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Stocks plunge after Apple warning...Survey: US firms add 271,000 jobs...Factory expansion sluggish

January 3, 2019

NEW YORK (AP) — Stocks are plunging in morning trading on Wall Street after Apple warned of a steep slowdown in iPhone sales in China. The Dow Jones Industrial Average has sunk more than 600 points. Apple gave up 9 percent following its announcement late yesterday. Chipmakers and suppliers of phone parts also fell. Technology companies in particular, which rely heavily on sales to China, have been slumping in recent months out of fears of a slowdown there China.

WASHINGTON (AP) — A private survey finds that U.S. businesses added a robust 271,000 jobs in December. Payroll processor ADP says last month’s job gains marked a sharp upturn from November’s gain of 157,000. The services sector was particularly strong. The government’s jobs report comes out tomorrow.

WASHINGTON (AP) — American factories grew last month at the slowest pace in more than two years. The Institute for Supply Management, an association of purchasing managers, says its manufacturing index dropped to 54.1 in December, down from 59.3 in November and lowest since November 2016. Anything above 50 signals growth, but the December drop was bigger than economists had expected.

DETROIT (AP) — General Motors has promoted product development chief Mark Reuss (roys) to company president. The longtime GM engineer replaces Dan Ammann, who is now CEO of GM’s autonomous vehicle unit called Cruise Automation. GM says Reuss has been leading a transformation of the company’s product development workforce to improve quality and speed up bringing new vehicles to market.

NEW YORK (AP) — Forget vending machines, PepsiCo is testing a way to bring snacks directly to college students. The chip and beverage maker says it will start making deliveries with self-driving robots today at the University of the Pacific in Stockton, California. Students will be able to order Baked Lay’s, SunChips or Bubly sparkling water on an app, and then meet the six-wheeled robot at more than 50 locations on campus.

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