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Stocks mixed ... Redfin IPO ... Soda tax

By The Associated Press | Posted - Jul. 29, 2017 at 10:15 a.m.



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NEW YORK (AP) — On Wall Street Friday, the Standard & Poor's 500 index lost 3.32 points, or 0.1 percent, and closed a week packed with corporate earnings reports almost exactly where it started. It set a record during the middle of it. The Dow Jones industrial average gained 33.76 points, or 0.2 percent, to 21,830.31 and set another all-time high. The Nasdaq composite fell 7.51, or 0.1 percent.

UNDATED (AP) — Shares in Redfin Corp. soared in their stock market debut Friday as investors bet on the residential real estate brokerage's growth prospects despite a U.S. housing market that's been hampered by a worsening shortage of properties for sale. The stock climbed $6.70, or 44.7 percent, to close at $21.70. The gain came against a backdrop of mostly sluggish trading on Wall Street.

CHICAGO (AP) — A lawsuit challenging a penny-per-ounce tax on sweetened beverages sold in the Chicago area was dismissed Friday by a judge who also dissolved a temporary restraining order that had stopped it from being implemented. The tax originally was to take effect July 1 but the Illinois Retail Merchants Association sued, arguing the tax is unconstitutional and too vague. It is now is scheduled to go into effect Wednesday.

WASHINGTON (AP) — An appeals court panel in Washington says federal officials should reconsider whether to regulate the size of airline seats in the name of safety. One of the judges calls it the case of the incredible shrinking airline seat. A passenger group called Flyers Rights says cramped planes are a safety hazard and the FAA needs to do something about it.

NICOSIA, Cyprus (AP) — The Moody's international rating agency has raised Cyprus' credit grade by one notch to Ba3, citing strong economic growth and the government's solid fiscal performance. The agency said Friday it is also keeping a positive outlook on the east Mediterranean island nation's economy.

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The Associated Press

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