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Trump to issue stop-payment order on health care subsidies

WASHINGTON (AP) — President Donald Trump is halting payments to insurers under the Obama-era health care law he has been trying to unravel for months. The Department of Health and Human Services says so-called cost-sharing subsidies will cease “immediately” because they lack a formal legal authorization from Congress. The subsidies help lower copays and deductibles for low-income people. Democrats say the payments are legal.

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Social Security recipients will see 2 percent boost in 2018

WASHINGTON (AP) — It’s the biggest increase in Social Security benefits since 2012. But the annual cost-of-living adjustment announced Friday still only amounts to about $25 a month. The 2 percent increase affects millions of Social Security recipients and other retirees, about one in five Americans.

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Storms surge and US retail sales surge; most in 2 ½ years

WASHINGTON (AP) — Americans increased their spending at retailers last month by the most in two and a half years, driven by strong auto sales as residents of hurricane-hit areas replace destroyed cars. The Commerce Department says retail sales rose 1.6 percent in September, after slipping 0.1 percent in August.

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Boeing and Airbus sales of planes to Iran safe for now

Boeing and Airbus will benefit from President Donald Trump’s decision not to re-impose sanctions against Iran. The two companies can continue doing business with Iranian airlines that are desperate for new planes. Both have announced deals with Iranian airlines that, if finalized, could cover nearly 300 planes worth $40 billion. That represents a small fraction of business for Boeing and Airbus.

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Puerto Rico hurricane may cause shortage of hospital IV bags

A key U.S. maker of hospital products says there may be a temporary shortage of small saline bags because of the hurricane that hit Puerto Rico. Baxter says its three factories were shut down for several days after Hurricane Marie wiped out the island’s electrical grid. The Food and Drug Administration said Friday that it’s working with company to limit shortages of the IV bags.

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Facebook takes on food delivery, challenges Uber and others

NEW YORK (AP) — Facebook is the latest to offer food delivery services. Facebook says ordering for takeout or delivery is complicated. It promises to help save time by bringing existing food-delivery services into its app and partnering with some restaurants directly. It has a lot of competition in GrubHub, UberEats, Amazon and niche delivery services like Caviar.

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Wells Fargo 3Q delivers an unwelcome surprise for investors

NEW YORK (AP) — Wells Fargo’s third-quarter profits took a beating this quarter, falling 18 percent, after the bank had to set aside about $1 billion for legal expenses related to its mortgage practices before the financial crisis. The legacy from last decade’s housing bubble bit Wells at a time when the San Francisco-based bank is trying to move beyond its phony account scandal from last year and another more recent scandal tied to its auto lending business.

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Ford offers repairs to address Explorer exhaust gas concerns

DETROIT (AP) — Responding to consumer concerns about exhaust fumes, Ford is offering to inspect and repair Explorer SUVs at no cost to owners. Ford maintains the vehicles are safe, but said it’s making the repairs available in response to customer concerns about exhaust odors and carbon monoxide. The automaker has sold more than 1.35 million Explorers since 2011, when the vehicle was redesigned and the exhaust problems began.

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Storms surge and US retail sales surge; most in 2 ½ years

WASHINGTON (AP) — Americans increased their spending at retailers last month by the most in two and a half years, driven by strong auto sales as residents of hurricane-hit areas replace destroyed cars. The Commerce Department says retail sales rose 1.6 percent in September, after slipping 0.1 percent in August.

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Gains for tech help US stocks higher, but insurers skid

NEW YORK (AP) — U.S. stocks finished mostly higher Friday to wrap up a subdued week, and technology companies did most of the heavy lifting. Investors were also pleased to see that shoppers spent more money in September. Printer and PC maker HP sent technology companies higher after releasing a strong profit forecast for next year. Big names like Intel and Facebook also rose.

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The Standard & Poor’s 500 index added 2.24 points, or 0.1 percent, to 2,553.17. The Dow Jones industrial average picked up 30.71 points, or 0.1 percent, to 22,871.72. The Nasdaq composite gained 14.29 points, or 0.2 percent, to close at a record high of 6,605.80. The Russell 2000 index of smaller-company stocks slid 2.51 points, or 0.2 percent, to 1,502.66.

Benchmark U.S. crude oil picked up 85 cents, or 1.7 percent, to $51.45 a barrel in New York. Brent crude, used to price international oils, gained 92 cents, or 1.6 percent, to $57.17 a barrel in London. Wholesale gasoline rose 4 cents to $1.62 a gallon. Heating oil added 3 cents to $1.80 a gallon. Natural gas edged up 1 cent to $3 per 1,000 cubic feet.

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