716 billion. The two-year deal provides what Defense Secretary Jim Mattis says is needed to pull the military out of a slump in combat readiness amid the threat of war on the Korean peninsula.
Shipping shake-up? Amazon may deliver its own packages
Retail giant Amazon may be about to flex its muscle in the package-delivery business. A report that Amazon is preparing to launch its own delivery service for businesses helps push shares of UPS and FedEx lower. Analysts caution, however, that it won't be cheap or easy for Amazon to build a network like those of the traditional delivery companies.
Unlimited movie-theater deal could be too good to survive
NEW YORK (AP) — MoviePass is trying to bring to movie theaters what Netflix did for DVDs and online streaming: Let subscribers watch as many movies as they want for $10 a month. In doing so, MoviePass has struck a chord with moviegoers and a nerve with the movie industry. The service's popularity comes as ticket prices rise and cheaper online options increase. But to make money, it needs deals with skeptical theater chains and movie studios.
Amazon names female NBC exec to head studios unit
SAN FRANCISCO (AP) — Amazon has appointed former top NBC executive Jennifer Salke to head its Amazon Studios unit, four months after Roy Price resigned as head due to allegations of sexual misconduct made by a producer. Salke, who has been president of NBC Entertainment since July 2011, was touted for shepherding dramas such as the Emmy-nominated series "This Is Us" to the network. She also launched an annual NBC initiative to promote the advancement of female directors in scripted TV series.
The Standard & Poor's 500 index rose 38.55 points, or 1.5 percent, to 2,619.55. The Dow Jones industrial average gained 330.44 points, or 1.4 percent, to 24,190.90. The Nasdaq composite added 97.33 points, or 1.4 percent, to 6,874.49. The Russell 2000 index of smaller-company stocks rose 14.04 points, or 1 percent, for 1,477.84.
Benchmark U.S. crude lost $1.95, or 3.2 percent, to settle at $59.20 per barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, slid $2.02, or 3.1 percent, to close at $62.79 in London. Wholesale gasoline fell 7 cents to $1.70 a gallon. Heating oil shed 7 cents to $1.86 a gallon. Natural gas fell 11 cents, or 4.2 percent, to $2.58 per 1,000 cubic feet.