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Ex-Facebook employee says network hurts kids, fuels division
WASHINGTON: A former Facebook data scientist told Congress that the social networks products harm children and fuel polarization in the U.S. while its executives refuse to change because they elevate profits over safety. And she laid responsibility with the companys CEO Mark Zuckerberg. Frances Haugen testified to the Senate Commerce Subcommittee on Consumer Protection. She accused the company of being aware of apparent harm to some teens from Instagram and being dishonest in its public fight against hate and misinformation. Facebooks products harm children, stoke division and weaken our democracy, Haugen said.
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Outage highlights how vital Facebook has become worldwide
NEW YORK: The six-hour outage of Facebook, Instagram and Whatsapp on Monday was a headache for many casual users. But the outage was far more serious for many people worldwide who rely on the social media sites to communicate with relatives, friends and neighbors and run their businesses. Its a stark reminder that many of the most popular ways to communicate are controlled by one company, Facebook. And any lengthy outage can have severe implications.
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Stocks rise on Wall Street, led by tech, banks; oil near $79
NEW YORK: Stocks closed with solid gains on Wall Street Tuesday, erasing most of the previous days losses. The S&P 500 rose 1.1%, with technology companies and banks leading the gains. The Dow Jones Industrial Average rose 0.9% and the Nasdaq rose 1.3%. The yield on the 10-year Treasury note rose to 1.53%. Energy prices rose again, with U.S. oil climbing 1.7% to just under $79 per barrel. Natural gas futures jumped 9.5%. The Institute for Supply Management released an encouraging report that showed the services sector continued growing in September and at a faster pace than economists expected.
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Yellen: Urgent action needed on debt limit, rejects $1T coin
WASHINGTON: U.S. Treasury Secretary Janet Yellen said Oct. 18 remains the date she is likely to run out of resources to stave off an unprecedented default on the nations debt without congressional action to raise the debt limit. She rejected the idea of minting a $1 trillion coin to avoid a default. Appearing on CNBC Yellen said that if a default were to occur she would expect a recession. A default also would prevent the government from paying benefits to 50 million Social Security recipients and meeting its other bills. Yellen said it would be catastrophic if the government did not have the resources to pay its bills.
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September expansion is 16th straight for US service sector
SILVER SPRING, Md.: The U.S. services sector, where most Americans work, grew again in September even as supply chain troubles persisted. The Institute for Supply Management reported Tuesday that its monthly survey of service industries rose to a reading of 61.9, following Augusts reading of 61.7. The gauge hit a record high of 64.1 in July. Any reading above 50 indicates growth in service industries. The services index has shown growth for the past 16 months after two months of contraction in April and May of 2020 when the coronavirus triggered widespread shutdowns and millions of job losses.
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US trade deficit hits record $73.3 billion in August
WASHINGTON: The U.S. trade deficit increased to a record $73.3 billion in August as a small gain in exports was swamped by a much larger increase in imports. The Commerce Department reported Tuesday that the monthly trade deficit increased 4.2% in August, rising to an all-time high, surpassing the previous record of $73.2 billion set in June. The trade deficit represents the gap between what the country exports to the rest of the world and the imports it purchases from other countries. In August, exports rose 0.5% to $$213.7 billion, reflecting revived overseas demand. But imports, even with all the supply chain problems at ports, were up an even stronger 1.4% to $287 billion. The politically sensitive deficit with China surged 10.8% to $31.7 billion.
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Trading apps move to get a live person to hear your problems
NEW YORK: Its one of the downsides of apps that make things like ordering food or buying stocks and cryptocurrencies easier: What happens when something goes wrong? Its often a frustrating chase, tapping through menu after menu in hopes of reaching a person to fix the problem. Its also something that upstart companies upending the trading industry are increasingly acknowledging. Robinhood announced Tuesday that its offering 24/7 phone support for all its customers to cover almost every issue. It follows up on an announcement by Coinbase, which said last month it would launch 24/7 phone service by the end of the year for many customers.
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Biden pushes plans as key to keep US from losing our edge
HOWELL, Mich.: Calling opponents complicit in Americas decline, President Joe Biden is making the case for his ambitious social spending and building plans by framing them as as key to Americas global competitiveness and future success. With his agenda in jeopardy on Capitol Hill, Biden on Tuesday visited the Michigan district of Rep. Elissa Slotkin, a moderate Democratic lawmaker who has urged him to promote his proposals more aggressively to the public. Speaking at a union training center, Biden said he wanted to set some things straight about his agenda and cut through what he dismissed as noise in Washington.
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The S&P 500 added 45.26 points, or 1.1%, to 4,345.72. The Dow Jones Industrial Average rose 311.75 points, or 0.9%, to 34,314.67. The Nasdaq gained 178.35 points, or 1.3%, to 14,433.83. The Russell 2000 index of smaller companies advanced 10.89 points, or 0.5%, to 2,228.36.
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