US stocks notch solid gains as job report allays worries
WASHINGTON (AP) — Wall Street ended a choppy week of trading with a broad rally that drove the Dow Jones Industrial Average more than 370 points higher. The gains Friday also gave the S&P 500 index its best day in seven weeks, though the benchmark index still finished with its third straight weekly loss. Technology, health care and financial stocks powered much of the rally, which was spurred by a mixed job market report that allayed concerns of slowing economic growth following weak data earlier in the week.
Fed chairman says goal is to keep economy in ‘good place’
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Friday that the U.S. economy is facing some risks at the moment, but overall it is in a “good place” and the Fed’s main job is to “keep it there as long as possible.” Powell noted that unemployment is at a half-century low and inflation is running close to the Fed’s 2% target.
Iranian hackers said to target presidential campaign
WASHINGTON (AP) — Microsoft says hackers linked to the Iranian government have targeted a U.S. presidential campaign, as well as government officials, media targets and prominent ex-patriate Iranians. The company declined to identify the campaign, citing privacy concerns. Microsoft says the attacks were made by a group called Phosphorous and occurred in August and September.
US trade deficit widened in August to $54.9 billion
WASHINGTON (AP) — The U.S. trade deficit widened in August for the first time in three months as exports increased but imports increased more. The Commerce Department says the gap between what the United buys and what it sells abroad rose 1.6% to $54.9 billion from $54 billion in July. The deficit had fallen in June and July. But it is still up for the year despite President Donald Trump’s attempts to push it down by imposing taxes on imports and waging a trade war with China.
Dank, the brand that isn’t, scrutinized amid vaping illness
LOS ANGELES (AP) — Federal investigators looking into a rash of mysterious and sometimes fatal lung illnesses apparently linked to vaping are turning their attention to an illegal marijuana vape. Investigators haven’t identified a culprit in the outbreak but say many patients have mentioned using “Dank” vapes. Industry experts say Dank is a rogue brand with packaging that’s easily purchased online. They warn the marijuana oil in the illegal cartridges is untested and could contain pesticides or other contaminants.
Spanish farmers fear ‘unfair’ blow of US tariffs
CÓRDOBA, Spain (AP) — Olives are harvested the old-fashioned way on Juan Luque’s farm in southern Spain, as men thrash the gnarly tree limbs with poles, raining the small green fruit into a motorized collector underneath. But for Luque and thousands of other European farmers, the brewing tariffs war between Washington and Brussels over subsidies to airplane makers is putting his livelihood at risk. “It is totally unfair that a commercial war in the aeronautical sector affects the agriculture sector,” he said Friday.
Crusading tech mogul aims to prove CEOs can be activists too
SAN FRANCISCO (AP) — Salesforce CEO Marc Benioff runs a $130 billion software empire from the tallest skyscraper in San Francisco. But he is deeply troubled by what his industry has done to worsen an economic divide and other issues polarizing people down on the streets. So he’s urging CEOs to lead a revolution that puts the welfare of people and the planet ahead of profits. But critics wonder whether a brash billionaire can be trusted to fix problems his industry has exacerbated.
Payouts for Vegas victims a ‘cold, mathematical calculation’
LAS VEGAS (AP) — Payouts for the Las Vegas shooting two years ago will be based on how much victims earned, the gravity of survivors’ wounds and the hazy concepts of pain, suffering and emotional distress. An attorney who’s administered payments for the nation’s highest-profile tragedies calls it a “cold, mathematical calculation.” The money will come from a settlement announced Thursday that’s worth up to $800 million. It resolves lawsuits over the massacre that killed 58 people and injured hundreds of others.
BP CEO Dudley, who managed wake of Gulf oil spill, to retire
LONDON (AP) — Oil company BP says 49-year-old Bernard Looney will take over as CEO as Bob Dudley, who oversaw the aftermath of the 2010 Gulf of Mexico oil spill, retires early next year. BP said Friday that Dudley, 64, will step down as CEO and leave the board in early February after delivering the company’s 2019 full year results.
The S&P 500 rose 41.38 points, or 1.4%, to 2,952.01. The Dow climbed 372.68 points, or 1.4%, to 26,573.72. The Nasdaq composite gained 110.21 points, also 1.4%, to 7,982.47. The Russell 2000 index of smaller company stocks rose 14.36 points, or 1%, to 1,500.70.
The Associated Press