Stocks sharply lower...Warning on romaine...Renault’s CEO will stay
NEW YORK (AP) — Stocks have finished the day sharply lower, erasing the market’s gains for the year, as losses for big technology companies like Apple mount. Apple sank 4.8 percent today. Retailers also fell sharply. Target plunged 10.5 percent after reporting weak results. Energy companies slumped as the price of oil sank 6.6 percent. The S&P 500 fell 48 points. It’s now 9.9 percent below its September peak. The Dow Jones Industrial Average lost 551 points. The Nasdaq fell 119 points. Five stocks fell for every one that rose on the New York Stock Exchange.
NEW YORK (AP) — Health officials in the U.S. and Canada are telling people to stop eating romaine lettuce because of a new E. coli outbreak. The U.S. Food and Drug Administration says it’s working with officials in Canada on the outbreak, which has sickened 32 people in 11 states and 18 people in the Canadian provinces of Ontario and Quebec.
NEW YORK (AP) — Lowe’s is reporting disappointing numbers for a key sales measure in the third quarter and says it will exit its Mexico operations in its bid to compete better with home improvement leader Home Depot. The home improvement chain is also dropping its contracting service and its Iris Smart Home businesses in the U.S. The moves come as Lowe’s is trying to focus on running a basic home improvement chain under CEO Marvin Ellison, who took the reins this past summer.
PARIS (AP) — Renault’s board of directors says that Carlos Ghosn will remain as chairman and CEO of the carmaker even though he is detained in Japan for alleged misuse of Nissan assets. The board, however, tapped the carmaker’s No. 2, Thierry Bollore, to fill in for Ghosn while he’s “temporarily incapacitated.”
NEW YORK (AP) — The family real estate company once run by Jared Kushner is buying a hotel on the Lower East Side of Manhattan, the third hotel it has purchased this year. The Kushner Companies announced a contract to buy the 20-story Hotel on Rivington for an undisclosed amount. The company known for residential and office buildings bought two hotels in Long Branch, New Jersey, earlier this year.