AP NEWS

Business Highlights

July 3, 2019

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S&P 500, Dow industrials and Nasdaq close at record highs

NEW YORK (AP) — U.S. stocks closed broadly higher, sending the S&P 500 index to its third straight record high close. Other major indexes also closed at record highs. Technology and health care stocks led the gains. Symantec surged on reports that Broadcom wants to buy the company. Johnson & Johnson and Merck lifted health care stocks. Investors also snapped up consumer product makers. General Mills and Kellogg gained ground. Bond prices rose, sending yields lower.

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Stage set for lackluster 2nd-quarter US corporate earnings

NEW YORK (AP) — U.S. trade conflicts and signs of a slowing global economy have led many U.S. companies to lower expectations for how much profit they made in the spring. This sets up the possibility for the first back-to-back decline in overall quarterly earnings for S&P 500 companies in three years. Another round of weak earnings could signal trouble for the bull market.

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Boeing to pay $100 million to crash families, communities

CHICAGO (AP) — Boeing says that it will provide an “initial investment” of $100 million over several years to help families and communities affected by two crashes of its 737 Max plane that killed 346 people. The company said some of the money will go toward living expenses and to cover hardship suffered by the families of passengers killed in the crashes. Lawyers suing Boeing it won’t stop them from demanding that Boeing provide details about how the plane and the new flight-control software were developed.

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US trade deficit rises to 5-month high of $55.5B in May

WASHINGTON (AP) — The U.S. trade deficit rose to a five-month high in May as the politically sensitive imbalances with China and Mexico widened. The Commerce Department says the gap between the goods and services the U.S. sells and what it buys from foreign countries rose 8.4% to $55.5 billion in May, the highest since December.

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Some big farms collect big checks from Trump aid package

MINNEAPOLIS (AP) — An aid package for American farmers hurt by President Donald Trump’s trade war with China has meant big checks for some big operations. Payouts from the Department of Agriculture program included nearly $2.8 million to one Missouri soybean operation. An Associated Press analysis found many other big farms collected hundreds of thousands of dollars. The farms are filing legally, but some longtime critics say the program is the latest example of loopholes that make it easy to elude supposed caps.

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Lee Iacocca, engineer of Chrysler’s turnaround, dies at 94

DETROIT (AP) — Lee Iacocca is being remembered as a master pitchman who became a corporate folk hero when he resurrected Chrysler. Former colleagues say Iacocca has died at age 94 in Bel Air, California. Iacocca had a 32-year career at Ford, and then at Chrysler. In that time, he helped launch some of Detroit’s best-selling and most significant vehicles. He was famous for his TV ads, in which he said: “If you can find a better car, buy it!”

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Show of hands on immigrant health care belies a thorny issue

WASHINGTON (AP) — Providing full health insurance coverage to people in the U.S. illegally is becoming a campaign issue after a slew of Democratic presidential candidates indicated they’d support such a policy. For now, the flagship federal health programs like Medicare, Medicaid and what’s known as “Obamacare” are off limits to all but U.S. citizens and legal residents. And a CNN poll shows 6 in 10 Americans oppose the idea of providing health insurance coverage to those in the U.S. without permission.

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Fire destroys Jim Beam warehouse filled with bourbon barrels

FRANKFORT, Ky. (AP) — A massive Jim Beam warehouse filled with 45,000 barrels of bourbon was destroyed by a fire that sent flames shooting into the night sky and generated so much heat that firetruck lights melted, authorities said Wednesday. Firefighters from four counties responded to the blaze that erupted late Tuesday.

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Survey: Modest job gains in June hint at slowing economy

WASHINGTON (AP) — U.S. companies added just 102,000 jobs in June, a possible turning point that could signal a coming increase in the unemployment rate. Payroll processor ADP said Wednesday that the meager gains — after just 41,000 jobs were added in May — indicate a slowdown in the economy. Businesses with fewer than 20 employees cut 37,000 jobs. Construction firms let go 18,000 workers.

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US sanctions Cuban firm to weaken Maduro’s hold in Venezuela

CARACAS, Venezuela (AP) — The United States is hitting Cuba’s state-run oil shipping firm Cubametales with financial sanctions saying it’s a key player propping up Venezuela’s President Nicolas Maduro. U.S. Treasury Secretary Steven Mnuchin says that Maduro clings to power using shipments of Venezuelan oil to buy critical military and intelligence support from Havana.

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The S&P 500 rose 22.81 points, or 1.8%, to close at 2,995.82. The Dow Jones Industrial Average gained 179.32 points, or 0.7%, to close at 26,966. The Nasdaq rose 61.14 points, or 0.8%, to 8,170.23. The Russell 2000 index of smaller-company stocks rose 11.58 points, or 0.7%, to 1,572.12.

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