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Facebook enters agreement with Universal Music

The markets advanced during the midday with the Dow climbing 88 points to 24,814. Nasdaq gained 14 points to 6,975.


Facebook entered a global, multiyear agreement with Universal Music Group that will allow users to upload and share videos on Facebook, Instagram and Oculus. Users have increasingly included music and/or videos in their posts without permission prompting Facebook to remove the posts. Facebook and UMG will jointly develop new music products to further engage users.


The Communications Workers of America filed a lawsuit against Amazon, Cox Communications and T-Mobile for age discrimination. The companies have been accused of recruiting only younger workers by using targeted ads on Facebook. The lawsuit included an example of an ad placed by T-Mobile that was specifically aimed at people between the ages of 18-38.


Ford and Mazda have recalled model years 2004 through 2006 Ford Ranger and Mazda B-Series trucks to replace Takata air bag inflators. Recalls were initiated in 2015 and 2016 for the same vehicles to temporarily replace the inflators. Approximately 380,000 trucks are impacted by the recall.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 gained 10 points to 2,689. Bitcoin crashed $990 to $15,297.


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