Stocks give back some of July's gains

By The Associated Press | Posted - Jul. 25, 2020 at 10:56 a.m.



NEW YORK (AP) — Stocks closed broadly lower for the second day in a row Friday as Wall Street gave back some of its gains from a mostly solid July rally. The S&P 500 fell 0.6% and ended the week with its first weekly loss in four weeks. Technology and health care companies accounted for much of the selling, with chipmaker Intel posting the biggest drop in the S&P 500. Those losses outweighed gains by companies that rely on consumer spending, including Olive Garden owner Darden Restaurants, homebuilder PulteGroup and retailers Target and Best Buy. Investors shifted money into gold, driving its price to an all-time high of nearly $1,900 an ounce. The S&P 500 dropped 20.03 points to 3,215.63. The Dow Jones Industrial Average slid 182.44 points, or 0.7%, to 26,469.89. The Nasdaq composite fell 98.24 points, or 0.9%, to 10,363.18.

WASHINGTON (AP) — President Donald Trump has been unable to land the big deal he sought with Congress to curb drug costs. But now he’s moving on his own to allow imports of cheaper prescription medicines, along with other limited steps that could still have election-year appeal. Friday at a White House ceremony, Trump signed four executive orders. In addition to importation, they are about paying lower international prices for some Medicare drugs, passing rebates directly to consumers, and making discounted insulin available to low-income people. Democrats, including Joe Biden, are pushing a much more ambitious plan to empower Medicare to negotiate lower prices.

BOISE, Idaho (AP) — The U.S. wants to build nuclear power plants that will work on the moon and Mars. The U.S. Department of Energy put out a request on Friday for ideas from the private sector on how to build what it calls a fission surface power system that could allow humans to live for long periods in harsh space environments. The Idaho National Laboratory, a nuclear research facility in eastern Idaho, the Energy Department and NASA will evaluate ideas for developing the reactor. The lab has been working on advanced reactors that can operate without water for cooling. Water-cooled nuclear reactors are the vast majority of reactors on Earth.

SACRAMENTO, Calif. (AP) — Hedge fund Chatham Asset Management says it will pay $312 million to buy newspaper publisher McClatchy out of bankruptcy protection. Chatham says it plans to offer employees at the 30-paper chain their current jobs with the same pay and benefits. It will honor collective bargaining agreements. Chairman Kevin McClatchy, CEO Craig Forman and fellow board directors will leave the Sacramento, California-based newspaper chain when the deal closes by Sept. 30, pending the approval of a U.S. Bankruptcy Court judge. A hearing is scheduled for Aug. 4. McClatchy holdings include the Miami Herald, the Charlotte Observer, and the Sacramento Bee. It filed for bankruptcy protection because of debt from its $4.5 billion purchase of Knight-Ridder newspapers in 2006.

FORT WORTH, Texas (AP) — Hundreds of Texas bar owners say they’ll defy Gov. Greg Abbott’s mandate that ordered them closed after a surge in coronavirus cases. The Republican governor had allowed bars to reopen with restrictions, only to order them closed again three weeks ago after the state experienced a resurgent outbreak in the virus that causes COVID-19. Fort Worth bar owner Chris Polone has organized what’s labeled as “Freedom Fest,” in which hundreds of bar owners say they’ll open their doors and set ’em up. Polone says about 800 bar owners have promised participation, which could place their state liquor licenses in jeopardy.

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The Associated Press

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