Stocks mostly higher…Employers add 304,000 jobs…Apple fixes FaceTime bug
NEW YORK (AP) – Stocks are mostly higher in early trading on Wall Street after the government reported a surge in hiring in January. The positive jobs report came a day after investors got encouraging news from the Federal Reserve, which said it will be “patient” in deciding when to raise interest rates. Chevron and Exxon both rose after their results beat forecasts, but Amazon fell on a weak revenue forecast.
WASHINGTON (AP) – U.S. employers shrugged off last month’s partial government shutdown and engaged in a burst of hiring in January, adding 304,000 jobs, the most in nearly a year. The U.S. has now added jobs for 100 straight months, the longest period on record. The Labor Department says the unemployment rate rose to 4 percent from 3.9 percent, but only for a technical reason: Roughly 175,000 federal workers were counted as temporarily unemployed because of the shutdown. Job growth in December was revised sharply lower, to 222,000 from a previously estimated 312,000.
BRUSSELS (AP) – The European Union says it is introducing new measures to prevent steel produced for the U.S. market from flooding into Europe instead because of tariffs introduced by President Donald Trump. The EU’s executive Commission says imports of steel products into the EU have been increasing sharply since Trump’s move and that it is “seriously threatening EU steelmakers.” Trump imposed tariffs of 25 percent on steel imports and 10 percent on imported aluminum in June.
NEW YORK (AP) – Apple says it’s fixed the FaceTime bug that allowed people to eavesdrop on others while using its group video chat feature. It plans to turn the service back on next week via a software update. The bug allowed some people to turn an iPhone into a live microphone while using Group FaceTime. Apple is apologizing for the problem and says it’s working on becoming better at responding to reports of glitches from customers.
DETROIT (AP) – Starbucks will have to tread carefully while its former CEO Howard Schultz decides whether he will run for president. Schultz spent more than 30 years at Starbucks, growing it into a much-admired global brand. But if he runs, Starbucks could lose customers. Some Democrats are already boycotting the chain because they fear Schultz will run as an independent and tip the 2020 presidential election to President Donald Trump. In a letter to employees, Starbucks’ current CEO Kevin Johnson emphasized that Starbucks doesn’t get involved in national political campaigns and that employees should respect customers’ opinions.