Stocks surge higher...Facebook stock takes another hit...Senators want to hear from Zuckerberg
NEW YORK (AP) — Strong gains in technology companies and banks are leading stocks higher as the market recoups some of its huge losses from last week. Microsoft jumped 5.6 percent in midday trading and Bank of America rose 2.8 percent. Investors are encouraged by signs that the U.S. and China are open to negotiating to avert a trade dispute.
NEW YORK (AP) — Facebook stock took a plunge today following word that the Federal Trade Commission is investigating Facebook’s privacy practices. Facebook stock took a hit last week following privacy scandals including allegations a Trump-affiliated political consulting firm got data inappropriately from millions of Facebook users. Tom Pahl, acting director of the FTC’s Bureau of Consumer Protection, says the probe will include whether the company engaged in “unfair acts” that cause “substantial injury” to consumers.
WASHINGTON (AP) — The chairman of the Senate Judiciary Committee says he’s invited Facebook CEO Mark Zuckerberg to testify at a hearing next month on data privacy. Sen. Charles Grassley of Iowa says the April 10 hearing will cover how consumer data is collected, retained and distributed for commercial use. He says the hearing also will examine what steps companies like Facebook can do to better protect personal information.
NEW YORK (AP) — The chief law enforcement officers for 37 U.S. states and territories are demanding to know when Facebook learned of a huge breach of privacy protections. The officers say in a letter to CEO Mark Zuckerberg that users’ trust in the social media platform is “broken.” The attorneys general are asking how Facebook monitored what these developers did with all the data they collected, whether Facebook had safeguards to prevent misuse and how it’ll allow users to more easily control the privacy of their accounts.
HOUSTON (AP) — The Houston-based Fiesta Mart chain is being acquired by a California grocer to create what’s being billed as one of the largest Hispanic-focused supermarket companies in the U.S. El Super is based in Paramount, California. The company announced the deal Sunday, saying the new chain will have 122 stores in California, Arizona, Nevada, New Mexico and Texas.