Apple works on money transfer service


The markets traded mixed during the midday with the Dow losing 12 points to 20,962. Nasdaq gained 16 points to 6,041.

Technology news site Recode reported that Apple is working on a money transfer service to compete with PayPal's Venmo and Square's Square Cash. People will be able to use the new service on their iPhones to send digital money to other iPhones. At this time, there is no launch date for the new service.

Amazon introduced its new Echo Look Camera and Style Assistant that is available for $199 to those who have been specially invited to try the new device. After taking photos and videos of a user, the Echo Look will offer style advice. Photos of outfits can be saved to a personal lookbook for future reference.

In yet another reversal to a campaign promise, President Donald Trump said that the United States would renegotiate the North American Free Trade Agreement rather than terminate the trade deal. President Trump made the announcement hours after a senior administration official had already said that an executive order to withdraw from NAFTA was being considered. President Trump spoke by phone with Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto before making his decision.

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by nearly 10 to 9 on Nasdaq. The broader S&P 500 index eased a fraction to 2,386. Bitcoin soared $34 to $1316.

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