WALL STREET

Turbulent market week

ends on an upbeat note

Stocks on Wall Street notched modest gains Friday, erasing some of the market's steep losses from a day earlier.

The upbeat finish to a turbulent week still left the market with its third straight weekly loss.

The S&P 500 rose 3.82 points, or 0.1%, to 2,826.06. The benchmark index ended the week with a 2.3% loss.

The Dow Jones Industrial Average gained 95.22 points, or 0.4%, to 25,585.69. The Nasdaq composite added 8.72 points, or 0.1%, to 7,637.01.

Small company stocks fared better than the rest of the market. The Russell 2000 index climbed 12.73 points, or 0.9%, to 1,514.11.

MEDICINE

FDA approves drug

with $2 million cost

U.S. regulators have approved the most expensive medicine ever, for a disorder that destroys a baby's muscle control and kills nearly all of those with the most common variant of the disease within a couple of years.

The treatment is priced at $2.125 million. Out-of-pocket costs for patients will vary based on insurance coverage.

The gene therapy, developed by Novartis, treats a rare condition called spinal muscular atrophy, which strikes about 400 babies born in the United States each year.

ECONOMY

Durable goods orders

decline sharply in April

Orders to U.S. factories for large manufactured goods fell sharply last month, pulled down by lower demand for commercial aircraft and cars, while businesses also pulled back on investment spending.

The Commerce Department said Friday that orders for durable goods — or items meant to last at least three years — fell 2.1%, after rising 1.7% in March, which was revised lower from a previous estimate of a 2.6% gain. Orders also fell steeply in February.

The report prompted numerous economists to take a more bearish view of the economy in the April-June quarter. Michael Feroli, an economist at JPMorgan Chase, slashed his forecast for second-quarter growth to an annual rate of just 1%, from an earlier estimate of 2.25%.

SOCIAL MEDIA

Facebook facing delay

in data handling probe

Facebook may have to wait longer before resolving a U.S. government investigation into the company's mishandling of personal information.

The Wall Street Journal reported Friday that political wrangling is delaying a settlement with the Federal Trade Commission. Facebook could be fined up to $5 billion for various breaches of privacy.

The newspaper said FTC Chairman Joseph Simons has the votes he needs from fellow Republicans, but is trying to persuade at least one Democratic commissioner to back the deal as well.