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Wall Street’s best week since March comes to quiet close as stocks drift

NEW YORK (AP) — Wall Street’s best week since March is coming to a quiet close, as stocks drift between small gains and losses on Friday. The S&P 500 was 0.2% lower in afternoon trading after wobbling through the day. The benchmark index is still headed for its fifth straight winning week, which would be its longest such streak since November 2021, and is near its highest level since April 2022. The Dow Jones Industrial Average slipped 50 points, or 0.1%, to 34,358 as of 3 p.m. Eastern. The Nasdaq composite was 0.5% lower. Software maker Adobe rose 1.3% after reporting solid ...

Bud Light, America’s top beer for decades, falls to second

The Associated Press After more than two decades as America’s best-selling beer, Bud Light has slipped into second place. Modelo Especial, a Mexican lager, overtook Bud Light in U.S. retail dollar sales in the month ending June 3, according to Nielsen data analyzed by Bump Williams Consulting. Modelo controlled 8.4% of U.S. grocery, convenience and liquor store sales; Bud Light fell to 7.3%. Grupo Modelo, the Mexican brewer, is owned by Anheuser-Busch InBev, the same parent company of Bud Light. It’s a milestone in Bud Light’s months-long sales decline since early April, ...

Retail sales rise, despite pressure from inflation and interest rates

NEW YORK (AP) — Americans increased their spending at retailers last month despite pressure from still-high inflation and rising borrowing costs.Thursday’s report from the Commerce Department showed that retail sales rose 0.3% from April to May, boosted by stronger sales of auto and parts dealers. Economists had been expecting a decline in sales for the month. Last month’s increase pointed to a still-resilient economy, though retail sales have been bumpy this year after surging nearly 3% in January. Sales tumbled in February and March before recovering in April. The latest retail ...

European Central Bank hikes rates again and vows more after US Fed hits pause

FRANKFURT, Germany (AP) — The European Central Bank pressed ahead with another interest rate hike Thursday and made clear more are on the way, aiming to crush inflation that is driving up the cost of groceries even after the U.S. Federal Reserve took a break from its own string of increases. The quarter-point rate boost, to 3.5%, is the eighth straight increase since July 2022 for the 20 countries that use the euro currency. That is an unprecedentedly swift campaign to tighten the flow of credit to the economy as the bank seeks to return inflation to its target of 2% from 6.1%. ECB ...

Student loan payment to be resumed after end of summer

NEW YORK (AP) — After three years, the pandemic-era freeze on student loan payments will end soon. Student loan interest will start accruing on September 1 and https://studentaid.gov/ starting in October. It might seem tempting to just keep not making payments, but the consequences can be severe, including a hit to your credit score and exclusion from future aid and benefits. More than 40 million Americans will have to start making federal student loan payments again at the end of the summer under the terms of a debt ceiling deal approved by Congress. Millions are also waiting to ...

Ex-Starbucks manager awarded $25.6 million in suit over firing after 2018 arrests of 2 black men

CAMDEN, N.J. (AP) — Jurors in a federal court in New Jersey have awarded $25.6 million to a former regional Starbucks manager who alleged that she and other white employees were unfairly punished by the coffee chain after the high-profile 2018 arrests of two black men at one of the chain’s Philadelphia locations. Shannon Phillips won $600,000 in compensatory damages and $25 million in punitive damages on Monday after an eight-member jury decided after five hours of deliberation that race was a determinative factor in Phillips’ firing, in violation of federal and state ...