Stocks plunge again…Tech stocks lead declines…Troubling sign in home construction
NEW YORK (AP) – Stocks are skidding again on Wall Street as a tech rout continues and several big retailers report weak results. The Dow lost 500 points in early trading. Apple sank another 3.6 percent in the opening minutes, and Microsoft gave up 3.3 percent. Target plunged 9.5 percent after missing Wall Street’s earnings estimates. Industrial companies are also falling. Boeing lost 3.8 percent. The early drops put major indexes back into the red for the year.
UNDATED (AP) – Tech stocks were among the biggest losers in Europe, too. Nokia, a big supplier of telecom networks, saw its shares drop 4 percent, while its Swedish rival Ericsson was down 3.5 percent. Germany’s DAX index lost 1.4 percent and France’s CAC 40 shed 1.1 percent. London’s FTSE 100 retreated 0.7 percent. Tokyo’s Nikkei 225 lost 1.1 percent.
TOKYO (AP) – The governments of France and Japan are offering their support for the Renault-Nissan alliance even as its longtime leader Carlos Ghosn faces possible charges in Japan for hiding millions of dollars in income. Ghosn’s arrest this week has thrown the future of the alliance, a leading world carmaker, into question.
WASHINGTON (AP) – U.S. home construction improved a slight 1.5 percent in October, but in a troubling sign, ground breakings for single-family houses fell. The Commerce Department says housing starts rose to a seasonally adjusted annual rate of 1.23 million, up from 1.21 million in September. The gains came entirely from apartments as starts for single-family houses slipped 1.8 percent last month.
NEW YORK (AP) – Two private equity owners of the iconic Toys R Us toy chain will be handing over a $20 million hardship fund to the thousands of former workers left jobless and without severance after the chain was liquidated in June. The move by KKR and Bain Capital is aimed at helping the 30,000 workers affected by the store closures and comes following efforts by worker-backed groups. Workers are pushing to get an additional $55 million they believe they’re owed.