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Facebook faces a day of reckoning, at least on Wall Street
NEW YORK (AP) — The erosion in the value of Facebook as it is perceived on Wall Street involves some staggering numbers. At market close, the company's market value had fallen by $119 billion. That means that in one day, just the decline in Facebook's market value is roughly the entire market value of McDonald's or Nike, give or take a few billion.
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Trump-Europe trade rift: What was settled, and what wasn't?
WASHINGTON (AP) — To the relief of many, the United States and Europe have agreed to avert a trade war over autos and to work toward removing other barriers to trade. Yet the truce announced by President Donald Trump and European Commission President Jean-Claude Juncker provided few details or commitments. And it didn't begin to address other Trump-led trade conflicts, notably with China, that have hurt many U.S. companies.
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Trump says EU trade talks will help Midwest farmers
PEOSTA, Iowa (AP) — President Donald Trump is trumpeting his trade deal with European allies, hailing it as a benefit to Iowa farmers who have been hurt by the fallout from his protectionist trade measures. Trump said during an event at Northeast Iowa Community College that he has "opened up Europe for you farmers." The president was meeting later Thursday with steelworkers in Granite City, Illinois.
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Amazon's quarterly profit tops $2 billion for first time
NEW YORK (AP) — Amazon's quarterly profit has soared past $2 billion for the first time, as revenue from online shopping and its cloud computing business grew. The Seattle-based company reported net income of $2.5 billion, or $5.07 per share, for the three months ending June 30. That blew past the $2.48 per share Wall Street analysts expected, according to FactSet. Revenue soared 39 percent to $52.89 billion in the second quarter, but was below the $53.37 billion analysts expected.
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Oil prices spike after Saudi halts shipments after attack
DUBAI, United Arab Emirates (AP) — Oil prices rose to a 10-day high after Saudi Arabia's state-owned oil company announced it was temporarily halting shipments through a strategic Red Sea shipping lane after Yemen's Shiite rebels attacked two tankers the previous day. Houthi rebels, who are fighting a Saudi-led coalition backing Yemen's internationally recognized government, attacked the 2-million-barrel capacity Saudi tankers, causing minimal damage to one of them.
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Adieu: Trade jitters drive investors out of foreign stocks
NEW YORK (AP) — Spooked by the threat of a global trade war, U.S. investors withdrew nearly $10 billion from international stock funds last month, according to Morningstar. The last time that much money left the group was in 2008, when the global economy was in the throes of the Great Recession.
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House backs defense bill with pay raise for troops
WASHINGTON (AP) — The House has approved a $716 billion defense policy bill that would give troops a 2.6 percent pay hike, the largest in nine years. The bill, which is the result of a deal struck with the Senate, also would allow the president to waive sanctions against countries that have bought Russian weapons but now want to buy U.S. military equipment. The Pentagon says the waiver would help countries such as India that are seeking to "pull away from the Russian orbit." The bill now goes to the Senate.
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China denies Qualcomm delay linked to US tariff spat
BEIJING (AP) — China's commerce ministry has denied an anti-monopoly review that prompted U.S. tech giant Qualcomm Inc. to drop its bid for NXP Semiconductors was caused by Beijing's tariff dispute with Washington. A ministry spokesman said the case was an "anti-monopoly enforcement issue" and had nothing to do with Chinese-U.S. trade friction.
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Papa John's founder sues for corporate records
DOVER, Del. (AP) — The founder of the Papa John's pizza chain is suing to gain access to the company's books and records after resigning this month amid reports that he used a racial slur during a media training session. In a complaint filed Thursday, John Schnatter says he is seeking access to the documents because of the "unexplained and heavy-handed way" that Papa John's International Inc. has treated him. Schnatter says he has been falsely accused, and that his resignation was a mistake.
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Facebook-led tech slump dims broader gains for US stocks
NEW YORK (AP) — A plunge in Facebook weighed on U.S. stocks Thursday, snapping a three-day winning streak for the S&P 500 and erasing more than $100 billion of the social media giant's market value. Facebook's tumble led a sell-off in technology companies that outweighed solid gains in other areas of the market, including industrial and energy stocks and in consumer goods companies. And small-company stocks did better than the rest of the market.
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The S&P 500 index dropped 8.63 points, or 0.3 percent, to 2,837.44. The Dow Jones Industrial Average climbed 112.97 points, or 0.4 percent, to 25,527.07. The Nasdaq composite index lost 80.05 points, or 1 percent, to 7,852.18. The Russell 2000 index of smaller-company stocks gained 10.16 points, or 0.6 percent, to 1,695.36.
Benchmark U.S. crude rose 31 cents to settle at $69.61 per barrel in New York. Brent crude, used to price international oils, added 61 cents to close at $74.54. Heating oil rose 3 cents to $2.18 a gallon. Wholesale gasoline added 4 cents to $2.16 a gallon. Natural gas added a penny to $2.78 per 1,000 cubic feet.
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