Business Highlights
By The Associated Press
The S&P 500 climbed 40.89 points, or 1.6 percent, to 2,673.45. The Dow Jones Industrial Average gained 354.29 points, or 1.5 percent, to 24,640.24. The Nasdaq rose 142.87 points, or 2.1 percent, to 7,081.85. The Russell 2000 index of smaller-company stocks added 17.28 points, or 1.2 percent, to 1,505.96.
Benchmark U.S. crude added 2.4 percent to $51.63 a barrel in New York. Brent crude, the international standard, gained 2.9 percent to $60.48 a barrel in London. Wholesale gasoline rose 3.7 percent to $1.44 a gallon. Heating oil added 0.9 percent to $1.89 a gallon. Natural gas fell 1.4 percent to $4.25 per 1,000 cubic feet._
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GM to lay off up to 14K workers, close as many as 5 plants
DETROIT (AP) — The announcement by General Motors that it will cut up to 14,000 workers in North America reflects a dramatic shift in the U.S. and North American auto markets, with companies turning away from cars and toward SUVs and trucks. GM is abandoning many of its car models. The company’s move to get leaner is expected to be followed by Ford, which has said it is restructuring and will lay off an unspecified number of white-collar workers. GM’s reduction includes about 8,000 white-collar employees.
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Global trade is at stake as Trump and Xi come face to face
WASHINGTON (AP) — To hear President Donald Trump tell it, he was made for a moment like this: A high-stakes face-off. A ticking clock. A cagey adversary. The man who calls himself a supreme dealmaker will have the opportunity this week to put himself to the test. The question is whether he can defuse a trade war with China that is shaking financial markets and threatening the global economy — and perhaps achieve something approximating a breakthrough.
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Breast implant injuries hidden as patients’ questions mount
WASHINGTON (AP) — An AP investigation shows that incomplete, underreported and unverified data make it nearly impossible for patients and doctors to know how safe medical devices are, especially when it comes to breast implants. Those who’ve had the implants say the bad data has made it particularly hard to know whether some rare health conditions are linked to their devices. The AP partnered with the International Consortium of Investigative Journalists and reporters worldwide to study breast implant safety.
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FDA says it will overhaul criticized medical device system
WASHINGTON (AP) — U.S. health officials say they plan to overhaul the nation’s decades-old system for approving most medical devices. The streamlined system is used to clear products for patients based on similarities to older devices, rather than new clinical testing. The process has been blamed for a string of defective products reaching patients, including hip implants and pelvic mesh. The Food and Drug Administration announcement follows the publication of a global investigation into medical device safety.
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Supreme Court could allow suit over Apple iPhone apps’ sales
WASHINGTON (AP) — The Supreme Court seems ready to allow an antitrust lawsuit to go forward that claims Apple has unfairly monopolized the market for the sale of iPhone apps. Apple faced skeptical questions from justices who seemed concerned about the control the Cupertino, California-based company exerts over iPhone users who must purchase software their smartphones exclusively through its App Store.
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Carlos Ghosn: From auto industry icon to scandal
PARIS (AP) — A trailblazer and visionary in the auto industry, Carlos Ghosn is also a highflyer prone to excesses that may have helped bring on his surprise downfall as head of the world’s best-selling auto group. Ghosn was arrested last week in Japan on suspicion he falsified financial reporting and misused funds at Nissan Motor Co. It was a stunning reversal for the industry icon.
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Dolce&Gabbana fiasco shows importance, risks of China market
BEIJING (AP) — Don’t mess with China and its growing cadre of powerful luxury consumers. Dolce&Gabbana learned that lesson the hard way when it faced a boycott after Chinese expressed outrage over what were seen as culturally insensitive videos promoting a runway show in Shanghai and subsequent posts of insults in a private Instagram chat. The company blamed hackers for the anti-Chinese insults, but the explanation fell flat and the damage was done.
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As online shopping surges, so too does Cyber Monday’s riches
NEW YORK (AP) — Like Black Friday, Cyber Monday is spreading out into a weeklong shopping fest, with Amazon, Walmart and Target calling it “Cyber Week.” Still, Monday is expected to be the biggest online shopping day in U.S. history, according to Adobe Analytics, which tracks online sales at 80 of the top 100 retail sites.
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Stocks bounce back as tech, retail and banks jump
NEW YORK (AP) — U.S. stocks climb as technology and retail companies rise on the first full trading day of the holiday shopping season. Banks gained with interest rates. Indexes in Asia and Europe also rallied. British stocks rose after Britain and the European Union announced a deal covering Britain’s departure from the bloc in March, but it’s not clear if Parliament will approve. Oil prices rose 2.4 percent after dropping for the last seven weeks.
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