Stocks rise to end active quarter
NEW YORK — U.S. stocks climbed on Monday and gave one last nudge to ensure the S&P 500 emerges from yet another tumultuous quarter with a modest gain.
As has been the case throughout the quarter, movements in President Donald Trump's trade war with China helped drive the market on Monday. Investors found encouragement after China said that its top trade negotiator will lead talks with the United States that are expected to take place next week. The Trump administration also calmed some worries that it may limit U.S. investment in Chinese companies.
The developments helped push technology stocks higher in particular. Those companies often move along with worries about trade because of how reliant they are on China as both a customer and a supplier.
The moves left the S&P 500 and the Dow Jones industrials with a 1.2% gain for the quarter. While that was its smallest quarterly gain this year, the index had been on track for a much worse performance just a month ago.
The technology-heavy Nasdaq was a touch lower, with a loss of 0.1%.
Small companies took more damage, as they typically do when investors are worried about the threat of a recession. The Russell 2000 lost 2.8% during the quarter.
CVS stops sale of heartburn pills
NEW YORK — Pharmacy giant CVS has halted sales of popular heartburn treatment Zantac and the store generic version after warnings by U.S. health regulators.
CVS is the latest retailer to pull the tablets from store shelves. Earlier this month, the U.S. Food and Drug Administration warned consumers about a potentially dangerous contaminant in prescription and over-the-counter versions of Zantac.
In its announcement this weekend, CVS said customers who bought Zantac products can return them for a refund. The retailer will continue to sell other heartburn medications such as Pepcid.
Some manufacturers of the drug have stopped distribution. Health officials say concerned patients should consult their doctor.
WeWork pulls stock market IPO filing
NEW YORK — WeWork's new leaders formally suspended a planned stock market debut Monday, as they seek to repair the battered image of a company that appeared to revolutionize the office-rental industry and was poised just weeks ago to go public with a value of nearly $50 billion.
WeWork said it will withdraw regulatory filings announcing an initial public offering, which drew tepid interest from potential investors concerned about the company's money-losing business model and the corporate governance practices of co-founder Adam Neumann, who stepped aside last week as chief executive officer.
"We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong," the company's new co-chief executive officers, Artie Minson and Sebastian Gunningham, said in a statement. "We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future."
WeWork's meteoric growth and sleekly designed spaces with cool offerings like free beer and meditation classes gave it the aura of yet another tech company led by a magnetic personality.
It was initially valued at $47 billion by private investors. But the company failed to drum up that kind of enthusiasm on Wall Street after revealing massive losses in its IPO filings. WeWork's revenue rose sharply to $1.8 billion in 2018, but the company lost $1.6 billion the same year.
FAA reviewing 737 engine incident
WASHINGTON — The Federal Aviation Administration is investigating what caused part of an engine on a United Airlines plane to come loose after takeoff.
The Boeing 737 was scheduled to fly from Denver to Orlando on Sunday, but returned and landed safely in Denver after the incident. An FAA spokesman said Monday that the plane had an issue with an engine panel.
Video recorded by passengers showed the engine covering flapping loosely while the plane was in flight.
Engines coming apart are dangerous because pieces can break off and become debris that strikes the plane.
United tweeted that the plane returned to the terminal and customers were rebooked on different flights.
Duke seeks hike for western NC
RALEIGH — About 2 million Duke Energy customers in central and western North Carolina would face an average 6% rate increase if state regulators approve the country's largest electric company's request.
Duke Energy said Monday it needed another $290 million a year to recoup spending on grid upgrades, coal-ash cleanup, storm repairs and to increase its potential profit margin to 10.3%. The company also proposes recouping money faster for three coal-burning power plants, potentially leading to earlier closings.
The proposal would add about $8.06 per month to the typical residential customer's bill.
A rate increase that took effect last year was expected to increase residential rates by 1.2% over four years.
The Duke Energy subsidiary serving eastern North Carolina is expected to file a new rate request within a month.
Firm scraps $1.4B GM plant redo
INDIANAPOLIS — A developer has scrapped plans to turn the site of a former General Motors Co. stamping plant in Indianapolis into a $1.4 billion mixed-used development.
Ambrose Property Group had intended to build offices, retail space, residential housing and hotels at the 103-acre site directly west of downtown Indianapolis.
But the company announced Friday that it's selling the site along the White River to focus on its e-commerce and industrial real estate business.
The site once housed the GM Stamping Plant, where the automaker at one time employed about 5,600 workers. The Indianapolis factory closed in 2011 and was largely demolished in 2013.
Saudi Arabia's credit rating is cut
LONDON — Credit rating agency Fitch has downgraded Saudi Arabia over the increase in diplomatic and military tensions in the region after the kingdom's biggest oil processing facility was attacked.
Fitch said in a report on Monday it was cutting Saudi Arabia's sovereign credit grade to A from A+ due to the tensions as well as broader weakness in the country's finances.
The agency said it believed "there is a risk of further attacks on Saudi Arabia, which could result in economic damage."
An attack Sept. 14 struck the world's largest crude oil processing plant, which is in the kingdom's east, taking out about 5% of the world's daily production. The Saudis say Iran was behind the attack, which Tehran denies.
Ex-Cambridge worker releasing book
NEW YORK — The whistleblower at Cambridge Analytica, the data-mining firm linked to using social media for targeted political ads, has a book deal.
Christopher Wylie's subtitled "Cambridge Analytica and the Plot to Break America" will be published Oct. 8, Random House announced Monday. Wylie is a former research director at Cambridge who alleged the company had illegally accessed data of millions of Facebook users that was used to support the election of Donald Trump. Cambridge was founded by such conservative power brokers as billionaire Robert Mercer and former White House aide Steve Bannon. Wylie's allegations have led to investigations and hearings in the U.S. and the United Kingdom.
Random House is calling Wylie's book "both exposé and dire warning" about how online information can be used to manipulate people.