Summarize:

If you are not happy with the color of a text object (a block of text) in your document, you can change it easily using the Selection tool. When you click the text you want to change, a bounding box will appear around it.  You can also select text in the Layers panel. Find the layer that contains the text you want to change, then click the circle at the end of the layer name to select it. If the Layers panel is not already open, hit F7 to open it now. The palette is represented by a box that’s the same color as the currently-selected text. A larger palette will appear, containing a variety of colors from which to choose. To change the Stroke (the outline surrounding the text rather than the text itself), double-click the bottom of the two boxes. It will either have a red line over it (if there is not currently a Stroke color) or will be displayed as a box with a thick outline around it. ” The text in all of the selected areas will now change to the one you selected. If you’re dissatisfied with the color, press ⌘ Cmd+Z (Mac) or Ctrl+Z (Windows) to undo the changes.
Click the first arrow in the toolbar to use the Selection tool. Click to select the text area that you want to change. Double-click the color palette in the toolbar. Select a color, then click “OK.