Business briefing: Stock market records third straight drop

Stocks closed modestly lower on Wall Street Thursday after a mostly listless day of trading handed the market its third straight drop. Losses in technology stocks, companies that rely on consumer spending and other sectors outweighed gains elsewhere in the market. Energy-sector stocks were the biggest winners, benefiting from another pickup in crude-oil prices. Health care and communication services companies also rose. The S&P 500 index dropped 4.92 points, or 0.2%, to 3,103.54. The Dow Jones industrial average fell 54.80 points, or 0.2%, to 27,766.29. The Nasdaq slid 20.52 points, or 0.2%, to 8,506.21. The Russell 2000 index of smaller company stocks lost 7.65 points, or 0.5%, to 1,583.96. Benchmark crude oil rose $1.57 to settle at $58.58 a barrel.

A new survey of bankers suggests the economy continues growing in rural parts of 10 Plains and Western states, but the ongoing trade disputes continue to hurt the outlook for more growth. The Rural Mainstreet survey's overall index improved to 54.2 in November from October's 51.4. Any score above 50 suggests a growing economy, while a score below 50 indicates a shrinking economy. Creighton University economist Ernie Goss, who oversees the survey, said bankers still have a weak outlook for the region because of the ongoing trade war with China. The confidence index for the region remained in negative territory at 44.4 in November even though it was higher than October's 36.5. Bankers from Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming were surveyed.

Current and former workers from 13 Illinois restaurants are suing McDonald's Corp. for failing to adequately protect employees from customers who become violent. "McDonald's breach of duty was the in-fact and proximate cause of plaintiffs' injuries," according to the complaint, which was filed Thursday by 17 workers in Cook County court. The lawsuit claims the workers "are regularly exposed to violent and criminal behavior by customers," and that the defendants — including McDonald's corporation and franchisees who operate their stores — "have been and continue to be negligent in failing to protect their workers" from a "daily risk of violence while at work." In response, McDonald's said that it "takes seriously its responsibility to provide and foster a safe working environment for our employees."

The Transportation Department is letting Delta Air Lines, Air France, KLM and Virgin Atlantic expand their joint venture on flights between the U.S. and Europe without worrying about violating antitrust laws. The department on Thursday approved antitrust immunity for the expanded deal, which covers more European flights than two previous ones covering flights between the U.S. and both the United Kingdom and continental Europe. Some consumer groups argued that the joint venture will reduce competition and lead to higher fares. New York-based JetBlue Airways, which plans to begin flights to Europe in 2021, said U.S.-Europe service is dominated by three big airline alliances — it wanted the other carriers to give up takeoff and landing slots in London and Amsterdam.