Market loses ground...States feel trade tension...Higher smoking age?
NEW YORK (AP) _ Stocks have closed lower as technology stocks declined. The market has turned lower in May amid heightened tensions over trade between the U.S. and China. In the latest turn, the Trump administration is cracking down on Chinese telecom giant Huawei (WAH’-way). Companies that supply technology to Huawei fell, with Broadcom dropping 6%. Sprint shares spiked 18.8% after the chairman of the Federal Communications Commission said he will recommend approval of its merger with T-Mobile. The Dow slid 84 poi
SEATTLE (AP) _ President Donald Trump’s trade war with China is having some complicated effects in Washington, one of the nation’s most trade-dependent states. Washington’s overseas shipments of apples, dairy, seafood, wheat and soy have plummeted. China has hinted it might order fewer Boeing planes, which make up a huge part of the state’s exports. Gov. Jay Inslee’s trade adviser says some companies appreciate Trump’s efforts but that most have had to absorb higher costs or increase prices.
FORT WORTH, Texas (AP) _ American Airlines is suing two unions and accusing their mechanics of conducting an illegal work slowdown for leverage in contract talks. The airline charges that the workers have caused about 900 cancellations or long delays since early February. It’s similar to a dispute that Southwest Airlines had before signing a new collective-bargaining agreement with mechanics.
WASHINGTON (AP) _ The Senate’s top Republican is introducing legislation to raise the minimum smoking age from 18 to 21. The measure by Senate Majority Leader Mitch McConnell would cover not only tobacco products, but also e-cigarettes and vapor products. McConnell represents Kentucky, which was long one of the nation’s leading tobacco producers. But tobacco production has fallen in the state in recent years.
WASHINGTON (AP) _ The Supreme Court is sending a dispute between drugmaker Merck and patients who used its bone-strengthening drug Fosamax back to a lower court. The high court ruled Monday that a lawsuit involving hundreds of people who sued alleging they were injured by Fosamax should go back to a lower court for further proceedings.