Sat, May 14, 2022 2:02 PM
NEW YORK (AP) — Wall Street closed out another volatile week of trading with a broad rally Friday, though it wasn’t nearly enough to keep the market from its sixth straight weekly drop, the longest such streak since 2011. The S&P 500 climbed 2.4%. More than 90% of the companies in the benchmark index closed higher. The Nasdaq rose 3.8% as more gains in technology companies helped lift the tech-heavy index. The Dow Jones Industrial Average rose 1.5%. The upbeat finish still left the indexes with weekly losses of more than 2.4% each, extending the string of weekly declines to six weeks for the S&P 500 and Nasdaq, while the Dow registered its seventh straight weekly drop. Markets have been slumping since late March as traders worry that the Federal Reserve may not succeed in its delicate mission of slowing the economy enough to rein in inflation without causing a recession.
WEISSENHAUS, Germany (AP) — The Group of Seven leading economies is warning that the war in Ukraine is stoking a global food and energy crisis that threatens poor countries. They said urgent measures are needed to unblock stores of grain that Russia is preventing from leaving Ukraine. In a statement released Saturday at the end of a three-day meeting on Germany’s Baltic Sea coast, the G-7 nations also called on China not to help Russia. They said this included any moves by Beijing that could undermine international sanctions against Russia or justify Moscow’s actions in Ukraine. In a series of closing statements, the G-7 nations also addressed a wide range of global problems from the situation in Afghanistan to tackling climate change.
CARACAS, Venezuela (AP) — Venezuela’s government is seeking private investors to pump funds into vital but crippled state-run companies, decades after seizing them in the name of socialism. The government on Monday intends to offer 5% to 10% stakes in companies ranging from telephone and internet service providers to a petrochemical producer. In another country, those industries might be attractive targets for investors, but questions remain as to who would be willing or able to take a minority position in the Venezuelan companies that have suffered from years of neglect and mismanagement. Adding to the mystery is lack of details provided by the government about the sale, including what price it is seeking for shares.
LOS ANGELES (AP) — The owner of an oil pipeline that spewed thousands of barrels of crude oil onto Southern California beaches in 2015 has agreed to pay $230 million to settle a class-action lawsuit brought by fishermen and property owners. According to court documents, Houston-based Plains All American Pipeline has agreed to pay $184 million to fishermen and fish processors and $46 million to property owners in the settlement reached Friday. The company didn’t admit liability in the agreement that will end seven years of legal wrangling. The agreement still must undergo a public comment period and needs federal court approval. A hearing on the matter is scheduled for June 10.
VANDENBERG SPACE FORCE BASE, Calif. (AP) — A SpaceX rocket has carried 53 satellites for the Starlink internet constellation into orbit. The Falcon 9 booster lifted off from Vandenberg Space Force Base in California Friday afternoon. Minutes later, the first stage landed on a droneship in the Pacific Ocean. The second stage continued toward low Earth orbit, and SpaceX later confirmed that all satellites had been deployed. Starlink is a space-based system that SpaceX has been building for years to bring internet access to underserved areas of the world. Hawthorne, California-based SpaceX has hundreds of Starlink satellites orbiting Earth at an altitude of 340 miles.