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Stocks plunge to 8-month lows on China fears; J&J nosedives

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NEW YORK (AP) — Stocks are staggering Friday after weak economic data from China has investors worrying about the global economy again. Mounting tensions in Europe over Britain’s impeding departure from the European Union also darkened traders’ moods.

The Dow Jones Industrial Average dropped as much as 549 points. The benchmark S&P 500 index is falling to an eight-month low, with health care companies taking the worst losses.

Johnson & Johnson plunged after Reuters reported that the company has known since the 1970s that its talc baby powder sometimes contained carcinogenic asbestos, a claim the company denied.

KEEPING SCORE: The S&P 500 index lost 51 points, or 1.9 percent, to 2,599 at 2:45 p.m. Eastern time. It’s on track for its lowest close since April 2. The Dow retreated 515 points, or 2.1 percent, to 24,081.

The Nasdaq composite slid 147 points, or 2.1 percent, to 6,923. The Russell 2000 index of smaller-company stocks fell 19 points, or 1.4 percent, to 1,413.

December is typically the best month of the year for stocks and Wall Street usually looks forward to a “Santa Claus rally” that adds to the year’s gains. This month, however, the S&P 500 is down 5.8 percent. That followed a small gain in November and a steep 6.9 percent drop in October.

J&J PLUNGES: Johnson & Johnson dropped 10.1 percent to $132.90 in very heavy trading, which put the stalwart company on pace for its biggest loss in 16 years. Its market value fell by $37 billion. Other health care companies also fell. Pfizer lost 2.2 percent to $43.60 while biotech drugmaker Amgen gave up 2.8 percent to $166.11.

Reuters reported that court documents and test results show Johnson & Johnson has known for decades that its raw talc and finished Baby Powder sometimes contained asbestos, but that the company didn’t inform regulators or the public. The company called the story “false and inflammatory.”

In July the company lost a lawsuit from plaintiffs who argued that its products were linked to cases of ovarian cancer and mesothelioma. A St. Louis jury awarded plaintiffs $4.7 billion. Johnson & Johnson faces thousands of other lawsuits.

SLOWING GROWTH: China’s government said industrial output and retail sales both slowed in November. That could be another sign that China’s trade dispute with the U.S. and tighter lending conditions are chilling its economy. For more than 20 years, China has been one of the biggest contributors to growth in the global economy, and when investors see signs the Chinese economy is weakening, they expect it will affect other countries like the U.S. that sell things to China.

China also announced a 90-day suspension of tariff increases on U.S. cars, trucks and auto imports. It’s part of a cease-fire that the Chinese and U.S. governments announced earlier this month to give them time to work on other aspects of the trade dispute.

Among technology companies, Apple dipped 2.8 percent to $166.15 and Cisco Systems fell 3.7 percent to $45.71. Adobe skidded 6.7 percent to $231.42 after its fourth-quarter profit disappointed investors and it also forecast lower-than-expected earnings in the current fiscal year. Industrial companies sank as well. Boeing lost 2.5 percent to $317.19.

BREXIT TROUBLES: European Union leaders rejected British Prime Minister Theresa May’s request to make changes to their deal covering Britain’s departure from the EU on March 29. British legislators aren’t satisfied with the terms May negotiated, and she canceled a scheduled vote earlier this week because it was clear Parliament wouldn’t approve it. Britain’s economy and financial markets across Europe face severe disruption without an agreement.

European bond prices rose and yields fell. Both the British pound and the euro weakened. The pound slipped to $1.2581 from $1.2660 and the euro fell to $1.1305 from $1.1367.

ENERGY: Oil prices again turned lower, as a slower global economy would weaken demand for oil and other fuels. Benchmark U.S. crude fell 2.6 percent to $51.20 a barrel in New York. Brent crude, used to price international oils, dropped 1.9 percent to settle at $60.28 a barrel in London.

Wholesale gasoline lost 3 percent to $1.43 a gallon. Heating oil fell 1.7 percent to $1.85 a gallon and natural gas dropped 7.2 percent to $3.83 per 1,000 cubic feet.

Energy companies also sagged. Exxon Mobil fell 2.3 percent to $75.18 and Schlumberger fell 5.3 percent to $38.86.

OVERSEAS: Germany’s DAX declined 0.5 percent and the CAC 40 in France declined 0.8 percent. Britain’s FTSE 100 fell 0.5 percent.

Japan’s Nikkei 225 index slid 2 percent and the Kospi in South Korea lost 1.3 percent. Hong Kong’s Hang Seng was down 1.6 percent.

PAYING THE COST: Wholesale club company Costco also dropped following its quarter report, as the stock lost 8.6 percent to $207.12. Analysts said Costco’s profit margins weren’t as strong as they expected, and other companies that sell household goods, like Walgreens and Pepsi, also stumbled.

BONDS: Bond prices edged higher. The yield on the 10-year Treasury note fell to 2.89 percent 2.90 percent.

METALS: Gold fell 0.5 percent to $1,241.40 an ounce. Silver dipped 1.5 percent to $14.64 an ounce. Copper was little changed at $2.77 a pound.

DOLLAR DOWN: The dollar fell to 113.23 yen from 113.60 yen.

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FNN News names Janira Garcia its new Director of Corporate Partnerships, Sales and Marketing

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Associate editor of FNN News en Español Janira Garcia named FNN News' Director of Corporate Partnerships, Sales and Marketing on International Women's Day, March 8, 2024. File photo by Florida National News.

ORLANDO, Fla. (FNN) – Florida National News announced today the appointment of Janira Garcia as its new Director of Corporate Partnerships, Advertising Sales and Marketing.

Most recently, Garcia served as an associate editor of FNN News en Español, a sister news outlet of Florida National News. Her experience in news coverage and business development in Spanish will be key factors as FNN continue to expand.

“It’s an exciting time to be part of FNN, an innovative news outlet for a global audience,” Garcia said. “I believe my experience and expertise will allow me to build on the success FNN has already achieved in the last 10 years and will give me the opportunity to strengthen and expand our partnerships.”

“Janira is a proven leader with a rich and diverse background in our industry, and her strategic operations mindset will be vital in shaping the future of our company’s growth and success,” said J. Willie David, III, FNN’s president and CEO of Florida National News and FNN News Network.

In this role, she oversees Ad Sales efforts across the company’s Portfolio of brands and platforms, which includes Florida National News, FNN News Network, FNN Sports Network, FNN News en Español, FNN Politics & Power, FNN News TV, FNN News Media, FNN News and FNN Brand Partnerships. Garcia will report to Jenny Rosario, vice president of Florida National News and FNN News Network.

“We have a tremendous opportunity to accelerate our company growth through strategic partnerships and we’re excited to have Janira join our leadership team,” said Jenny Rosario, vice president of Florida National News and FNN News Network.

To learn more about Florida National News, visit FloridaNationalNews.com.

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March 7 Luxury Auction® Set for Caribbean Waterfront Estate on Grand Cayman

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WEST BAY, Grand Cayman–(BUSINESS WIRE)–Luxury real estate auction house Platinum Luxury Auctions has announced another offering on the Caribbean island of Grand Cayman, Cayman Islands. On March 7, 2024, a waterfront residence once asking $12 million will now be sold to the highest bidder in a live, luxury auction® without reserve. In October 2022, Platinum auctioned an oceanfront home in Grand Cayman’s Savannah neighborhood for approx. $4.7 million. The firm is conducting the March 7th sale in partnership with Antonette Baptist of principal brokerage Provenance Properties Cayman Islands, the exclusive affiliate of Christie’s International Real Estate in the Cayman Islands.

On March 7, 2024, a waterfront residence once asking $12 million will now be sold to the highest bidder in a live, luxury auction® without reserve.

 

 

“Platinum continues to strengthen its relationships with the Caribbean’s leading real estate agents and luxury brokerages, like Antonette and the team at Provenance Properties,” said Trayor Lesnock, Platinum’s founder and president. “We’ll look forward to adding this pristine, waterfront estate on Grand Cayman to our roster of successful luxury auction sales in the Caribbean to date.”

The tri-level property is located in the boutique, waterfront community of Stone Island Residences, a private and gated residential enclave developed by Dart Enterprises, one of the Caribbean’s largest developers and the leader of luxury, residential development on Grand Cayman.

The community is ideally located, occupying a small island on Governors Creek Harbor, just across from the Cayman Islands Yacht Club & Marina. It’s within a short walk of Camana Bay and the renowned Seven Mile Beach. George Town, the Caymans’ capital city and financial hub, is just 10-15 mins south.

The property’s current owner worked with the developer during construction to create a unique, custom residence within the community that offers approx. 9,500 sf throughout 3 living levels, with 5 bedrooms (plus a convertible 6th), 8 full and one half-bath. The balance of the residences in the development are approx. 4,500 sf.

Interestingly, the residence has not yet been occupied since its completion in 2020, though it’s been kept in exceptional condition. “It presents as ‘brand new’ – not a single crack, scuff or dent,” stated Lesnock. The owner also spent $750,000 to furnish the property, and those (unused) furnishings will be included in the sale.

Prominent property features include a waterfront pool with adjacent loggia and summer kitchen, multiple balconies, gourmet kitchen with butler’s pantry, home theater, office, and a sleek elevator serving all levels.

Stone Island community amenities include a gated entry, 24-hr security, private boat slips, waterfront boardwalk, kids’ playground, infinity pool, waterside conservatory, and a luxe clubhouse.

Interested brokers and buyers may preview the property by daily appointment, between the hours of 11 am and 5pm (local time), now through March 6th. Appointments may be scheduled by contacting Platinum’s project manager, James Smith, at +1 800.997.4235. Property photos, video, and diligence documents are also hosted online at CaymanLuxuryAuction.com.

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January: Orlando Regional Relator Association (ORRA) 2024 Gala & Board Installation

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ORLANDO, Fla. (FNN) – Orlando Regional REALTOR® Association (ORRA) held their 2024 Inaugural Gala & Board of Directors Installation in January. As the new president, Rose Kemp will lead ORRA and its 21,000 membership.

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