NEW YORK (AP) — The S&P 500 is heading for its first weekly loss in four weeks. The index dropped yesterday for the third down day in a row. The S&P closed down nearly 14 points. The Dow fell 109 points and the Nasdaq shed 34. A combination of so-so economic news and violence in Iraq helped push the stock market sharply lower on Thursday. Futures point to a slightly higher opening today.
HONG KONG (AP) — Most international stock markets fell today after poor U.S. retail sales data but benchmarks in China gained after an economic report bolstered optimism about the world’s No. 2 economy. Benchmark U.S. crude oil rose above $107 a barrel. The dollar gained against the yen and fell against the euro.
WASHINGTON (AP) — Investors are hoping for some good economic news that will reverse the stock market’s slide But there’s only one government report due out today. The Labor Department will issue the Producer Price Index for May this morning. In April, the prices that companies receive for their goods and services rose by the most in 19 months, a sign that inflation is picking up.
SAN FRANCISCO (AP) — Electric car maker Tesla Motors is handing over the keys to its technology in an unusual effort to encourage other automakers to expand beyond gasoline-burning vehicles. Tesla CEO Elon Musk is promising to give away the company’s entire patent portfolio to all comers, as long as they promise not to engage courtroom battles over intellectual property. The decision opens the door to more collaboration with Tesla, which is already making electric systems for Daimler and Toyota.
NEW YORK (AP) — New tablet computers from Samsung will feature screens that are richer in color than standard LCDs. These screens, known as AMOLED for active-matrix organic light-emitting diodes, are already found in smartphones made by Samsung and a few other manufacturers. But until now, tablets haven’t used them because larger AMOLED screens are more difficult to produce. Samsung Electronics Co. is trying to change that with its upcoming line of Android tablets, called the Galaxy Tab S.
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