Business

US stocks swoon, sending Dow down more than 650 points

Published

9 years ago

February 2, 2018

NEW YORK – U.S. stocks slumped Friday, and the market suffered its worst week in two years, as fears of inflation and disappointing quarterly results from technology and energy giants spooked investors. The Dow Jones industrial average dropped by more than 650 points.

Bond yields rose and contributed to the stock market swoon after the government reported that wages grew last month at the fastest pace in eight years. The Dow had its worst decline since June 2016, while the broader Standard & Poor’s 500 index had its biggest one-day percentage drop since September 2016.

“We’ve enjoyed low interest rates for so long, we’re having to deal with a little bit higher rates now, so the market is trying to figure out what that could mean for inflation,” said Darrell Cronk, head of the Wells Fargo Investment Institute.

The increase in bond yields hurts stocks in two ways: it makes it more expensive for companies to borrow money, and it also makes bonds more appealing to investors than riskier assets such as stocks.

Several major companies, including Exxon Mobil and Google’s parent company, Alphabet, sank after reporting weak earnings. Apple fell on concerns about iPhone sales.

The sharp decline in stocks this week short-circuited a robust start to the year that was spurred by strong global economic growth, solid company earnings and lingering enthusiasm for the GOP tax overhaul. Even with the pullback, the major indexes are still up more than 3 percent this year.

The downturn also follows a long period of unprecedented calm in the market. Stocks haven’t had a pullback of 10 percent or more in two years, and hit their latest record highs just one week ago.

The S&P 500 fell 59.85 points, or 2.1 percent, to 2,762.13. The index has lost 3.9 percent since hitting a record high a week ago.

The Dow lost 665.75 points, or 2.5 percent, to 25,520.96. The Nasdaq slid 144.92 points, or 2 percent, to 7,240.95. The Russell 2000 index of smaller-company stocks gave up 32.59 points, or 2.1 percent, to 1,547.27.

While interest rates are still low by historical standards, meaning borrowing is still relatively cheap for businesses and people, they’ve been rising more swiftly, and that’s what has markets on edge.

“The pace of rate increases is more important than the level,” said Nate Thooft, senior portfolio manager at Manulife Asset Management.

The increase in rates has been driven by the prospect of stronger economic growth, and higher inflation, in the U.S. and abroad.

Bond prices declined again Friday, pushing yields higher. The yield on the 10-year Treasury note, a benchmark for interest rates on many kinds of loans, including mortgages, climbed to 2.84 percent, the highest level in roughly four years. The rate was at 2.41 percent four weeks ago and 2.66 percent on Monday.

“Once we started going north of 2.5 percent, and you put that together with an overbought market, it had the ingredients of a sell-off, especially since January was so strong,” said Jeff Zipper, regional investment strategist at U.S. Bank Private Wealth Management.

The S&P 500, which many index funds track, soared 5.6 percent in January, its biggest monthly gain since March 2016.

One concern for investors is that the Federal Reserve will respond to higher inflation by raising its key interest rate more quickly than expected. The government’s latest job and wage data stoked those concerns Friday.

U.S. employers added a robust 200,000 jobs in January, slightly above market expectations for an 185,000 increase. Meanwhile wages rose sharply, suggesting employers are competing more fiercely for workers. The figures point to an economy on strong footing even in its ninth year of expansion, fueled by global economic growth and healthy consumer spending at home.

That’s good news for Main Street USA, but not for Wall Street. Some economists were predicting Friday that the central bank will raise its benchmark rate four times this year, rather than the three times most previously expected.

The market slide may have been overdue, particularly after the strong start for stocks this year where the S&P 500 had its best January in two decades. Some investors saw a potential buying opportunity.

The global economy is still strong, corporate profits and sales have been better than expected this reporting season and buyers for stocks still remain, all reasons to be optimistic about stocks, said Nate Thooft, senior portfolio manager at Manulife Asset Management.

“It’s appealing, these 2 to 3 percent pullbacks,” said Thooft, who had been trimming some of his stock holdings after the market’s big January gains. “We look at this and say, ‘Maybe it’s your first day to buy a little bit.’”

While earnings overall have been strong, some big companies have posted disappointing results.

Google’s parent company Alphabet slumped 5.3 percent after the search giant reported results that missed analysts’ forecasts. The stock slid $62.39 to $1,119.20.

Exxon Mobil dropped 5.1 percent, while Chevron lost 5.6 percent after the oil companies’ latest quarterly results fell short of forecasts. Shares in Exxon shed $4.54 to $84.53. Chevron gave up $6.99 to $118.58.

Apple declined 4.3 percent after the technology company said it sold 77.3 million iPhones in the last quarter, below the 80 million analysts expected. The stock slid $7.28 to $160.50.

Traders welcomed Amazon’s latest results. The e-commerce giant rose 2.9 percent after its fourth-quarter profit increased by more than $1 billion. Amazon shares gained $39.95 to $1,429.95.

Oil futures declined. Benchmark U.S. crude slid 35 cents, or 0.5 percent, to settle at $65.45 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, fell $1.07, or 1.5 percent, to close at $68.58 a barrel in London.

Wholesale gasoline fell 2 cents to $1.87 a gallon and heating oil fell 4 cents to $2.05 a gallon. Natural gas slipped 1 cent to $2.85 per 1,000 cubic feet.

Gold fell $10.60 to $1,337.30 an ounce. Silver dropped 45 cents to $16.71 an ounce. Copper lost 2 cents to $3.19 a pound.

The dollar rose to 110.28 yen from 109.42 yen on Thursday. The euro weakened to $1.2451 from $1.2502.

Major stock indexes in Europe also declined Friday. Germany’s DAX slid 1.7 percent, while France’s CAC 40 lost 1.6 percent. The FTSE 100 index of leading British shares gave up 0.6 percent.

In Asia, Japan’s benchmark Nikkei 225 fell 0.9 percent and South Korea’s Kospi slid 1.7 percent. Hong Kong’s Hang Seng index dipped 0.1 percent.

Business

GOAA Highlights Airport Improvements, Approves New Small Business Policies

Published

3 days ago

October 22, 2026

FNN NEWS

Gate Link train on an elevated guideway at Orlando International Airport, with palm trees, airport buildings and a control tower behind it.

A Gate Link train travels along an elevated guideway at Orlando International Airport, with the airport’s control tower in the background. Photo courtesy of the Greater Orlando Aviation Authority.

Terminal upgrades, parking projects and international connections mark the authority’s fiscal year review.

ORLANDO, Fla. (FNN) — The Greater Orlando Aviation Authority highlighted terminal improvements, expanded international connections and parking projects during its fiscal 2026 review, while its board adopted changes to a local business program and announced a new statewide small business initiative.

The updates affect Orlando International Airport and Orlando Executive Airport, which GOAA operates.

“We are undertaking an ambitious effort to redefine what it means to deliver a world-class airport experience,” GOAA CEO Lance Lyttle said in the authority’s announcement.
“As we welcome more visitors, more airlines, more routes, and new programs, our responsibility is to elevate every part of the journey — making it more welcoming, intuitive, and connected.”

A Gate Link train travels along an elevated guideway at Orlando International Airport, with the airport’s control tower in the background. Photo courtesy of the Greater Orlando Aviation Authority.

Terminal Improvements Focus on Connections and Families

Among the completed projects was an enclosed pedestrian bridge with moving walkways connecting Orlando International Airport’s train station and Terminal C.

Terminal C also opened a new wing serving gates 250–254, providing additional capacity and becoming the new home for Virgin Atlantic’s airport operations.

Three new Family Zones — one in each terminal — offer spaces for children and families to play, read and recharge. GOAA also highlighted improvements to directional signs along airport roads, in parking areas and throughout the terminals.

Parking Expansion and $40 Million Improvement Program

GOAA reported progress on a parking guidance system at Terminal C, with phased activation across all garages planned through mid-2027.

Dedicated employee parking areas are intended to free additional spaces for travelers. Planning is also underway for two new garages expected to add 8,000 public parking spaces over the next few years.

Separately, the authority’s $40 million Beautiful Airports Program targets safety, functionality and appearance across garages, terminals and other airport areas.

Aviation Investments and International Service

The fiscal year review highlighted a $50 million investment by dnata, a $26 million redevelopment by Signature Aviation at Orlando International Airport and groundbreaking for Sky Harbour’s $40 million campus at Orlando Executive Airport.

International service developments included ZIPAIR’s nonstop passenger charter flights between Orlando and Tokyo and Iberia’s launch of nonstop service to Madrid.

GOAA described ZIPAIR’s service as the first passenger charter connection between Florida and the Asia-Pacific region.

Business Policy Changes Broaden Eligibility

The board adopted revisions to GOAA’s Local Developing Business program following research, town halls and discussions with internal experts.

The changes increase the allowable personal net worth threshold and clarify how assets are excluded from that calculation, including primary residence equity, business equity, retirement assets and certain nonliquid holdings.

Business size standards were also revised to account for inflation and increased operating costs. The announcement did not specify the updated financial thresholds.

A new Small Business program will complement the local program and extend eligibility to qualifying businesses throughout Florida. Under the announced framework, participating businesses must fall within 50% of the applicable U.S. Small Business Administration size standard.

GOAA said detailed guidelines for both programs would be posted on its website. Those guidelines will provide businesses with the information needed to assess eligibility.

Business

Dallas Mayor Eric Johnson Listed as Speaker for Global AI, Supply Chain Summit

Published

2 weeks ago

October 9, 2026

FNN NEWS

Organizers say the Oct. 26–27 conference will bring together business leaders, policymakers and technology professionals for discussions on global commerce, digital transformation and industry innovation.

DALLAS, TX (FNN) — Dallas Mayor Eric L. Johnson is listed as an invited speaker for the Global Procurement, Supply Chain, AI & Logistics Summit and Global Recognition Awards 2026, scheduled for Oct. 26–27 in Dallas, according to an announcement from the event’s organizer.

The American Association of Procurement, Supply Chain and Tourism Management, known as AAPSCM, said the two-day summit will take place at the AC Hotel & Residence Inn Dallas by the Galleria, 5460 James Temple Drive.

The conference will focus on artificial intelligence, supply chain resilience, innovation and the future of global commerce.

Mayor listed among international speakers

Organizers identified Johnson among the invited speakers joining executives, policymakers, academics, consultants and professionals in procurement, supply chain management, technology and logistics.

The announcement describes participants as coming “from the United States and around the world.”

According to the release, Johnson is listed among speakers participating in the Oct. 27 program. The announcement does not specify the subject or time of his remarks.

AI, forecasting and digital transformation

The second day’s agenda includes a session on artificial intelligence and machine learning in inventory management, forecasting, and sales and operations planning.

An executive leadership session titled “Driving Innovation & Digital Transformation” is scheduled to follow.

The program will examine technology’s role in procurement, logistics and supply chain operations, with an emphasis on how leaders respond to changing business conditions.

Awards to recognize industry achievement

The summit will also include procurement and supply chain awards, followed by Global Excellence Awards recognizing individuals, organizations and industry leaders.

Organizers said the awards program includes more than 35 categories spanning procurement, supply chain management, artificial intelligence and logistics.

The announcement describes the awards as recognizing “achievement, innovation and leadership.”

Executives and decision-makers expected

AAPSCM said it expects attendees to include chief executives, chief procurement officers, chief supply chain officers, chief operating officers and technology leaders.

The anticipated audience also includes procurement directors, logistics professionals, government representatives and specialists in AI and digital transformation.

About the organizer

AAPSCM describes itself as a U.S.-based nonprofit professional organization that supports professional development through certification, education, training, membership, conferences and international collaboration.

Event and registration information

Event: 2nd Global Procurement, Supply Chain, AI & Logistics Summit & Global Recognition Awards 2026
Dates: Oct. 26–27, 2026
Venue: AC Hotel & Residence Inn Dallas by the Galleria
Address: 5460 James Temple Drive, Dallas, Texas 75240
Organizer: American Association of Procurement, Supply Chain and Tourism Management
Registration: aapscm-conferences.org
Organization: aapscm.org

Business

Hola at the Park Set for Oct. 3 in Altamonte Springs; Admission Free

Published

3 weeks ago

October 1, 2026

FNN NEWS

Florida National News and FNN News en Español will provide on-site coverage of the Hispanic Heritage Month celebration at Cranes Roost Park.

ALTAMONTE SPRINGS, Fla. (FNN) — Hola at the Park will bring Hispanic culture, local businesses and live entertainment to Cranes Roost Park on Saturday, Oct. 3, from 2 to 6 p.m.

Hosted by the Hispanic Chamber of Metro Orlando and presented by AdventHealth, the event celebrates National Hispanic Heritage Month through food, entertainment, entrepreneurship and community connections.

According to the chamber’s event announcement, admission is free, the celebration is open to the community and no registration is required.

FNN to Spotlight Businesses and Community Voices

Florida National News and FNN News en Español, official media sponsors, will be on location covering the festivities.

The FNN team will spotlight chamber representatives, sponsors, participating businesses and community leaders, while sharing attendees’ perspectives throughout the afternoon.

Coverage will highlight the people, businesses and cultural traditions contributing to the celebration.

Photo: Florida National News

Food, Entertainment and Family Activities

The chamber’s announcement lists authentic cuisine, live entertainment, local businesses, wellness experiences, community resources, networking and family-friendly activities among the event’s offerings.

Attendees will have opportunities to explore Hispanic traditions, connect with entrepreneurs and learn about organizations serving Central Florida.

Photo: Florida National News

A Waterfront Setting in Uptown Altamonte

Cranes Roost Park, located in Uptown Altamonte, features a waterfront setting with scenic walkways around Cranes Roost Lake and the Eddie Rose Amphitheater and floating stage.

The park will serve as the gathering place for an afternoon celebrating Hispanic heritage and the connections between culture, business and community.