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Stocks down sharply ... CVS-Aetna merger gets greenlight ... New rules on foreign investment

October 10, 2018

NEW YORK (AP) — Stocks are sharply lower on Wall Street as bond yields continue to rise, putting the S&P 500 index on track for its fifth drop in a row. The Nasdaq composite has been off 2 percent or more. Technology stocks, some of the biggest winners over the past 12 months, have fallen much more than the rest of the market so far.

NEW YORK (AP) — The Department of Justice is giving a go-ahead to the proposed $69 billion merger between CVS Health and Aetna. However approval comes on the condition that Aetna moves ahead with its plan to sell its Medicare Part D prescription drug plan business, which would resolve anti-monopoly issues. Aetna announced last month it’d sell the business for an undisclosed amount.

WASHINGTON (AP) — The Treasury Department has issued new rules on foreign investments into American companies that will give the government more power to block foreign transactions on national security grounds. The rules represent the latest escalation in the economic conflict between the United States and China. The new regulations will require foreign investors to alert a Treasury-led interagency committee to all deals that would give the foreign investors access to critical technology covering 27 industries, including semiconductors, telecommunications and defense.

NEW YORK (AP) — Amazon is working to address a backlash from longtime warehouse workers who say the company’s recently announced $15 hourly minimum wage won’t benefit them. The company says workers who already made $15 an hour will get more than the $1 extra an hour promised last week. A worker at a warehouse in Maryland tells The Associated Press employees were told yesterday that they would now get a raise of $1.25 an hour after Nov. 1.

WASHINGTON (AP) — Retailers and shipping companies are looking happily forward to a robust holiday shopping season, but there’s concern about finding enough workers to stock shelves, pack orders and ring up customers. The U.S. job market is the tightest it’s been in five decades, so many companies are taking steps they’ve not tried before, holding national hiring days, offering higher pay, bonuses and more full-time work.

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