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Business Highlights

The Associated Press

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Stocks surge, recovering some recent losses; Dow climbs 547

NEW YORK (AP) -- U.S. stocks rocketed to their biggest gain in six months Tuesday following strong earnings from major financial and health care companies as well as encouraging reports on the economy. The Dow Jones Industrial Average jumped 547 points. Morgan Stanley, Goldman Sachs and UnitedHealth led a parade of companies that reported profits for the third quarter that surpassed analysts' expectations. Technology companies also jumped after taking steep losses during the market's rout last week.

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Trump criticizes Fed for raising interest rates too quickly

WASHINGTON (AP) -- President Donald Trump is criticizing the Federal Reserve for raising interest rates too quickly. The recent increase in interest rates has spooked investors who fear higher borrowing costs could slow down the economy. Trump has blamed the market's big sell-off on rising rates and has described the Fed as being "out of control." Trump spoke during a Tuesday interview with "Trish Regan Primetime" on Fox Business Network. He says: "My biggest threat is the Fed."

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Netflix's 3Q subscriber growth gets rave reviews on Wall St.

SAN FRANCISCO (AP) -- Netflix regained its stride with surprisingly strong subscriber growth during the summer after an unexpected stumble during the spring triggered worries that its video streaming service was losing its allure. The service added 7 million subscribers worldwide from July through September, far above the target of 5 million set by Netflix's management and exceeding analyst projections. Netflix's stock soared 12 percent after the encouraging results were released Tuesday.

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Swallowing $16B purchase of Flipkart, Walmart cuts outlook

BENTONVILLE, Ark. (AP) -- Walmart trimmed its annual profit outlook citing this year's $16 billion acquisition of the Indian online retailer Flipkart, its biggest deal ever. The company said on Tuesday, however, that online sales growth would slow to 35 percent, from last quarter's 40 percent growth.

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Check-in with facial recognition now possible in Shanghai

SHANGHAI (AP) -- Shanghai's Hongqiao airport has unveiled an automated flight check-in system powered by facial recognition technology, as China pushes to integrate biometrics into daily life, raising privacy concerns. Similar efforts are underway at airports in Beijing and Nanyang city, in central China's Henan province.

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US, South African farmers cry fowl over Trump metal tariffs

WASHINGTON (AP) -- President Donald Trump's tariffs on steel, aluminum and other imported goods are threatening a trade deal with South Africa that gives U.S. chicken producers duty-free access to a market that had effectively been shut to them for years. Sens. Chris Coons of Delaware, Johnny Isakson of Georgia and Roger Wicker of Mississippi have outlined their concerns in a recent letter to Commerce Secretary Wilbur Ross.

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Facebook requires UK political ad buyers to reveal identity

LONDON (AP) -- Facebook says anyone who takes out a British political ad on the social media platform will now be forced to reveal their identity, in a bid to increase transparency and curb misinformation. The company said Tuesday that it will also require disclaimers for any British political advertisements, which will be archived for seven years in a publicly accessible database.

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As an oil giant, Saudi threats against US loom large

DALLAS (AP) -- Saudi Arabia's status as the biggest oil exporter gives it power to jolt the global economy. That was the country's message when it warned the Washington not to sanction the kingdom over the disappearance of Saudi journalist and U.S. resident Jamal Khashoggi. Industry analysts say Saudi leaders cannot single out the United States for an embargo, but an export cut could hurt the U.S. economy by pushing up global prices. Still, Saudi Arabia is not expected to take that step.

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California agency, gas tax backers worked closely together

SACRAMENTO, Calif. (AP) -- As the battle to overturn California's gas tax increase intensified, emails obtained by The Associated Press show the State Transportation Agency coordinated frequently with the public affairs firm working to block the repeal. Three ethics experts interviewed by the AP say the emails raise concerns that the agency's relationship with the firm was too close. But none saw a clear violation of campaign laws that prohibit the use of public resources for political campaigns.

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How DC unleashed fossil-fuel exports despite climate worries

WASHINGTON (AP) -- Since Donald Trump took office, America's exports of liquid natural gas and crude oil have surged, rivaling the likes of Saudi Arabia and Russia. To achieve "energy dominance," the Trump administration has taken its cues from an unlikely source: the Obama administration.

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Goldman, Morgan report strong 3Q profits; shares jump

NEW YORK (AP) -- Despite the usual lull in activity, Wall Street's biggest names had a pretty good summer. The leading U.S. investment banks — Goldman Sachs and Morgan Stanley — each reported third quarter profits that beat analysts' expectations Tuesday, helped by strong performance in their trading operations and better-than-expected revenue from stock underwriting.

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Can Pinterest succeed as the 'un'-social network?

NEW YORK (AP) -- Pinterest has long shunned being labeled a social network. Because of that, it doesn't push users to add friends or build connections the way rivals have done to grow quickly. Still, if Pinterest is to go public, potential investors will be looking at how much money it makes and how much it will grow. It might help that Pinterest is announcing Tuesday more ways to make money, as it makes more of the photos and illustrations that users post "shoppable" with a few taps.

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Japanese bank Nomura to pay $480M for role in housing crisis

NEW YORK (AP) -- Japanese bank Nomura is agreeing to pay $480 million to US authorities for its alleged role in the housing market bubble and the subsequent 2008 financial crisis. The Justice Department alleges Nomura defrauded investors by knowingly selling mortgages that were not appropriately underwritten, which led to significant losses once those mortgages went sour.

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The S&P 500 index jumped 59.13 points, or 2.1 percent, to 2,809.92. The Dow gained 547.87 points, or 2.2 percent, to 25,798.42. The Nasdaq composite climbed 214.75 points, or 2.9 percent, to 7,645.49.

U.S. benchmark crude oil added 0.2 percent to $71.92 per barrel in New York. Brent crude, the international standard, rose 0.8 percent to $81.41 per barrel in London. Wholesale gasoline rose 1.7 percent to $1.98 a gallon and heating oil picked up 0.6 percent to $2.34 a gallon. Natural gas lost 0.1 percent to $3.24 per 1,000 cubic feet.