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NEW YORK (AP) — Stocks are drifting lower as Wall Street closes out a volatile week. After plunging on Monday and Tuesday, stocks rebounded Wednesday and Thursday. But they're still on course for their worst monthly performance in more than three years.
WASHINGTON (AP) — Federal Reserve Vice Chairman Stanley Fischer says that until the recent turbulence in financial markets, there was a "pretty strong case" for starting to raise interest rates in September. Fischer says the Fed will be watching how events unfold following the surprise announcement by the Chinese that they plan to devalue their currency. Officials will also pay close attention to next week's jobs report.
WASHINGTON (AP) — Plummeting stock prices have taken a toll on U.S. consumer confidence, though there are signs the setback may be temporary. The University of Michigan says its consumer sentiment index fell to 91.9 this month from 93.1 in July. The index is still up 11.4 percent from a year ago.
NEW YORK (AP) — Facebook has reached a big symbolic milestone. One billion people logged in to the world's biggest online social network on Monday. CEO Mark Zuckerberg marked the occasion with a Facebook post. Most of the people who logged in on Monday were outside the U.S. and Canada. Of Facebook's nearly 1.5 billion users, more than 83 percent come from other countries.
SAN FRANCISCO (AP) — Apple's online music subscription service is losing a key player as millions of listeners near the end of a free three-month trial period that has drawn mixed reviews. Ian Rogers is leaving Apple to take a job at an unidentified company in Europe. Apple's $3 billion acquisition of Beats last year was driven in large part by its desire to draw upon the musical chops of Rogers, longtime recording executive Jimmy Iovine and hip hop artist Dr. Dre.
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