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Continued: Business Highlights

  • Article by: THE ASSOCIATED PRESS , Associated Press
  • Last update: July 2, 2014 - 4:45 PM

LONDON (AP) — British data protection authorities are investigating revelations that Facebook conducted a psychological experiment on its users.

The Information Commissioner's Office said Wednesday that it wants to learn more about the circumstances of the experiment carried out by two U.S. universities and the social network.

The commissioner's office is working with authorities in Ireland, where Facebook has headquarters for its European operations. French authorities are also reviewing the matter.

The researchers manipulated the news feeds of about 700,000 randomly selected users to study the impact of "emotional contagion," or how emotional states are transferred to others. The researchers said the evidence showed that emotional contagion occurs without direct interaction between people and "in the complete absence of nonverbal cues."

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Stocks close at all-time highs as hiring surges

NEW YORK (AP) — Stocks closed at their latest all-time highs Wednesday following news that business hiring surged in June, adding to evidence that the U.S. economy is picking up momentum.

ADP, a payroll processer, said businesses added 281,000 jobs last month, up from 179,000 in the previous month. The figure suggests the government's monthly jobs report, due out Thursday, could also show a significant gain from May.

The stock market climbed back to record levels a day earlier after separate reports showed that manufacturing expanded in China and the U.S., the world's two largest economies.

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Yellen sees little threat to financial stability

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen said Wednesday that she doesn't see a need for the Fed to start raising interest rates to defuse the risk that extremely low rates could destabilize the financial system.

Yellen said she does see "pockets" of increased risk-taking. But she said those threats could be addressed through greater use of regulatory tools. Many of those tools, such as higher capital standards for banks, were put in place after the 2008 financial crisis, which triggered the Great Recession.

In her remarks at a conference sponsored by the International Monetary Fund, Yellen disputed criticism that the Fed had contributed to the 2008 crisis by keeping rates too low earlier in the decade.

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Survey: US companies added 281,000 jobs in June

WASHINGTON (AP) — A private survey shows U.S. business hiring surged in June, a sign of stronger economic growth.

Payroll processer ADP said Wednesday that private employers added 281,000 jobs last month, up from 179,000 in the previous month.

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