Business Highlights

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S&P 500 notches 3rd straight weekly gain after wobbly day

Wall Street finished a milestone-setting week on a downbeat note Friday after a late flurry of selling nudged stocks lower, ending the market’s four-day winning streak. Even so, the market notched its third straight weekly gain, and the benchmark S&P 500 index hovered just below its record high close from a day earlier. Investors have been reassured by statements from the Federal Reserve this month that suggest the Fed is prepared to cut interest rates in response to a slowing global economy.

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US blacklists 5 Chinese groups working in supercomputing

WASHINGTON (AP) — The United States is blacklisting five Chinese organizations involved in supercomputing, calling them national security threats and cutting them off from critical U.S. technology. The move Friday by the U.S. Commerce Department could complicate talks next week between President Donald Trump and his Chinese counterpart, Xi Jinping, aimed at deescalating a trade dispute between the world’s two biggest economies.

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APNewsBreak: California launches anti-illegal pot campaign

LOS ANGELES (AP) — California is taking its fight against illegal marijuana sales to cellphones and social media. The state that’s home to the nation’s largest pot market is launching an ad campaign to discourage consumers from shopping in unlicensed shops. It’s called “Get #weedwise.” Ads will urge shoppers to check on a state website to verify that a shop is licensed before they make a purchase. The ads make a simple argument: You don’t know what you’re getting if you buy illegal products.

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Explosions, fire rock US oil refinery; gas prices could rise

PHILADELPHIA (AP) — An analyst says gas prices in the Northeast could temporarily rise over the next few weeks as a result of an explosion and fire at a Philadelphia oil refinery. Explosions and a blaze at the East Coast’s largest refinery sent a fireball into the sky and shook homes before dawn Friday. Authorities reported only a few minor injuries and said the air was safe to breathe. Five refinery workers were treated for minor injuries, and nearby residents were asked to stay inside.

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New drug to boost women’s sex drive approved in US

WASHINGTON (AP) — U.S. health regulators have approved a prescription drug to boost sex drive in women. The Food and Drug Administration OK’d the shot for premenopausal women troubled by a lack of sexual desire. The positive decision for tiny drugmaker Amag Pharmaceuticals marks only the second time regulators have approved a drug for the condition. Doctors caution that some women may not be willing to give themselves a shot to temporarily boost their sex drive.

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Fed says largest banks would survive crisis, in latest tests

NEW YORK (AP) — The Federal Reserve is saying that 18 of the nation’s largest and most complex banks passed its stress tests and are strong enough to withstand a severe economic downturn. This year the Fed tested how well the nation’s largest banks would handle a substantial drop in commercial real estate prices as well as heightened stress in the corporate debt markets.

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US home sales climbed 2.5% in May amid lower mortgage rates

WASHINGTON (AP) — U.S. home sales jumped 2.5% in May, as lower mortgage rates appeared to help buyers overcome affordability challenges. The National Association of Realtors says that existing homes sold at a seasonally adjusted annual rate of 5.34 million last month. Still, the real estate market has yet to shake off last year’s slump. Home sales are down 1.1% from a year ago.

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Airlines reroute flights after Iran downs US military drone

DUBAI, United Arab Emirates (AP) — Airlines have rerouted flights to avoid airspace near the Strait of Hormuz after Iran shot down a U.S. military surveillance drone there and American aviation officials warned that commercial jetliners could be mistakenly attacked. The incident reflects a dangerous escalation in tensions between Washington and Tehran.

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Mitsubishi Motors shareholders approve ouster of Ghosn

TOKYO (AP) — Mitsubishi Motors Corp. shareholders have approved the ouster of Carlos Ghosn, who was pivotal in the Japanese automaker’s three-way partnership with Nissan and Renault until he was arrested on financial misconduct charges. Nissan owns part of Mitsubishi Motors. Nissan shareholders decided in April to oust Ghosn as chairman. He says he’s innocent of the charges.

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Foxconn chairman stepping down amid talks of political bid

TAIPEI, Taiwan (AP) — The chairman of Foxconn, the world’s largest contract assembler of consumer electronics for companies such as Apple, is stepping down amid speculation he could be planning a presidential run in Taiwan next year. Terry Gou made the announcement Friday at the company’s annual shareholders meeting. His resignation is the latest challenge for Foxconn, which has been caught up in the ongoing U.S.-China trade war.

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The S&P 500 index dipped 3.72 points, or 0.1%, to 2,950.46. The Dow Jones Industrial Average dropped 34.04 points, or 0.1%, to 26,719.13. The Nasdaq composite fell 19.63 points, or 0.2%, to 8,031.71. The Russell 2000 index slumped 13.87 points, or 0.9%, to 1,549.63.

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