Stocks slide...Mortgage rates dip...Ford to add jobs in Chicago...Apple releases FaceTime fix
NEW YORK (AP) — Stocks are tumbling in afternoon trading on Wall Street, following European markets lower. Internet and technology companies are leading the declines. Twitter plunged 10.4 percent after reporting weak user numbers. Energy stocks are also falling. Traders are seeking safety in U.S. government bonds, sending yields lower. The yield on the 10-year Treasury fell to 2.66 percent.
WASHINGTON (AP) — Long-term mortgage rates have fallen to a 10-month low this week. Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year, fixed-rate mortgage eased to 4.41 percent from 4.46 percent last week. That’s still higher than the 4.32 percent average a year ago. The average rate this week for 15-year, fixed-rate loans declined to 3.84 percent this week from 3.89 percent.
CHICAGO (AP) — Ford Motor Co. plans to invest $1 billion and add 500 jobs at its plants in Chicago as the automaker launches three new SUVs. Ford announced at the Chicago Auto Show today that it will expand capacity to produce a new Ford Explorer, new Police Interceptor Utility and new Lincoln Aviator. The new jobs at the two Chicago facilities will bring employment at both to about 5,800. The Chicago plant will stop making the one-time top-selling Taurus sedan as it meets rising demand for SUVs.
SAN FRANCISCO (AP) — Apple has released an iPhone update to fix a FaceTime flaw that allowed people to eavesdrop on others while using its group video chat feature. The repair is included in the latest version of Apple’s iOS 12 system, which became available to install today. The bug allowed some people to turn an iPhone into a live microphone while using Group FaceTime. Apple turned off the group chat feature last week, several days after a 14-year-old boy in Tucson, Arizona, discovered the flaw.
NEW YORK (AP) — Wells Fargo customers are experiencing issues with accessing online or mobile banking as well as other banking services, after a fire occurred at one of the bank’s data centers. Wells Fargo blamed the technical issues on smoke, which was “detected following routine maintenance.” It’s unknown how many Wells Fargo customers have been impacted, but the fire at the unspecified location has caused reported outages to Wells Fargo’s mobile banking app as well as its online banking portal.