Avie Schneider

Updated at 6:02 p.m. ET

Gap Inc. plans to separate into two publicly traded companies, spinning off Old Navy into a separate firm as it closes about 230 Gap stores over the next two years.

As Old Navy becomes its own company, the other company, which has not been named yet, will consist of the Gap brand, Athleta, Banana Republic, Intermix and Hill City, Gap Inc. said.

Microsoft workers are calling on the giant tech company to cancel its nearly $480 million U.S. Army contract, saying the deal has "crossed the line" into weapons development by Microsoft for the first time. They say the use of the company's HoloLens augmented reality technology under the contract "is designed to help people kill."

Updated at 2:28 p.m. ET

The Kraft and Oscar Mayer brands are worth a lot less — as much as $15.4 billion less than they had been.

Big name brands have been under pressure to cut costs as consumer tastes have been changing. Many are turning to cheaper store brands or are doing their shopping online.

Members of the Hartford Courant newsroom are moving to form a union, NPR has learned. It's the latest Tribune Publishing newspaper where journalists have been pushing to organize.

Updated at 9:27 a.m. ET

Job growth picked up for the 100th consecutive month in January even as hundreds of thousands of federal workers were furloughed during the partial government shutdown, the Labor Department said Friday.

Employers added 304,000 jobs last month — topping analysts' expectations and the 223,000 average monthly gain in 2018. The string of job growth underscores the long economic expansion since the Great Recession.

Updated at 5:30 p.m. ET

The economy is growing at a "solid rate" and inflation is hovering near the Federal Reserve's target, the central bank said Wednesday. As expected, the Fed did not raise its key interest rate. But in a reversal from December, the Fed said it will be "patient" as it decides when to change them again.

Updated at 9:47 a.m. ET Thursday

Jack Bogle, the founder of Vanguard who made investing and retirement affordable for millions, died Wednesday at the age of 89, the company said.

Bogle transformed the way people invest their money when he created the first index mutual fund for individual investors in 1975.

Updated at 1:08 p.m. ET

A major credit rating agency is warning that it will reconsider the nation's AAA rating if the partial U.S. government shutdown continues into March and raises doubts about the ability of Congress to lift the debt ceiling.

A downgrade of the nation's pristine credit rating could lead to higher borrowing costs for the U.S. Treasury, companies and consumers.

Updated at 4:07 p.m. ET

The markets have been a mess, but companies are still hiring — a lot.

The economy ended the year by adding a much-stronger-than-expected 312,000 jobs in December — the biggest gain in 10 months, the Labor Department said Friday.

Meanwhile, the unemployment rate jumped to 3.9 percent — the highest rate since August — as more people felt confident enough to quit their jobs and look for new ones.

Updated at 9:39 a.m. ET Thursday

Apple is cutting billions from its revenue estimates for the just-ended holiday season, citing sharply slower iPhone sales in China.

"While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China," CEO Tim Cook said Wednesday in a letter to Apple investors.

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