AP NEWS

Business Highlights

July 9, 2019

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S&P 500 snaps 2-day losing streak; mixed finish for stocks

Wall Street capped a day of listless trading Tuesday with modest gains, narrowly avoiding a three-day losing streak for the S&P 500 index. A last-minute burst of buying nudged the benchmark index into positive territory after spending most of the day flat or down. Stocks have wavered between small gains and losses following a run of record highs last week. Investors have been mostly pausing ahead of two days of congressional testimony by Federal Reserve Chair Jerome Powell.

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AP-NORC Poll: Many feeling vulnerable despite economic gains

WASHINGTON (AP) — Americans are generally satisfied with their personal finances, but many lack confidence in their ability to afford retirement, an emergency expense or even their daily living costs. Roughly two-thirds, 67%, describe their financial situation as generally good, up slightly from 62% who said so at the start of the year, according to a survey by The Associated Press-NORC Center for Public Affairs Research.

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Trump v. Big Tech: Social media summit will snub tech titans

WASHINGTON (AP) — President Donald Trump is gathering conservative groups at the White House this week for a “summit” on social media that will prominently snub the tech titans who run big platforms on Facebook, Twitter and Google. It’s a sharp contrast to earlier days in Trump’s tenure when tech executives were occasional celebrity guests at the White House, serving as a fresh indication of the president’s escalating battle with Big Tech.

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Biden earned more than $15 million after leaving White House

WASHINGTON (AP) — Joe Biden is releasing his presidential financial disclosure, which shows that the former vice president earned millions of dollars, including more than $2.7 million for book deals and speaking engagements over the past year and a half. During a four-decade political career, Biden brought home little more than his government salary. But since leaving the White House in 2017, Biden has become a millionaire. His newfound wealth stems from a publishing deal, publicity tours and other speeches.

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From Nazis to hippies: End of the road for Volkswagen Beetle

FRANKFURT, Germany (AP) — Volkswagen is halting production of the last version of its classic Beetle model in July at its plant in Puebla, Mexico. It’s the end of the road for a vehicle that has symbolized many things over a history spanning the eight decades since 1938.

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23 governors join Calif. in opposing Trump mileage standards

WASHINGTON (AP) — California is welcoming the support of governors in 22 other states and Puerto Rico in its faceoff with the Trump administration over vehicle mileage standards. The Trump administration wants to relax the ever-tighter standards set during the Obama administration as a way of reducing climate-damaging emissions. The governors are pledging Tuesday to stick with the Obama plan and back California in objecting to the Trump administration’s effort to freeze mileage standards.

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Colorful self-made billionaire H. Ross Perot dies at 89

DALLAS (AP) — H. Ross Perot, the colorful, self-made Texas billionaire who rose from a childhood of Depression-era poverty and twice ran for president as a third-party candidate, has died. He was 89. The cause of death was leukemia, a family spokesman said. Perot’s 1992 independent run for the White House drew 19% of the vote, among the highest totals ever for a third-party candidate. It featured folksy sayings, including one that became a national catchphrase: “It’s just that simple.”

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More legroom, less conversation for Uber riders who pay

NEW YORK (AP) — Uber is letting passengers tell their driver in advance that they’d like a little less conversation, and a little more legroom, if they’re willing to pay. The ride-hailing giant launched “comfort” rides Tuesday. Riders are guaranteed a minimum amount of legroom in cars less than five years old and can use the app to tell drivers they don’t want to talk. The move could help Uber boost revenue, which could nudge the money-losing company closer to profitability.

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Under a microscope: Startups grow meat in lab, face scrutiny

EMERYVILLE, Calif. (AP) — Food safety advocates and livestock producers are pushing back as an increasing number of startups create meat in a lab. The companies say they’re protecting the environment and avoiding animal slaughter to produce meat that tastes just like the real thing. The Center for Food Safety says it will watch to ensure the federal government protects people from bacterial contamination and other health threats.

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AT&T pulls ‘Friends’ from Netflix for its streaming service

NEW YORK (AP) — AT&T is pulling “Friends” from Netflix to beef up its own upcoming streaming service. The wireless company, which owns the WarnerMedia entertainment business, said its service will be called HBO Max and launch widely in spring of 2020. As more companies unveil their own streaming services, they’re trying to make them more appealing with exclusive shows and deep libraries and pulling some of their stuff from Netflix.

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The S&P 500 rose 3.68 points, or 0.1%, to 2,979.63. The Dow Jones Industrial Average fell 22.65 points, or 0.1%, to 26,783.49. The Nasdaq composite gained 43.35 points, or 0.5%, to 8,141.73. The Russell 2000 index of smaller company stocks added 1.20 points, or 0.1%, to 1,562.59.

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