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Friday Evening Business Brief

July 25, 2014, 6:46 PM

Friday Evening Business Brief

NEW YORK (AP) - Stocks have ended the week on a down note, after Amazon and Visa said that the second half of the year is looking more troubled than originally expected. The Dow dropped 123 points to close at 16,960.57. For the week it was down nearly 140 points. The S&P 500 lost 9 and a half points, finishing the week just about where it started at 1,978. The Nasdaq composite fell 22 and a half points to 4,449.56.

  • Argentina's negotiations with creditors to resolve a dispute over $1.5 billion in unpaid debts remain deadlocked. Argentina will default for the second time in 13 years if it's unable to reach a deal with the U.S. hedge funds before July 30. Following a U.S. judge's order, Argentina can't pay investors who accepted lower-valued bonds after its record $100 billion default in 2001 unless it also pays off bondholders who didn't participate in previous bond swaps. The holdouts accuse Argentina of refusing to negotiate to avert the default.
     
  • Tyson Foods is closing three U.S. plants. The facilities in Cherokee, Iowa; Buffalo, New York; and Santa Teresa, New Mexico employ a total of 950 workers. Tyson says the action will enable it to move some of the operations and equipment to other, more cost-efficient plants. Tyson is the biggest meat processor in the U.S.
     
  • The Kremlin is taking McDonald's to court. Russia's consumer protection agency says McDonald's food contains more fats and carbohydrates than are allowed by national regulations. The suit could end up banning McDonald's from selling some of its signature products, including its Royal Cheeseburgers - the Russian equivalent of the Quarter Pounder. While there's no demonstrable connection between the suit and tensions with the U.S. over Ukraine, the consumer protection agency's actions often line up with Russia's political agenda.
     
  • Congress has passed a bill that makes it legal to "unlock" cellphones so the devices can be used on other carriers. The law undoes a move by the Librarian of Congress in 2012 that made it a copyright violation to unlock a phone without the carrier's permission. President Obama says he looks forward to signing the measure.

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