On Friday, U.S. stocks closed broadly higher on Friday, with major indexes ending up more than 1 percent on hopes Greece would be able to secure fresh funding at an upcoming meeting, which would allow it to avert bankruptcy and remain in the euro zone. Reuters
Indexes finished off their highs of the session after Federal Reserve Chair Janet Yellen said she expected the Fed to raise interest rates at some point this year, while expressing concern that the U.S. labor market remained weak.
The Dow Jones Industrial Average climbed 211.79 points, or 1.21%, to 17760.41. The S&P 500 inclined 25.31 points, or 1.23%, to 2076.62 and the NASDAQ Composite added 75.30 points, or 1.53%, to 4997.7.
Technology stocks gain Friday with the broader markets as shares of technology companies in the S&P 500 jumped almost 1.23%.
Apple Inc. (NASDAQ:AAPL) inclined 2.67% to $123.28.
Apple launched a new music streaming service, Apple Music. It also provides the App Store platform for competing streaming services counting Jango, Spotify, Rhapsody and others. Reuters
Apple takes a 30 percent cut of all in-app purchases for digital goods, such as music streaming subscriptions and games, sold on its platform.
While $9.99 has emerged as the going monthly rate for music subscriptions, counting Apple’s, some streaming companies complain that Apple’s cut forces them to either charge more in the App Store than they do on other platforms or erode their profit margins.
Streaming services’ chief grievances with Apple stem from the company’s 30 percent cut. To avoid it, customers can sign up for a streaming service through their Web browser, but the streaming industry sources argue that many consumers do not realize that is an option. Reuters
“It will be an issue for the industry going forward. You can either raise your prices and not be competitive with Apple’s price, or you can have no margin,” he said, adding that he was unaware of whether Deezer has talked to the FTC. According to Router
Although Google Inc. (GOOGL) also offers a music subscription service and charges a 30 percent transaction fee in its app store, its policies for app sales have drawn less ire from rival streaming services. Industry sources say the company places fewer restrictions on those transactions.
Apple’s critics may be seeking to convince the FTC to use Section Five of the FTC Act, which prohibits “unfair or deceptive acts or practices,” to pursue Apple, he said. Reuters
Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, watches, and portable digital music players worldwide.
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