Stocks are mostly higher despite deep jobs losses
NEW YORK —Wall Street showed some reassuring signs of stability Friday, closing mostly higher despite the biggest monthly decline in jobs in five years.
Although the 80,000 job losses are indeed a significant sign of economic weakness, a lackluster report was widely expected, and some investors were relieved the total was not higher. The market's next big test is likely to come with the release of first-quarter earnings reports.
The Dow Jones industrial average slipped 16.61, or 0.13 percent, to 12,609.42, in part because of a decline in General Motors. Broader indicators rose. The S&P 500 index added 1.09, or 0.08 percent, to 1,370.40, and the Nasdaq index advanced 7.68, or 0.33 percent, to 2,370.98.
North Charleston glove plant sold to Honeywell
NEWARK, N.J. — Honeywell International Inc. said Friday it will buy Norcross Safety Products for $1.2 billion to expand its line of personal protective gear. The sale includes the North Safety Products and Salisbury Electrical Safety glove-making plant on Azalea Drive in North Charleston.
Oak Brook, Ill.-based Norcross makes protective and safety equipment for the fire service, utility and general industrial worker segments. Honeywell is buying the company from Odyssey Investment Partners. Honeywell spokeswoman Julie Franklin said it has no immediate plans for layoffs at Norcross.
The operations on Azalea Drive trace their roots to the old Charleston Rubber Co. in the 1940s.
Home Depot retools HR function at its U.S. stores
ATLANTA — There could be more job cuts at Home Depot as the world's largest home improvement store chain restructures its human resources function at its U.S. stores.
The company said Friday that it has notified about 2,200 employees who will be affected by the changes, which will be completed by May 1. Spokesman Ron DeFeo said there could be job cuts, though at this point it is unclear how many.
After the changes, there no longer will be a human resources manager in each of the company's 1,970 U.S. stores. Human resources supervisor positions at U.S. stores also will be eliminated.
Instead, Home Depot will create 230 teams that will each have a district human resources manager and three people reporting to that person.
Apple Inc. takes on the Big Apple over logo look
SAN FRANCISCO — Apple Inc. says The Big Apple is worming into its territory with a logo the city is using for its green living campaign.
Apple on Friday renewed its challenge to a trademark registration application that New York City filed last May, saying the apple logo was too similar to its own.
Both logos depict a plump apple with a leaf. Apple's logo is white, with its signature bite mark, while the city's proposed trademark is a green, figure-eight outline reminiscent of an infinity sign, with a stem, and the word "greeNYC" under it.
Apple's says it will be "damaged" if the trademark is granted. The city responded, alleging one of Apple's trademarks was fraudulently acquired. Apple disputed that allegation Friday.