Business Highlights

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US stocks headed for big gains in 2016 despite early stumble

NEW YORK — In a year with no shortage of surprises and stomach-churning turns in the market, stock investors can feel pretty good about 2016.

Wall Street repeatedly bounced back from steep slumps, including the worst start to any year for stocks, the second correction for the market in five months and investor fears of a global slowdown. It also weathered plummeting oil prices and the surprising outcomes of Britain's vote to leave the European Union and Donald Trump's U.S. presidential election win.

A turnaround in company earnings growth, more stable oil prices, a steadily improving U.S. economy and job market all helped keep the market on an upward trajectory. More recently, investor optimism that the Republican election sweep will usher in a bevy of business-friendly policies spurred the market to new heights.

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Nvidia leads S&P's winners in 2016; drug companies slump

NEW YORK (AP) -- In a solid year for stocks, graphics processor maker Nvidia stood far above its peers on the Standard & Poor's 500 index. The company's stock more than tripled for the year. But it was far from the only company that made a notable move. Goldman Sachs helped a rally in financial companies and Caterpillar contributed to an industrial boom on Wall Street, while drug companies like Mylan suffered big drops.

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Alexa a witness to murder? Prosecutors seek Amazon Echo data

LITTLE ROCK, Ark. (AP) -- Authorities investigating the death of an Arkansas man whose body was found in a hot tub want to expand the probe to include a new kind of evidence: any comments overheard by the suspect's Amazon Echo smart speaker.

Amazon said it objects to "overbroad" requests as a matter of practice, but prosecutors insist their idea is rooted in a legal precedent that's "as old as Methuselah."

The issue emerged in the slaying of Victor Collins, who was found floating face-up last year in the hot tub at a friend's home in Bentonville, about 150 miles northwest of Little Rock. The friend, James Andrew Bates, was later charged with murder.

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Great expectations: Small businesses upbeat about 2017

NEW YORK (AP) -- Donald Trump's election as president has made many small business owners more upbeat about 2017.

While many business owners are more confident because their revenue looks to increase in 2017 due to the overall improving economy, they're also optimistic because they expect Trump to deliver on promises to lower taxes and roll back regulations including parts of the health care law.

But owners may not be expecting overnight relief — many recognize it will take time to see what the administration's plans are, and what it will accomplish.

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US pending home sales fell in November

WASHINGTON (AP) -- Fewer Americans signed contracts to buy homes in November. The decrease likely reflects the drag caused by rising mortgage rates and the shallow inventory of properties on the market.

The National Association of Realtors said Wednesday that its seasonally adjusted pending home sales index fell 2.5 percent to 107.3, the lowest reading since the start of 2016. Pending sales declined in the Midwest, South and West, while improving in the Northeast.

The slowdown marks a reversal for the housing market, as sales growth has been solid for the past year.

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Spare a dime? Cities install meters to combat panhandling

NEW HAVEN, Conn. (AP) -- In cities across the country, parking-style meters collect loose change from donors in an attempt to cut down on panhandling — a strategy critics argue is wrongheaded and in vain.

New Haven is among the latest to install the meters, which sit curbside and collect donations in the form of cash or credit cards for programs that benefit the homeless.

The city has four brightly colored meters in areas where panhandling has been a problem and plans to install six more to support local, nonprofit organizations that help the homeless.

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BP buys Woolworths fuel business in Australia for $1.3 billion

LONDON (AP) -- Oil company BP says it has agreed to buy the fuel business of Australian supermarket chain Woolworths Ltd for $1.3 billion as part of its efforts to rebuild itself.

The deal includes 527 fuel convenience sites and 16 other development sites across Australia. That adds to the 350 BP-owned gas stations in the country, and some 1,000 other BP-branded outlets owned by independent business partners.

The deal, announced Wednesday, is subject to approval from Australian authorities and is expected to complete over the next year.

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South Korean antitrust regulator fines Qualcomm $865 million

SEOUL, South Korea (AP) -- South Korea's antitrust regulator slapped a 1.03 trillion won ($865 million) fine on Qualcomm Inc. Wednesday for allegedly violating competition laws.

The Fair Trade Commission said that the San Diego, California-based company had engaged in unfair business practices in patent licensing and chip sales, including refusing to let rival chipmakers license patents essential for chip making.

The FTC said Qualcomm allegedly used its dominant position in the modem chip market to force handset makers to pay license fees for a broad set of patents under terms it set unilaterally and to coerce handset makers into signing licensing contracts.

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Dentsu chief to resign over employee's suicide from overwork

TOKYO (AP) -- The president of top Japanese advertising company Dentsu Inc. said Wednesday he will resign to take responsibility for the suicide of a worker who had clocked massive overtime in her first months on the job.

President Tadashi Ishii said at a Tokyo news conference he will tender his resignation at a board meeting in January although he will stay through March as a courtesy to shareholders.

Earlier Wednesday, government authorities filed papers demanding prosecutorial charges against the unidentified Dentsu employee suspected of driving Matsuri Takahashi to suicide from overwork.

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Fans create impromptu Walk of Fame star for Carrie Fisher

LOS ANGELES (AP) -- Fans seeking to pay tribute to Carrie Fisher have created an impromptu star for the actress on Hollywood's Walk of Fame.

Fisher fans took over a blank star on Hollywood Boulevard and used paste-on letters to spell out her name and the phrase "May the force be with you always." Candles and flowers surround the star.

Fisher did not have an official star on the Walk of Fame, but administrators of the Los Angeles tourist attraction are allowing the tribute temporarily to give fans a place to mourn.

There has also been a run on Fisher's books since the "Star Wars" actress and humorist died on Tuesday.

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The Dow Jones industrial average fell 111.36 points, or 0.6 percent, to 19,833.68. The Standard & Poor's 500 index lost 18.96 points, or 0.8 percent, to 2,249.92. The Nasdaq composite, which set a record high close the day before, slid 48.89 points, or 0.9 percent, to 5,438.56.

Benchmark U.S. crude rose 16 cents to close at $54.06 a barrel in New York. Brent crude, used to price international oils, climbed 13 cents to close at $56.22 a barrel in London.

In other energy trading, wholesale gasoline added 2 cents to $1.67 a gallon and heating oil held steady at $1.70 a gallon. Natural gas futures rose 17 cents, or 4.5 percent, to $3.93 per 1,000 cubic feet.

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