Stocks tumble on trade fears; S&P has worst week in 2 years
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NEW YORK (AP) — Global stocks sink as fears about trade conflict between the U.S. and China send the S&P 500 to its worst week in two years. Technology companies and banks took some of the worst losses. Stocks dropped sharply a day earlier after the White House announced tariffs against China, and markets in Europe and Asia also slumped.
China targets $3 billion of US goods in tariff spat
BEIJING (AP) — China announced a $3 billion list of U.S. goods for possible retaliation in a tariff dispute with President Donald Trump and girded for a bigger battle over technology policy as financial markets sank on fears of global disruption. A foreign ministry spokeswoman said, "We don't want a trade war, but we are not afraid of it." Trump said Friday he expects China "is going to end up treating us fairly."
Trump draws ire of farmers targeted in Chinese trade dispute
DES MOINES, Iowa (AP) — From hog producers in Iowa to apple growers in Washington state and winemakers in California, farmers are expressing deep disappointment over being put in the middle of a potential trade war with China by the president many of them helped elect. After President Donald Trump announced plans to impose tariffs on products including Chinese steel, China responded Friday with a threat to slap tariffs on a variety of U.S. products, including pork, wine, apples, ethanol and stainless-steel pipe.
Trump signs $1.3 trillion budget after threatening veto
WASHINGTON (AP) — President Donald Trump signed the massive $1.3 trillion spending bill needed to avert a government shutdown Friday, after declaring he was "considering" a veto. Advisers inside and outside the White House said he had merely been blowing off steam.
Lobbying pays off for small drugmaker in budget bill
WASHINGTON (AP) — A provision tucked into the massive congressional budget bill will benefit a small pharmaceutical company in Washington state. Omeros makes a drug for cataract surgery. The provision props up the price Medicare pays for that drug, as well as a handful of products from other firms. Lawmakers acted after a lobbying campaign by Omeros and stepped-up political contributions from people associated with the company. House Speaker Paul Ryan said through a spokeswoman the provision is "correct policy."
UK data watchdog raids Cambridge Analytica office in London
LONDON (AP) — Officers from Britain's information regulator have arrived at the London offices of data firm Cambridge Analytica after being granted a warrant as part of an investigation into alleged misuse of personal information. A High Court judge granted the warrant Friday evening. Soon after, 18 people, some in Information Commissioner's Office jackets, entered the company's central London offices.
Trump tariffs undermine trust in rules-based global commerce
GENEVA (AP) — Experts say the Trump administration's move to impose tariffs on China and key trading partners undermines the rules-based system of global commerce. Those rules are embodied and overseen by the World Trade Organization, which now sees its authority challenged.
Shares of Dropbox surge in first day of trading
NEW YORK (AP) — Shares of digital storage company Dropbox have surged in their first day of trading. The company, which offers online services for backing up files, saw its shares jump 36 percent. Dropbox competes with smaller rival Box, as well as with Google, Amazon and Microsoft.
A swan-song for Toys R Us, the going-out-of-business sale
NEW YORK (AP) — Toys R Us is opening its doors for a going-out-of-business sale, offering clearance discounts at all 735 U.S. stores, including Babies R Us. The company did not say Friday how big the discounts will be or when it expects stores to shut down. Customers will be able to use gift cards until April 21, but the toy seller will no longer accept coupons, and there are no returns.
United gives $10,000 travel voucher to 'bumped' passenger
CHICAGO (AP) — A passenger who was bumped off a full flight has scored the maximum prize — a $10,000 travel voucher. A spokesman for United Airlines confirmed Friday that a passenger got the big voucher "per our company policy." He declined to name the person. In a series of tweets, Allison Preiss of Washington, D.C., described how she was rewarded after being asked to give up her seat on a Thursday flight.
The Standard & Poor's 500 index dropped 55.43 points, or 2.1 percent, to 2,588.26. The Dow Jones industrial average lost 424.69 points, or 1.8 percent, to 23,533.20. The Nasdaq composite fell 174.01 points, or 2.4 percent, to 6,992.67. The Russell 2000 index of smaller-company stocks lost 33.79 points, or 2.2 percent, to 1,510.08.
The price of oil climbed $1.58, or 2.5 percent, to $65.88 a barrel in New York. Brent crude, the international standard for oil prices, added $1.54, or 2.2 percent, to $70.45 a barrel in London. Wholesale gasoline rose 2 cents to $2.04 a gallon. Heating oil added 3 cents to $2.02 a gallon. Natural gas dipped 3 cents to $2.59 per 1,000 cubic feet.