Business in Brief: How the major US stock indexes fared last week
How the major US stock indexes fared last week
Stocks closed broadly lower on Wall Street Friday and notched their second-straight weekly loss, as investors were whipsawed by contradictory developments in the Trump administration’s array of trade conflicts.
Technology and industrial companies dropped the most. The S&P hasn’t fallen for two consecutive weeks since last year, but it remains about 14% higher so far in 2019.
The S&P 500 fell 16.79 points, or 0.6%, to 2,859.53.
The Dow Jones Industrial Average lost 98.68 points, or 0.4%, to 25,764.
The Nasdaq composite dropped 81.76, or 1%, to 7,816.28.
The Russell 2000 index of small company stocks gave up 21.48 points, or 1.4%, to 1,535.76.
For the week:
The S&P 500 fell 21.87 points, or 0.8%.
The Dow dropped 178.37 points, or 0.7%.
The Nasdaq lost 100.66 points, or 1.3%.
The Russell 2000 gave up 37.23 points, or 2.4%.
For the year:
The S&P 500 is up 352.68 points, or 14.1%.
The Dow is up 2,436.54 points, or 10.4%.
The Nasdaq is up 1,181.01 points, or 17.8%.
The Russell 2000 is up 187.20 points, or 13.9%.
Arizona tribes seek injunction to halt copper mine project
PHOENIX (AP) — Native American tribes are seeking an injunction to halt work on a copper mine project they say will desecrate burial and other sacred sites in the Santa Rita Mountains of southeastern Arizona.
The Tohono O’odham Nation, the Pascua Yaqui Tribe, and the Hopi Tribe filed the emergency request Wednesday in federal court. They are represented by the environmental law firm Earthjustice.
Canadian mining company Hudbay Minerals Inc. plans to build Rosemont Mine on the mountain slope visible from state Highway 83 in southern Arizona wine country. Tucson publicist Jan Howard said the company “will continue to work with the judge, agencies and plaintiffs in the development of this state-of-the-art modern mine.”
Lawsuits challenging the $1.9 billion project were filed earlier by the tribes and nonprofit environmental organizations.
American Express buys restaurant reservation service Resy
NEW YORK (AP) — American Express is buying the online reservation startup Resy, the companies announced Wednesday, the latest move by AmEx to establish and maintain a foothold for its card members in some of the world’s most desired restaurants.
AmEx and Resy, founded in 2014, declined to disclose the terms of the deal. However, in early 2017 Resy announced it raised $13 million from a group of investors that included Airbnb, valuing the company at around $70 million.
New York-based Resy is an online reservation management service. It allows diners to make reservations and also serves as a platform for restaurants to manage their upcoming reservations. While OpenTable has a bigger market share, Resy often works with more exclusive restaurants that are harder to get into or serve higher-spending clientele.
AmEx’s purchase comes as the credit card industry has shifted its marketing tactics in the last several years. Credit card companies want to be thought of as avenues to “experiences,” as the industry likes to say, such as travel and dining, concerts and Broadway shows.
Instead of redeeming credit card points for a blender, AmEx and Chase say they want you to get a ticket to Paris. Hopefully the customer will then use that same credit card to reserve a Parisian hotel and dine. If you do want a blender, they do offer them though.