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US stocks fall after two-day rally

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New York: US stocks traded mostly lower in the morning session on Friday, after two-day market rally, as global financial volatility continued to weigh on investors’ sentiment. At midday, the Dow Jones Industrial Average lost 68.68 points (0.41 percent), to 16,586.09. The S&P 500 dropped 5.66 points (0.28 percent), to 1,982.00. The Nasdaq Composite Index was down 10. 03 points(0.21 percent), to 4,802.67. Chinese stocks recovered more than 10 percent in two days after a five-day losing streak that wiped out a fifth of the market value.

Traders work on the floor of the New York Stock Exchange shortly before the closing bell in New York August 27, 2015. REUTERS/Lucas Jackson
www.reuters.com

The benchmark Shanghai Composite Index climbed 4.82 percent to close at 3,232.35 points on Friday, following a 5.34-percent rebound the previous day. But European trade was cautious on Friday with markets narrowly lower as investors remained cautious. On the economic front, US personal income increased 0.4 percent, and disposable personal income rose 0.5 percent, in July, according to the US Commerce Department on Friday. The same month has also seen the world’s largest economy’s personal consumption expenditures increase 0.3 percent after an upwardly revised 0.3 percent rise in June.

Meanwhile, the final reading of the University of Michigan’s consumer sentiment index came in at 91.9 for August, well below market estimates. Some analysts said recent data points to a possible interest rate hike this year. The US Commerce Department on Thursday revised its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, which is much higher than the 0.6-percent growth in the first quarter and which has triggered a jump in US stocks that day.

(IANS)

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Apple Music On Lead Over Its Rival Spotify In All Market: Report

Trial users were not part of the comparison, the report added.

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Apple Music now has more than 45 million subscribers world-wide, with an additional 5-10 million free trial users.
Apple Music now has more than 45 million subscribers world-wide, with an additional 5-10 million free trial users. Pixabay

With more than 20 million paying users in the US, Apple Music has just taken the lead over its rival Spotify in an all-important market, the media reported.

Spotify still leads outside of the US, tallying 75 million subscribers as part of its first earnings report in May.

“The source, a US-based, major distributor, shared a report detailing the subscriber tallies of several streaming music services, including Apple Music, Spotify, Tidal, and Sirius XM. That report now ranks Apple Music as first in the US, at least among primarily on-demand music streaming services,” the Digital Music News recently reported.

Spotify Music still leads outside of the US, tallying 75 million subscribers as part of its first earnings report in May.
Spotify Music still leads outside of the US, tallying 75 million subscribers as part of its first earnings report in May. Pixabay

The data for 2018 also shows that Apple is experiencing a far stronger rate-of-growth in the US, suggesting a wider lead over the coming months.

Trial users were not part of the comparison, the report added.

Apple Music now has more than 45 million subscribers world-wide, with an additional 5-10 million free trial users.

Also read: 6.5-Inch Colorful iPhones To be Launched This Year By Apple

The iPhone maker’s free trials last about three months while Spotify says it has more than 70 million paying subscribers globally, with roughly 160 million overall users. (IANS)

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