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Friday Afternoon Business Brief

May 23, 2014, 1:34 PM by Brandon Van Westen

Friday Afternoon Business Brief

Stocks are higher on a quiet trading day ahead of the Memorial Day weekend and appear set to close out a week of solid gains. The S&Ps 500 has been trading above its all-time closing high and approaching the 1,900 threshold. All 10 sectors in the index are higher. The Dow is up more than 50 points, while the Nasdaq composite has added more than 20.

  • The world's main trade body has told China to stop imposing anti-dumping duties on imports of American-made cars and sport-utility vehicles, saying they violate international trade rules. The United States is calling it a major victory for U.S. manufacturers and workers.
  • Federal food safety officials say ground beef recalled by a Detroit business may have been sent to stores in 10 states. Wolverine Packing Co. announced Monday it was recalling 1.8 million pounds of ground beef products that may be contaminated with E. coli. The agriculture department's Food Safety and Inspection Service says it has reason to believe the beef was sent to retail outlets in Florida, Illinois, Indiana, Kentucky, Michigan, North Dakota, Ohio, Pennsylvania, Tennessee and Wisconsin. Eleven people have been sickened.
  • Reynolds American is deepening its investment in electronic cigarettes. The owner of nation's second-biggest tobacco company says it's expanding its Tobaccoville, North Carolina, manufacturing complex as it plans national distribution of its Vuse brand. Reynolds says the move will create more than 200 jobs over the next four years.
  • The San Francisco-based ride-sharing service Lyft says it will continue to operate in Albuquerque in defiance of New Mexico regulators. The state's Public Regulation Commission ordered Lyft to stop operating in New Mexico at least until June 2, when it must respond to allegations that it is operating an illegal taxi service. The commission says Lyft could face daily fines of up to $10,000 for each of five different violations of state law, and each trip by a driver may count as a separate violation.

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