Business Highlights
___
US stocks bounce higher, but still end the week with a loss
NEW YORK (AP) — Stocks closed another bumpy day with solid gains on Wall Street, but not enough to erase its worst weekly loss since late March. The S&P 500 rose 1.3% Friday, a day after dropping nearly 6%. The volatility interrupted what had been a dramatic rally for the market over the past three weeks. Stocks turned wobbly this week as investors re-evaluated their expectations for economic growth, which many skeptics have been saying were overly optimistic. Small-company stocks and bond yields rose, meaning investors were a bit more willing to take on risk again a day after the heavy market rout.
___
Twitter removes China-linked accounts spreading false news
LONDON (AP) — Twitter has removed a vast network of accounts that is says is linked to the Chinese government and was pushing false information favorable to the country’s communist rulers. Beijing denied involvement Friday and said the company should instead take down accounts smearing China. The U.S. social media company suspended 23,750 accounts that were posting pro-Beijing narratives, and another 150,000 accounts dedicated to retweeting and amplifying those messages. Twitter said the network was engaged “in a range of coordinated and manipulated activities” in predominantly Chinese languages. Those activities included praise for China’s response to the coronavirus pandemic and “deceptive narratives” about Hong Kong pro-democracy protests.
___
Fed says ‘full range of tools’ in play to counter pandemic
WASHINGTON (AP) — The Federal Reserve is promising to use its “full range of tools” to pull the country out of a deep recession caused by a global pandemic, signaling that it would keep interest rates low through 2022. In its semi-annual monetary policy report to Congress, the central bank said that the COVID-19 outbreak was causing “tremendous human and economic hardship across the United States and around the world.” The report said that the central bank was “committed to using its full range of tools to support the U.S. economy in this challenging time.”
___
Airlines launch legal action against UK quarantine policy
LONDON (AP) — Three airlines have launched legal action against the British government, describing the country’s plan to quarantine most incoming travelers as “flawed.’’ British Airways, easyJet and Ryanair say in a statement Friday that the quarantine will have a “devastating effect,’’ on tourism and the wider economy. The airlines want the government to re-adopt its previous quarantine policy, where quarantine is limited to passengers from “high risk” countries. Quarantine measures imposed this week stipulate that all passengers — bar a handful of exceptions like truckers or medical workers — must fill in a form detailing where they will self-isolate for two weeks.
___
Nike, NFL and others to start giving workers Juneteenth off
NEW YORK (AP) — Nike, the NFL and other businesses are giving their employees a paid day off on Juneteenth for the first time, the latest example of how American employers are responding to protests that have placed additional attention on racial injustice in the U.S. Juneteenth commemorates June 19, 1865 when Major General Gordon Granger came to Galveston, Texas, to announce the end of the Civil War and slavery. Although slavery was already abolished more than two years earlier by the Emancipation Proclamation, it continued in some areas.
___
UK economy shrinks 20% in a month to fall back to 2002 level
LONDON (AP) — The British economy has seen nearly two decades worth of growth wiped out as a result of the lockdown measures put in place as a result of the coronavirus pandemic. The Office for National Statistics revealed Friday that the economy shrank by a colossal 20.4% in April, the first full month that the country was in its coronavirus lockdown. All areas of the economy were hit during the month, in particular pubs, education, health and car sales.
___
Starbucks creates own Black Lives Matter shirt for employees
SEATTLE (AP) — Starbucks is creating its own Black Lives Matter shirt for employees to wear if they choose. The move comes after the coffee chain reportedly initially banned employees from wearing Black Lives Matter gear. The T-shirt depicts protests signs with phrases including “Black Lives Matter,” “Speak Up” and “Time for Change.” Social media blew up over news reports that Starbucks had told employees in a memo they couldn’t wear Black Lives Matter shirts or other paraphernalia because it might be used to amplify divisiveness.
___
Pop open a bottle, California wine tasting rooms reopening
SAN FRANCISCO (AP) — California wineries popped open their bottles Friday and welcomed people to their tasting rooms as the state’s $145 billion tourism industry started gearing up with hotels, zoos, museums and aquariums allowed to reopen. With COVID-19 cases in the state still growing, the tourism industry is trying to balance how to implement safety measures to control a pandemic without ruining the fun. Hotels will limit people lounging by pools and attractions will require masks. Some parts are choosing to go slower than the state is allowing. San Francisco started outdoor restaurant dining Friday. Hotels there will not receive tourists until August.
___
The S&P 500 gained 39.21 points, or 1.3%, to 3,041.31. The Dow Jones Industrial Average rose 477.37 points, or 1.9%, to 25,605.54. The Nasdaq gained 96.08 points, or 1%, to 9,588.81. The Russell 2000 index of smaller companies climbed 31.46 points, or 2.3%, to 1,387.68.