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BUSINESSSaturday 24 October 2015 GM cuts 2nd Orion
Assembly plant shift;
Tech stocks lead a rally; S&P turns positive for year 500 layoffs planned
ALEX VEIGA after the three tech giants China’s central bank on Fri- which officials will undoubt- ORION TOWNSHIP, Mich.
AP Business Writer reported surprisingly strong day announced cuts in its edly factor the ECB’s in- (AP) — General Motors Co.
U.S. stocks closed higher quarterly results. benchmark interest rates tentions into their own out- says it’s cutting the second
on Friday, delivering their Microsoft surged $4.84, or on loans and deposits. It looks. shift at its Orion Assembly
second gain in two days plant in suburban Detroit
and pushing the Standard Trader Robert Charmak, center, works on the floor of the New York Stock Exchange, Friday, Oct. in a move that’s expected
& Poor’s 500 index back 23, 2015. U.S. stocks closed higher on Friday, delivering their second gain in two days and pushing to result in about 500 hourly
into positive territory for the the Standard & Poor’s 500 index back into positive territory for the year. worker layoffs. GM says Fri-
year. day the change takes ef-
Strong quarterly earnings (AP Photo/Richard Drew) fect in January and is de-
from several big-name signed to align production
technology companies 10.1 percent, to $52.87. was the sixth interest-rate Wall Street has been trying at the plant in Oakland
helped rally the market, Amazon gained $35.12, cut in a year. to discern when the Fed County’s Orion Township
which has been gradually or 6.2 percent, to $599.03, A day earlier, the head of will begin to raise its bench- with demand. Since 2010,
regaining ground following while Alphabet climbed the European Central Bank mark interest rate from a re- GM has invested $962 mil-
a swoon in August and Sep- $38.19, or 5.6 percent, to hinted that the bank might cord low near zero, where lion at Orion Assembly, in-
tember. Microsoft vaulted $719.33. extend its $1.2 trillion bond it’s been since late 2008. cluding $405 million in the
to a 15-year high, while Shares in Capital One Fi- purchase program or take Six of the 10 sectors in the past year for the Chevrolet
Amazon and Google’s par- nancial jumped 8.2 per- other measures to stimulate S&P 500 index moved Bolt and another new ve-
ent company Alphabet cent. The credit card issuer the Eurozone’s economy. higher, led by technology hicle. The Chevrolet Sonic
closed sharply higher. and lender reported third- “Both of those were posi- stocks. The sector rose 3 and Buick Verano are
Investors also welcomed an quarter earnings late Thurs- tive and begin to lift the percent and is up 6.6 per- made at the plant. The an-
interest rate cut by China’s day that came in ahead of cloud of uncertainty which cent this year. Utilities stocks nouncement comes a day
central bank and the pos- Wall Street’s expectations. drove the volatility in the declined the most, sliding after Detroit-based GM
sibility of more economic The stock added $6.18 to third quarter,” said Michael 1.8 percent and extend- said it plans to bring back
stimulus for Europe. $81.12. Baughen, global invest- ing its loss for the year to 5.7 a second shift at its De-
“It’s been a great couple The market action in the ment specialist at J.P. Mor- percent. troit-Hamtramck Assembly
of days for the market and U.S. followed a rally in Euro- gan Private Bank. While only about a quar- plant, adding more than
it’s actually impressive to pean and Asian stock mar- Next week, the spotlight ter of the companies in the 1,200 jobs. GM says affect-
see such a good follow-up kets as traders welcomed turns to the world’s oth- S&P 500 index have report- ed Orion Assembly workers
after yesterday’s unbeliev- new action by China’s er big central banks, the ed results this earnings sea- could transfer there or else-
able move,” said JJ Kina- central bank and the pos- Federal Reserve and the son, the market has seen where.
han, TD Ameritrade’s chief sibility of more stimulus for Bank of Japan, which are some encouraging signs so
strategist. Europe. holding policy meetings at far. Truck maker Volvo
The Nasdaq composite, sees earnings rise
which is heavily weighted but new orders fall
with technology stocks,
rose 111.81 points, or 2.3 STOCKHOLM (AP) — Swed-
percent, to 5,031.86. ish truck maker AB Volvo
The Dow Jones industrial says a weaker currency
average rose 157.54 points, boosted its third quarter
or 0.9 percent, to 17,646.70. earnings but noted that
The S&P 500 index climbed intake for new truck orders
22.64 points, or 1.1 percent, fell 15 percent, mainly due
to 2,075.15. to a slowdown in North
The gains pushed the Nas- and South America. The
daq up 6.3 percent for the Gothenburg-based com-
year. The S&P 500 index is pany said Friday net profit
now up 0.8 percent. The for July-September more
Dow is down 1 percent. than doubled to 3.1 billion
The stock indexes notched kronor ($365 million), from
healthy gains early on Fri- 1.5 billion in the same pe-
day, as investors bid up riod last year. Volvo, which
shares in Microsoft, Ama- also makes buses, engines
zon and Alphabet a day and construction equip-
ment, said sales grew 9
UK telecoms gets ransom demand after hack percent to 73.3 billion kro-
nor. But when adjusting
LONDON (AP) — Phone Talk Talk’s website, but it pany’s 4 million customers more than a day. for currency movements,
and Internet service pro- was operating on a worst- had been encrypted. It is the third known cyber- revenue growth was one
vider Talk Talk said Friday case scenario in which “all London’s Metropolitan Po- attack in a year on Talk percent. Acting CEO Jan
that it has received a ran- of our customers’ personal lice said its cybercrime unit Talk, which provides mobile Gurander said the com-
som demand after a “sig- financial information has was investigating “an alle- phone, broadband Inter- pany sees “continued im-
nificant and sustained” cy- been accessed.” gation of data theft from a net and pay television ser- provement in Europe” in
berattack that may have She said she had “received telecommunications web- vices. the truck market, declining
compromised customers’ a contact from someone site” reported on Wednes- Shares in the company demand in North America
credit card and banking purporting ... to be the day. plunged more than 10 per- and a weak market in Bra-
details. hacker, looking for money.” Talk Talk has acknowl- cent before recovering to zil. Demand in Asia, except
Chief Executive Dido Hard- Harding said she did not edged that it realized it was close 4.4 percent lower at for China, is set to remain
ing said the company did know whether the demand under attack on Wednes- 256.8 pence ($3.94) on the “relatively stable.”
not know how much data was genuine, or whether day. It has been criticized London Stock Exchange
was stolen in the attack on information on the com- for not telling customers for
