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China retaliates, stocks sink...Apple app suit...Uber shares stall

May 13, 2019

NEW YORK (AP) _ Stocks have closed sharply lower due to the escalating trade war between the U.S. and China. Technology companies, which do a lot of business with China and would stand to lose greatly in an extended trade battle, fell far more than the rest of the market. Utilities, a haven for fearful investors, were among the few stocks that rose. The Dow sank 617 points, or 2.4%, to 25,324. The S&P fell 69 points and the Nasdaq, which is heavily weighted with technology stocks, plunged 269 points, its biggest drop of the year

BEIJING (AP) _ Deepening its trade battle with the U.S. and sending financial markets spinning, China announced tariff hikes Monday on $60 billion of American goods in retaliation for President Donald Trump’s latest penalties on Chinese products. China’s Finance Ministry announced punitive charges of 5% to 25% on thousands of American products including batteries, spinach and coffee will take effect June 1.

WASHINGTON (AP) _ The Supreme Court has agreed that that consumers can pursue a lawsuit complaining that iPhone apps cost too much. The decision adds to Apple’s woes that already include falling iPhone sales and a European investigation. The lawsuit could have major implications for the tech giant’s handling of the more than 2 million apps in its App Store, where users get much of the software for their smartphones. While most of those apps are free to download, some impose fees.

NEW YORK (AP) _ Amazon, which is racing to deliver packages faster, is turning to its employees with a proposition: Quit your job and we’ll help you start a business delivering Amazon packages. The offer comes as Amazon seeks to speed up its shipping time from two days to one for its Prime members. Amazon says it will cover up to $10,000 in startup costs for those who decide to quit their Amazon jobs and start a delivery business, plus three months’ worth of their salary.

NEW YORK (AP) _ Uber shares sunk even further after the company’s disappointing stock market debut, as doubts lingered over its ability to turn a profit and trade tensions dragged the overall market. The ride-hailing giant’s stock fell 9% and hovered below $38 Monday afternoon, Uber’s first full day of trading. The mounting losses followed Uber’s disappointing initial public offering Friday.