NEW YORK >> The stock market slumped to its second-biggest weekly loss of the year Friday, breaking six consecutive weeks of gains. Fears that the holiday shopping season will be a dud tanked retail stocks.

Retailers ranging from department stores to dollar stores plunged after Nordstrom posted disappointing third-quarter results, just as Macy’s had done earlier this week.

The price of oil continued to slide on evidence that global supplies are continuing to rise. The dollar could get even stronger, further pressuring oil and other commodities and affecting mining and energy companies.

Key person behind growth of Target dies

MINNEAPOLIS >> Bruce Dayton, the father of Minnesota’s governor and a key figure in building his family’s company into the massive retailing business that became Target Corp., has died. He was 97.

Dayton, who also donated tens of millions of dollars in gifts and endowments to the Minneapolis Institute of Art, died at his home surrounded by family Friday, according to the governor’s spokesman, Matt Swenson.

Dayton was the father of Minnesota Gov. Mark Dayton and the last survivor of five brothers — all grandsons of The Dayton Co. founder George Draper Dayton — who expanded the company nationally from a single department store in downtown Minneapolis.

Health care firms driving most megadeals

2015 has become the year of the megadeal, with $2 trillion in buyouts since January. It has been fueled by free money in a zero-interest-rate environment, but with the Fed appearing increasingly keen on hiking rates, that party may be coming to an end.

That is, unless you’re in health care.

Almost 1 out of 4 four dollars in takeovers this year involved a company in health care, and the size of those deals is immense. Compared with five years ago the total value of health care mergers and acquisitions in the United States has more than tripled, according to the data firm Dealogic.

Consumer spending fuels eurozone growth

LONDON >> Without the consumer, the eurozone economy would have struggled to grow at all in the third quarter.

Official figures Friday showed the 19-country eurozone expanded only 0.3 percent in the July-September period from the previous quarter. That was below market expectations and piles further pressure on the European Central Bank to offer more stimulus.

Since emerging from its longest-ever recession over two years ago, the eurozone has been stuck in a narrow growth range. A slowdown in emerging markets, notably China, is hurting trade, leaving consumer spending as the main pillar of growth.

Online sales are boosting U.S. retail sector

WASHINGTON >> Americans ramped up their online shopping and restaurant spending in October, but barely-there inflation kept overall retail sales growth muted.

The Commerce Department said Friday that retail sales rose a seasonally adjusted 0.1 percent last month, after being unchanged in September and August. Over the past 12 months, sales have risen 1.7 percent. Lower gasoline costs and meager inflation have downplayed the extent of consumer spending, as the retail sales report is not adjusted for price changes.

The U.S. economy has increasingly relied on consumers to propel growth.

FDA tightens rules on handling of food

WASHINGTON >> Long-awaited rules issued Friday by the Food and Drug Administration are designed to help prevent large-scale, deadly outbreaks of foodborne illness like those linked to fresh spinach, cantaloupes, cucumbers and other food over the last decade.

That means making sure workers are trained to wash their hands, irrigation water is monitored for harmful bacteria and animals do not leave droppings in fields. The rules will phase in over the next several years.

ON THE MOVE

Hilton Hawaiian Village Waikiki Beach Resort has hired Jessica Heath as the resort’s hotel manager on duty. She previously held numerous management positions with Hilton, including as journey ambassador at Hilton Anaheim and assistant front office manager for Double Tree by Hilton Hotel Alana-Waikiki. After that position, Heath relocated back to Hilton Anaheim and held positions such as events services manager, guest services manager, front office manager and assistant director of front office.

Hawaii Prince Hotel Waikiki and Golf Club has announced Kim Gallagher as sales manager. She will focus on convention center and citywide bookings. Gallagher previously served on the pre-opening team at Four Seasons Resort Oahu at Ko Olina.