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NEW YORK (AP) — Stock indexes are mixed in afternoon trading on Wall Street. Technology and industrial companies are rising following some better-than-expected quarterly reports from companies including chipmakers and airlines. Spice maker McCormick and other household products companies are sinking. Drug makers are down as well.
WASHINGTON (AP) — Long-term mortgage rates have held steady for the second straight week, sticking at their lowest levels in nine months after six weeks of decline. Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year, fixed-rate mortgage is unchanged from last week at 4.45 percent. Rates remain above last year's levels, however. The key 30-year rate averaged 4.15 percent a year ago. The average rate this week for 15-year, fixed-rate loans held at 3.88 percent.
NEW YORK (AP) — Digital media company BuzzFeed is cutting 15 percent of its jobs, or about 200 people, to trim costs and become profitable. The privately held company hasn't been profitable for several years. BuzzFeed CEO Jonah Peretti told employees that the layoffs will help BuzzFeed avoid having to raise money from investors again. It has raised hundreds of millions from such investors as Comcast's NBCUniversal.
SPRING HILL, Tenn. (AP) — General Motors says it plans to invest another $22 million in its Tennessee manufacturing facility to build more engines. The company says the investment will let the plant build 6.2-liter V8 engines with GM's dynamic fuel management technology, which uses 17 cylinder patterns to optimize performance. GM is also finishing a $300 million investment at Spring Hill that will bring more than 200 new jobs to produce the new Cadillac XT6. The facility opened in 1990 and employs about 3,800 people.
DALLAS (AP) — American Airlines says it earned a fourth-quarter profit of $319 million, slightly higher than analysts expected, as strong travel demand helped the carrier overcome higher fuel prices. Airline executives said the partial government shutdown has hurt bookings, but sales to other customers including key corporate travelers has remained strong. Unlike Delta Air Lines and Southwest Airlines, American did not put a dollar figure on the shutdown's effect.
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