Pope Francis celebrates Mass in Philadelphia

Pope Francis celebrated Mass in Philadelphia Saturday on the final leg of his U.S. tour. The leader of the Catholic faith arrived in the city from New York where he had addressed the UN. He is slated to attend a Festival of Families in Philadelphia Sunday before departing for Rome.

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AquaVenture Holdings files for IPO

AquaVenture Holdings said Friday it has filed for an initial public offering, with the number of shares to be sold and their price range not yet determined. AquaVenture has applied to list its shares on the New York Stock Exchange under the symbol WAAS. Citigroup, Deutsche Bank Securities, and RBC Capital Markets are the underwriters. In the filing, the Tampa, Fla., company said it would seek to sell $100 million worth of shares, but that figure is often a placeholder. AquaVenture offers water-purifying and desalinization services as well as water dispensers to more than 40,000 customers worldwide, it said. “We believe that we are well positioned to capitalize on global growth opportunities driven by population growth, increasing urbanization and water scarcity,” the company said. Risks include failure to retain key employees or attract qualified personnel, and that its desalinization business depends “on a small group of customers for a significant amount” of revenue, the company said in the filing.

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U.S. stocks end week with a whimper, book weekly loss

U.S. stocks ended the week with a whimper, turning big opening gains into losses by the end of the session Friday. A sharp selloff in biotech and health-care stocks spread to broader markets. The S&P 500 closed less than a point lower at 1,931.34 and booked a 1.4% weekly loss. The Dow Jones Industrial Average was able to hold on to a daily gain, buoyed by a 9% jump in Nike Inc. . The blue-chip index closed 113.35 points, or 0.7%, higher at 16,314.67 and declined 0.4% over the week. The Nasdaq Composite ended the day down 47.98 points, or 1%, at 4,686.50 and posted a 2.9% weekly loss.

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Square to file for IPO in next few weeks: report

Square Inc., the payments startup co-founded by Twitter Inc.’s Jack Dorsey, plans to file for an initial public offering sometime in the next few weeks, according to Fortune on Friday. Square submitted a confidential filing to the Securities and Exchange Commission this summer and plans to have Goldman Sachs, Morgan Stanley and J.P Morgan Chase as underwriters, according to sources close to the situation. The company’s last round of private funding valued Square at $6 billion, Fortune reported. Dorsey, who serves as Twitter’s interim chief executive, is also CEO of Square.

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Palladium scores best week in nearly four years

Palladium futures climbed Friday to tally a weekly gain of more than 9%–their largest weekly gain in almost four years thanks to the Volkswagen scandal. Analysts have explained that the metal rallied this week because it is widely used to make catalytic converters for gasoline vehicles, rather than diesel vehicles, which are involved in the scandal. December palladium settled at $667.60 an ounce on Comex, up $11.15, or 1.7%, for the session. It gained 9.3% for the week, the biggest weekly gain since December 2011.

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Obama waits to see if Xi’s pledge of cybersecurity match words from White House meeting

WASHINGTON (MarketWatch) – President Barack Obama on Friday said he was pleased by the promises and pledges of law enforcement cooperation on cybersecurity made by China’s President Xi Jinping during their White House meeting, but said he would be watching now to see “are words followed by actions.” Speaking to reporters at a joint press conference, Obama said he did not discuss allegations of any specific hacking incident with Xi. Obama said the U.S. would use every tool in its toolkit, including imposing sanctions, if it has proof against hackers in any country. The U.S. president also said he wanted to work on new international accords on cybersecurity. Xi said the U.S. and China should cooperate on cybersecurity. “Confrontation and friction are not the right choice for both sides,” he said.

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Nike is now best-performing stock on the Dow for the year

Nike Inc. shares surged 9% Friday and set an intraday high of $125.82, making it the top-performing stock on the Dow Jones Industrial Average in the year so far. Nike shares are up almost 31% in the year, while the Dow has fallen about 8%. If the stock holds these gains, it will set a record close and surpass $100 bilion in market capitalization for the first time. The stock is enjoying its biggest one-day point gain and biggest percentage gain since Sept. 26, 2014. The move came as analysts applauded first-quarter earnings that blew past expectations.

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U.S. and China to hold regular phone calls over economic policy

WASHINGTON (MarketWatch) – The U.S. and China have agreed to conduct regular telephone discussions on bilateral economic policy concerns, China’s President Xi Jinping said Friday. Speaking at a joint press conference with President Barack Obama in the White House Rose Garden, Xi said China’s Vice Premier Wang Yang and U.S. Treasury Secretary Jacob Lew would be in charge of the talks in an effort to improve coordination. U.S. officials were upset last month about the way China surprised markets when it announced a reform of its currency regime which led to a devaluation of its currency. U.S. said China’s move caught international markets off guard sparking uncertainty and market volatility. Obama told reporters that in their private meetings Xi pledged to continue with market reforms and avoid a further devaluation of the yuan. In the long term, Xi said there is no reason for the yuan to devalue against the dollar in foreign-exchange markets. Xi defended his country’s economic performance and his government’s response to stock-market weakness.

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Gold ends lower, but manages weekly gain

Gold futures finished lower Friday, a day after Federal Reserve Chairwoman Janet Yellen said she expects an interest-rate hike in 2015. But the yellow metal managed a weekly gain of about 0.6%. The prospect of an interest rate hike sometime this year dulls the appeal of gold because it doesn’t bear interest. Higher rates also boost the dollar , which can make the dollar-denominated asset less attractive to buyers in other currencies. December gold closed $8.20, or 0.7%, lower at $1,145.60 an ounce.

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Twitter down 4%, trading below its IPO price

Shares of Twitter Inc. fell 4% Friday, causing the stock to trade at $25.62 in mid-day trading, below its initial public offering price of $26. Twitter reached an intra-day low of $25.40 Thursday, also below its IPO price. The shares fell below the IPO price for the first time on August 20 and reached a record intra-day low of $21.01 on August 24. The falling shares come as Twitter has yet to name a permanent chief executive, after Dick Costolo stepped down July 1. Shares of Twitter have fallen 27% in the past three months, compared to the S&P 500’s loss of 7%

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