___
US stocks mostly slip as banks fall and retailers plunge
NEW YORK (AP) — Stocks slipped Thursday as interest rates dropped and banks took sharp losses. Department stores tumbled as Macy's and Kohl's plunged following weak holiday-season reports that led the chains to cut their profit forecasts.
After a solid but uninspiring report on private hiring in December, bond prices jumped and yields fell, which sent banks down. The dollar declined. Other industries that have climbed since the election, including industrial and basic materials companies, also slipped.
Health care and technology stocks edged higher.
___
Survey: US businesses add a modest 153,000 jobs in December
WASHINGTON (AP) — U.S. companies reported a modest gain of 153,000 jobs last month, all in service industries such as retail and health care. The report provided the latest evidence of the economy's transition away from manufacturing and other blue-collar work.
Payroll provider ADP said Thursday that hotels and restaurants added 18,000 jobs in December, while higher-paying professional and business services, such as engineering, added 24,000. Manufacturers lost 9,000 jobs and construction firms shed 2,000.
Hiring has been steady this year, but most of it has been in both higher- and lower-paying service jobs.
___
US services companies saw solid growth in December
WASHINGTON (AP) — U.S. services companies grew again in December during the holiday season, maintaining the high pace reached in the previous month.
The Institute for Supply Management, a trade organization of purchasing managers, said Thursday that its services index came in at 57.2 in December, matching the November figure. It was the strongest reading since October 2015. Anything above 50 signals growth.
The services industry has now grown for 83 straight months. The strength in December reflected in part a strong gain in new orders which rose to a 16-month high of 61.6.
___
Weekly applications for US jobless aid drop to 235,000
WASHINGTON (AP) — The number of Americans seeking unemployment benefits dropped significantly last week, a sign of a robust job market.
Weekly requests for jobless aid fell 28,000 to a seasonally adjusted 235,000, the Labor Department said Thursday. That is barely above the 233,000 jobless claims achieved in late November, the lowest weekly total since 1973.
This historically low level of applications for unemployment benefits suggests that employers are holding onto workers and likely looking to add jobs. Weekly claims have stayed below the critical threshold of 300,000 for 96 straight weeks, the longest streak since 1970.
___
Long-term mortgage rates fall, breaking 9-week rise
WASHINGTON (AP) — After nine straight weeks of increases, long-term US mortgage rates fell this week.
Mortgage buyer Freddie Mac said Thursday the rate on 30-year fixed-rate loans declined to an average 4.20 per cent from 4.32 per cent last week. That was still sharply higher than a 30-year rate that averaged 3.65 per cent for all of 2016.
The average for a 15-year mortgage eased to 3.44 per cent from 3.55 per cent last week.
___
Tillerson owns stock in Exxon Mobil competitors
Rex Tillerson, the former Exxon CEO picked by President-elect Donald Trump to be the next secretary of state, owns stock in some of his old competitors and a slew of other companies with operations around the world.
Tillerson's holdings include shares of Chevron Corp., Royal Dutch Shell, Apple Inc. and General Electric Co. He disclosed them in a filing with the federal Office of Government Ethics.
___
Corzine to pay $5M penalty to resolve MF Global case
WASHINGTON (AP) — Jon Corzine, the former New Jersey governor who led the collapsed brokerage MF Global, has been ordered to pay a $5 million penalty for his role in the firm's alleged illegal use of almost $1 billion in customer funds.
A federal court on Thursday granted the order against Corzine to the U.S. Commodity Futures Trading Commission, which brought civil charges against him in 2013. Following the stunning collapse of the big Wall Street firm in late 2011, the CFTC alleged that MF Global dipped into customer funds in a vain attempt to remain solvent. Corzine failed to closely supervise the handling of customer money by the firm's employees, according to the order.
___
Sears to sell Craftsman tool brand to Stanley Black & Decker
NEW YORK (AP) — After controlling the Craftsman name for 90 years, troubled department store operator Sears said it will sell the famous tool brand to Stanley Black & Decker Inc.
Stanley, which makes and sells tools under the DeWalt and Black & Decker names, wants to grow the Craftsman brand by selling its products in more stores outside of Sears. Today, only 10 per cent of Craftsman products are sold in other stores.
Sears has struggled, losing money for years as its revenue fell. The company also announced plans Thursday to close 150 stores, about 10 per cent of its total 1,500 locations.
___
Mercedes recalls about 48K SUVs to fix air bag sensor
DETROIT (AP) — Mercedes-Benz is recalling nearly 48,000 SUVs in the U.S. to fix a sensor problem that could stop the front passenger air bag from inflating in a crash.
The recall covers certain GL, GLE and GLS models from the 2016 and 2017 model years. Mercedes says in documents posted by U.S. safety regulators that a sensor in the front passenger seat may be calibrated incorrectly and as a result, deactivate the air bag.
It was unclear from the documents if the problem had caused any injuries.
___
US Postal Service to no longer offer services at Staples
NEW YORK (AP) — The U.S. Postal Service will no longer be offering its services at Staples stores across the country.
Those services, which were handled by Staples employees, will be discontinued at about 500 of the office supply retailer's locations by the first week of March.
The USPS said in a statement that in November it was ordered by a National Labor Relations Board administrative law judge to discontinue its retail relationship with Staples and that it plans to comply.
___
Wal-Mart expands online reach with ShoeBuy acquisition
BENTONVILLE, Ark. (AP) — Jet.com, the online retailer now owned by Wal-Mart, has acquired the footwear-shopping website ShoeBuy for about $70 million.
The deal, announced Thursday, closed Dec. 30.
Wal-Mart Stores Inc. says ShoeBuy will continue to operate as a stand-alone website, and ShoeBuy's current executives and employees will still be based in Boston.
The move is Wal-Mart's latest push to expand its reach online following last year's acquisition of Jet.com, which it bought for $3 billion plus $300 million in stock.
___
The Dow Jones industrial average shed 42.87 points, or 0.2 per cent, to 19,899.29. The Standard & Poor's 500 index slipped 1.75 points, or 0.1 per cent, to 2,269. The Nasdaq composite gained 10.93 points, or 0.2 per cent, to 5,487.94.
Benchmark U.S. crude picked up 50 cents to $53.76 a barrel in New York. Brent crude added 43 cents to $56.89 a barrel in London. In other energy trading, wholesale gasoline lost 1 cent to $1.64 a gallon. Heating oil remained at $1.69 a gallon. Natural gas rose 1 cent to $3.27 per 1,000 cubic feet.
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.