The markets traded lower during the midday with the Dow losing 24 points to 19,802. Nasdaq slipped a point to 5,553.
Foxconn is exploring the possibility of investing $7 billion to build a manufacturing plant in the United States. The Taiwanese electronics manufacturer said that the deal is dependent upon subsidies for land and electricity. Foxconn is best known as the assembler of Apple (Nasdaq: AAPL) iPhones.
Samsung announced that the overheating batteries in the Galaxy Note 7 that sparked a global recall were caused by batteries made by two different suppliers. More than 700 research and development engineers tested over 200,000 Note 7 devices and over 30,000 standalone batteries. A design flaw of one battery failed to allow sufficient space in the battery's pouch. A manufacturing defect of the second battery caused positive tabs and negative electrodes to improperly connect.
Sierra Nevada Brewing has recalled eight types of beer that were bottled at its North Carolina facility between December 5, 2016 and January 8, 2017. The recalled beer was sold in 36 states in the Midwest, South and East Coast. A small glass shard could break from the bottle and fall into the beer.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 index lost 6 points to 2,265. Bitcoin added $2 to $916.
