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No great shakes for the stock market...Oil futures post gain... ZTE gets a break

July 21, 2018

NEW YORK (AP) — Stocks wobbled all week as investors reacted to solid company results as well as heightened trade tensions. The market closed down slightly on Friday. The S&P 500 index dipped over 2 points, or 0.1 percent, to 2,801. The Dow Jones Industrial Average lost 6 points to end the day at 25,058. The Nasdaq composite gave up 5 points, or 0.1 percent, to close at 7,820 and the Russell 2000 index fell 4 ½ points, or 0.3 percent, to 1,696.

NEW YORK (AP) — Oil futures are higher. Benchmark U.S. crude added 1.4 percent to $70.46 a barrel in New York on Friday, while Brent crude, used to price international oils, gained 0.7 percent to $73.07 a barrel in London. Meanwhile, wholesale gasoline rose 1.2 percent to $2.07 a gallon on Friday. Heating oil edged up 0.7 percent to $2.10 a gallon and natural gas lost 0.4 percent to $2.76 per 1,000 cubic feet.

WASHINGTON (AP) — Congress is abandoning an effort to clamp down on the Chinese telecom giant ZTE. The move essentially green-lights the Trump administration’s deal to save the company, which was accused of selling sensitive information to hostile regimes. Aides say language is being removed from a defense policy bill that would reinstate penalties and restrict the company’s ability to buy U.S. parts. Senators from both parties are outraged at the decision.

UNDATED (AP) — U.S. regulators have approved a simpler, one-dose treatment to prevent relapses of malaria. The new drug targets the parasite that is behind most of the infections in South America and Asia. The vast majority of malaria cases and deaths are in Africa, and they involve another species. GlaxoSmithKline says the Food and Drug Administration approved Krintafel (KRIN’-tah-fell) on Friday.

LAS VEGAS (AP) — MGM Resorts International is relying on a never-tested law as it sues hundreds of victims of the deadliest mass shooting in modern U.S. history. The casino-operator is trying to avoid liability for the Las Vegas attack last year and says it’s trying to wrap up legal resolutions quickly. Experts don’t think that will happen and say the company’s strategy may be a long shot.

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