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The Federal Communications Commission cited ride-hailing company Lyft and First National Bank Friday for forcing customers to receive unwanted text messages in order to use their services. The FCC Enforcement Bureau found that Lyft customers were not able to easily opt out of receiving calls or texts, and couldn’t use the company’s services without opting in. For the First National Bank, customers had to receive marketing text message to use the company’s online banking and use bank cards through the mobile Apple Pay system. “Consumers have the right to choose whether they want marketing calls and texts to their cell phones,” said Travis LeBlanc, Chief of the FCC Enforcement Bureau. “Today, we again make clear that such calls and texts are unlawful without express written consumer consent.” The citation is meant to warn the companies and if they continue the FCC says it may impose sanctions for the violations.

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From:: Stock Market News

U.S. stocks ended the holiday-shortened week on a high note, with the main indexes advancing and posting solid weekly gains. This has been the tenth week during which the S&P 500 alternated between weekly gains and losses. This week’s trading sessions were calmer than the two previous ones, when the market saw big swings in both directions. The S&P 500 closed 8.72 points, or 0.5% higher at 1,961.01 and gained 2.1% over the week. Technology and health-care stocks led the gains this week, while the energy sector was the only decliner for the week. The Dow Jones Industrial Average gained 102.49 points, or 0.6%, to 16,432.89 and ended the week with a 2% gain. The Nasdaq Composite ended the day up 26.09 points, or 0.5% at 4,822.34 and finished the week 3% higher.

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From:: Stock Market News

Serena Williams has fallen short in her bid for a calendar-year Grand Slam, as Roberta Vinci upset the No. 1-ranked tennis player to reach the U.S. Open finals. Vinci beat Williams 2-6, 6-4, 6-4.

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From:: Stock Market News

Oil futures settle lower on Friday to post a loss of 3.1% for the week as Goldman Sachs cut its forecasts on crude prices. October crude fell $1.29 for the session to settle at $44.63 a barrel on the New York Mercantile Exchange. Prices, which traded as low as $44.16, pared some of their losses after Baker Hughes [:bhi] reported a weekly decline in active U.S. oil-drilling rigs.

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From:: Stock Market News

Gold futures finished with a loss on Friday, down 1.6% for the week as traders mulled the outcome of the Federal Reserve’s policy meeting next week. “The better-than-expected [U.S.] producer prices keep the Fed on course for raising interest rates–a tailwind for the U.S. dollar and a headwind for gold,” said Colin Cieszynski, senior market strategist at CMC Markets. December gold lost $6, or 0.5%, for the session to settle at $1,103.30 an ounce on Comex.

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From:: Stock Market News

The federal government ran a budget deficit of $64 billion in August, the Treasury Department reported Friday. That’s $64 billion lower than the August 2014 shortfall. Much of the improvement was due to shifts in the timing of certain benefit payments, however. Without those, the August deficit would have been $112 billion, Treasury said. The government spent $275 billion in August, while total receipts were $211 billion. For the fiscal year to date, the deficit is $530 billion, which is 10% lower than the year-ago period. The government’s budget year runs from October to September.

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From:: Stock Market News

WASHINGTON (MarketWatch) – Treasury Secretary Jacob Lew pressed his Chinese counterpart to remove trade barriers for U.S. technology and farm goods, a Treasury spokesperson said Friday. Lew and Chinese Vice Premier Wang Yang spoke again Friday ahead of the visit to Washington later this month by Chinese President Xi Jinping. According to the spokesperson, Lew told Wang the visit will be an important opportunity to make progress on bilateral economic issues. Lew stressed again that China should carefully communicate policy intentions and actions to financial markets. The two officials discussed the outlook for the Chinese economy and recent development in financial markets, the official said.

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From:: Stock Market News

Oil futures pared losses after data from Baker Hughes released Friday showed that the number of active U.S. oil-drilling rigs fell 10 to 652 as of Sept.11. The total U.S. active rig count, which includes natural-gas rigs, was at 848, down 16 rigs. Compared to last year, the total rig count has fallen by 1,083, with the oil rig count down 940. Oct. crude was down 75 cents, or 1.6%, to $45.18 a barrel on the New York Mercantile Exchange. It was trading at $45.06 just before the data.

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From:: Stock Market News

WASHINGTON (MarketWatch) – Fears of espionage have driven the U.S. government to no longer stay at the Waldorf-Astoria Hotel, according to a report by the Associated Press. White House spokesman Josh Earnest confirmed Friday that President Barack Obama will stay at the New York Palace Hotel when he attends the U.N. General Assembly in a couple of weeks, but would not discuss why the change was made. The AP report cited unnamed officials as saying the change is due in large part to concerns about Chinese espionage. China’s Anbang Insurance Group bought the Waldorf-Astoria from Hilton Worldwide in 2014. The New York Palace is owned by South Korea’s Lotte Group.

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From:: Stock Market News

Avon Products Inc.’s stock tumbled 12% in midday trade, on volume that was already more than double the full-day average, as it fell below the $4 level for the first time since the early 1990s. That follows a very volatile session on Thursday, when the cosmetics and home goods seller’s stock rose as much as 13% in intraday trade before reversing course to close down 9.5%, after the Wall Street Journal reported that Avon was looking to sell a stake to a private-equity firm, suggesting it was unable to find a buyer for the whole company. The stock hit an intraday low of $3.43, the lowest level since Jan. 15, 1991. It has lost 48% over the past three months, while the S&P 500 has slipped 7.3%.

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From:: Stock Market News