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Bumpy day for stocks...Oil prices move higher... Foxconn says it will move ahead with Wisconsin project

February 1, 2019

UNDATED (AP) — Stocks have capped a bumpy day of trading with modest gains, extending the market’s winning streak to its third straight day. Gains in technology companies, energy stocks and banks outweighed losses in retailers and elsewhere in the market. The S&P 500 rose 2 points to 2,706. The Dow gained 64 points to 25,063. But the Nasdaq dropped 17 points to 7,263. And the Russell picked up 2 points to close at 1,502.

UNDATED (AP) — Oil prices are up today. Benchmark U.S. crude rose 2.7 percent to $55.26 per barrel in New York and Brent crude, used to price international oils, rose 3.1 percent to $62.75 in London. In other energy futures trading, wholesale gasoline rose 4.3 percent to $1.44 a gallon. Heating oil gained 1.9 percent to $1.91 a gallon and natural gas dropped 2.8 percent to $2.73 per 1,000 cubic feet.

MADISON, Wis. (AP) — Foxconn Technology Group says that after its chairman spoke with President Donald Trump the Taiwanese company plans to proceed with plans to construct a plant in Wisconsin that will make screens that can be used for small electronic devices. The news comes after a week of confusion about Foxconn’s plans. Foxconn says it will be an advanced manufacturing facility and the hub of its project in Wisconsin.

NEW YORK (AP) — Vice Media is cutting 250 jobs globally as it seeks to achieve profitability. It is the latest round of layoffs as the media industry contracts. The cuts affect about 10 percent of Vice’s 2,500 staff. But a spokeswoman says Vice plans to add jobs in departments including sales and digital news as it focuses on its units with potential for growth. The media industry has been facing a wave of layoffs as Facebook and Google gobble up the bulk of digital advertising dollars.

WASHINGTON (AP) —Tech companies and nearly two dozen states are clashing with the government in federal court over the repeal of net neutrality, a set of rules aimed at preventing big internet providers from discriminating against certain technology and services. Lawyers for the states and the companies want to restore the net neutrality regime, set in 2015 during the Obama administration and repealed in December 2017.