Economy adds jobs a steady clip
ECONOMYEmployers add 192,000 jobs
U.S. employers added jobs at a solid pace in March and hired more in January and February than previously thought. Fridays government report sent a reassuring signal that the economy withstood a harsh winter that had slowed growth.
The economy gained 192,000 jobs in March, the Labor Department said Friday, slightly below Februarys revised total of 197,000. Employers added a combined 37,000 more jobs in February and January than previously estimated.
The unemployment rate was unchanged at 6.7 percent. But a half-million Americans started looking for work last month, and most of them found jobs. The increase in job-seekers is a sign that they were more optimistic about their prospects.
And the March report also includes one milestone: More than six years after the recession began, private employers have finally regained all the jobs lost to the recession. The employers shed 8.8 million jobs in the downturn; theyve since hired 8.9 million. Still, the population has grown over that time, leaving the unemployment rate elevated.TECHNOLOGYNest halts sales of smoke alarm
Nest Labs, a digital-thermostat maker acquired by Google this year, is suspending sales of its smoke alarm after it determined the unit could be switched off unintentionally.
The company recommends that users disable the Nest Wave feature on the alarm that enables customers to easily turn off the product with a swipe of the hand, Tony Fadell, chief executive officer of Nest, said in a statement Thursday. The potential malfunction was revealed in a lab test, and Fadell said he isnt aware of any customers who have experienced this problem.
We feel that the best and safest thing to do is to immediately disable the Nest Wave feature to resolve the issue and remove any safety concerns, Fadell wrote. Were enormously sorry for the inconvenience caused by this issue.
Google, the worlds largest online digital-advertising provider, bought Nest for more than $3 billion in February as the company looks to expand into hardware sales. FINANCETech stocks pull Nasdaq down
Stocks fell Friday, with the Nasdaq composite index sliding the most in two months, after large technology stocks from Google to Yahoo plunged as investors sold the bull markets biggest winners.
Google Class A shares sank 4.6 percent in the biggest drop since October 2012. Facebook lost 4.6 percent, bringing its two-day slide to 9.5 percent. Yahoo declined 4.2 percent to the lowest point since November.
The Nasdaq index lost 2.6 percent to 4,127.73, for its worst day since Feb. 3. The Standard & Poors 500 index sank 1.3 percent to 1,865.09 after earlier rising to an all-time high. The Dow Jones industrial average dropped 159.84 points, or 1 percent, to 16,412.71.
This has been in the making for a few weeks, said Rick Fier, director of equity trading at Conifer Securities LLC. Managers were positioned very heavily last year with the winners. They killed in 2013, and money started to pour in them. Today is kind of like the panic day that they couldnt stand it any more and now theyre dumping these stocks.
Netflix sank 4.9 percent to $337.31 for a third straight decline. The stock nearly quadrupled in 2013 after jumping 34 percent in the previous year.
Facebook, which doubled last year, fell to $56.75, the lowest price since January.SOCIAL MEDIATwitter unveils messaging app
Twitter said users of its Vine video application can now send their contacts private videos and other messages, stepping up competition with Facebook in the mobile-messaging market.
The features introduction means Twitter and Facebook both now offer several ways for their users to chat without using basic text messages. Twitter, which also lets users directly message one another through its main smartphone application, is adding the communication capability to Vine just months after Facebooks Instagram mobile photo-sharing application made it possible for people to do the same. Facebook also has a separate Messenger software and agreed to buy messaging service WhatsApp in February for $19 billion.
Twitters new feature lets Vine users send their short videos to friends even if theyre not using the application, the company said. Videos can be sent to a number of people, as well as those they arent friends with.E-COMMERCEGrubHub IPO sees shares soar
Shares of GrubHub Inc., which lets hungry city dwellers order food online, climbed on their first trading day after the company raised a higher-than-expected $192 million in an initial public offering.
The shares rose 31 percent to $34 after the company, which runs websites including Seamless.com and Menupages.com, and its shareholders sold the stock at $26 apiece.
GrubHub charges restaurants a commission when a customer places a takeout or delivery order through one of its websites, and investors are betting the company can keep expanding beyond 28,800 restaurants in 600 cities from San Francisco to London to capture more users. Rival Just Eat PLC, rose 9 percent Thursday after raising about $600 million in the largest e-commerce IPO in almost three years.
GrubHub processed more than 135,000 revenue-generating orders each day in 2013, on average, its IPO filings show. Revenue rose 67 percent to $137 million last year. It ended trading Friday with a valuation of about $2.67 billion, or about 19 times last years revenue.