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Ford to temporarily lay off employees

The markets recovered during the midday to trade sharply higher with the Dow rocketing 305 points to 24,843. Nasdaq soared 71 points to 7329.


Approximately 2,000 hourly Ford employees will be temporarily laid off beginning in early May through October. The assembly and stamping plants in Wayne, Michigan where the employees work will be reconfigured to build Ranger pickup trucks and Bronco sport utility vehicles. Workers who have been with Ford for at least a year will receive approximately 75% of their regular pay during the plant closures.


Amazon may begin offering a product that is similar to a checking account. The online retailing giant has engaged in discussions with JPMorgan Chase and Capital One Financial to develop a product to target millennials and younger customers who may not have bank accounts. Amazon will merely offer the new product to customers and has no plans to become a bank.


Pizza Hut introduced its Pie Tops II Bluetooth-enabled high-top sneakers that can order pizza. The shoes must be paired with an owner's smartphone and a Pie Tops app. Fifty pairs of Pie Tops II will be available at online retail site HBX beginning the week of March 19.


In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 surged 28 points to 2,719. Bitcoin leaped $281 to $11,666.


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