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U.S. Stocks Gain Despite Iraq, Ukraine Uncertainty

Wall Street contended with rising tensions over Ukraine and Iraq, yet U.S. stocks still finished in the black for the week following a big rally Friday.

The Dow Jones Industrial Average rose 60.56 points (0.37 percent) to 16,553.93 over the week.

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McDonald's July Sales Fall on China Meat Scandal

McDonald's suffered a drop in July sales after reports that it was using unsafe meat in China hit sales in Asia, the company said Friday.

Global comparable sales at the U.S. fast-food giant dropped 2.5 percent, with sales in the Asia/Pacific, Middle East and Africa region plummeting 7.3 percent.

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Turkey Travel Chaos as Storm Hits Istanbul

Dozens of flights were delayed or canceled at Istanbul's main Ataturk airport on Friday as a ferocious summer storm hit the city for the second day in a row.

Hundreds of passengers were stranded in the domestic terminal of the airport after their flights were canceled while international passengers were suffering delays of several hours, according to the airport.

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Oil Prices up after Obama Authorizes Iraq Air Strikes

Oil prices rose in Asia Friday after U.S. President Barack Obama said he had authorised air strikes against Sunni extremist militants in key crude producer Iraq. 

U.S. benchmark West Texas Intermediate for September delivery rose 71 cents to $98.05 while Brent for September gained 96 cents to $106.40 in afternoon trade.

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GM Issues Third Recall on SUVs that Can Catch Fire

General Motors' troubles with safety recalls have surfaced in another case, this time with the company recalling a group of SUVs for a third time to fix power window switches that can catch fire.

The problem, revealed in documents posted by federal safety regulators this week, is so serious that GM is telling customers to park the SUVs outdoors until they are repaired because they could catch fire when left unattended.

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Australia Disappointed with Russian Sanctions

Australia on Friday called Russia's decision to ban food imports over the crisis in Ukraine disappointing, but said efforts would be made to minimise the impact on producers.

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WTO Confirms China Rare Earth Trade Limits Break Rules

The World Trade Organization on Thursday upheld its ruling that China had violated global trade rules by restricting exports of rare earths, used in hi-tech goods like mobile phones and televisions.

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State Fund to Take over Crisis-Hit Malaysia Airlines

Malaysia Airlines will be taken over by a state investment fund under plans announced Friday, ahead of a "complete overhaul" aimed at saving the company from oblivion.

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Obama: U.S. Sanctions are Straining Russian Economy

President Barack Obama says that U.S. sanctions levied against Russia over its actions in Ukraine are working but that Washington would face a much different set of questions about how to respond if Moscow invaded eastern Ukraine.

Western officials warn that a Russian military buildup on Ukraine's border could herald a major incursion to protect the pro-Moscow separatists fighting Ukrainian forces. Despite bipartisan pressure from lawmakers to send U.S. military aid to Ukraine, however, the Obama administration thus far has said it doesn't believe U.S. military assistance is needed.

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Ukraine Looms over European Central Bank Meeting

The crisis in Ukraine and a hesitant recovery in Europe are casting shadows over the European Central Bank's meeting.

Economists say the monetary authority for the 18 countries that use the euro will look to reassure markets later Thursday that it is ready to back further stimulus measures if the economy takes a serious turn for the worse.

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