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Stocks mixed...Apple becomes 1st trillion-dollar company...US goes ahead with tax on Canadian newsprint

August 2, 2018

NEW YORK (AP) — Stocks are mostly higher in early afternoon trading after shaking off an early stumble. Technology companies are leading the gains as Apple reached $1 trillion in value. Energy, industrial and basic materials companies fell after the White House said it will consider even higher tariffs on Chinese imports, escalating a trade conflict between the world’s two biggest economic powers.

SAN FRANCISCO (AP) — Apple has become the world’s first publicly traded company to be valued at $1 trillion. Apple shares rose 2.7 percent to an all-time high of $207.05 around midday. They’re up 22 percent so far this year. It’s a stunning turnaround for a company that teetered on the edge of bankruptcy in 1997, with its stock trading for less than $1.

WASHINGTON (AP) — The Commerce Department is going ahead with a tax on Canadian newsprint, a threat to the struggling American newspaper industry. Revised tariffs unveiled today are mostly lower than those originally imposed earlier this year but would still impose an anti-dumping border tax as high as 16.88 percent. The tariffs are a response to a complaint from a paper producer in Washington state, which says its Canadian competitors are taking advantage of government subsidies to sell their product at unfairly low prices. Congress is overwhelmingly opposed to the tariffs.

NEW YORK (AP) — Google is reportedly working on a mobile version of its search engine that would comply with strict censorship controls in China. The Intercept reported that the work has been ongoing since the spring of 2017 and was accelerated in December following a meeting between Google’s CEO and a top government official. It cited internal Google documents and unnamed people familiar with the plans. The New York Times and Wall Street Journal have confirmed the work in separate reports, also citing unnamed sources.

WASHINGTON (AP) — Mortgage rates have risen for the second straight week. Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages jumped to 4.60 percent this week from 4.54 percent last week. The average rate on 15-year, fixed-rate loans increased to 4.08 percent from 4.02 percent last week.

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