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Samsung recalls 2.5 million Galaxy Note 7s

A disappointing jobs report fueled speculation that the Federal Reserve will delay an interest rate hike. The markets traded higher during the midday with the Dow climbing 80 points to 18,499. Nasdaq gained 20 points to 5,247.


Samsung will recall all 2.5 million Galaxy Note 7 smartphones that have been sold in the month that they have been on the market. A defect with the battery causes phones to catch fire while charging. Samsung will replace all devices for free in the coming weeks when a new product is available.


New orders for factory orders climbed 1.9% in July on the heels of a downwardly revised 1.8% drop in June. The gain was the largest in nine months but fell short of the 2.0% increase that economists had been expecting. Core capital goods orders rose 1.5%.


The Irish government will appeal the European Commission ruling that ordered Apple to pay approximately $14.5 billion in back taxes to Ireland. The massive tax bill covers more than 20 years that Apple had been paying an artificially low tax rate. Irish officials say that Apple has created vital jobs in impoverished counties.


In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 gained 8 points to 2,179. Bitcoin rose $3 to $573.

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