Stocks, oil prices slide...Fed to issue report on financial stability...Facebook drops arbitration requirement
NEW YORK (AP) — U.S. stocks fell Friday as a combination of weak economic data from China and disappointing earnings hurt technology and internet companies. The Dow Jones Industrial Average fell 202 points, the S&P 500 index dropped 26 and the Nasdaq composite sank 124 points.
NEW YORK (AP) — Crude oil prices fell for the 10th day in a row Friday. Benchmark U.S. crude fell to $60.19 a barrel in New York, its lowest in almost eight months. Crude has tumbled 21 percent since Oct. 3, leading to steep losses for energy companies.
WASHINGTON (AP) — The Federal Reserve says it will begin issuing a new report assessing the stability of the U.S. financial system. The first report will be issued on Nov. 28. The Fed says it will provide information on potential financial vulnerabilities tracked by the central bank such as valuations for bank loans, borrowing by businesses and households and bank funding risks. The Fed plans to release the new stability reports every spring and fall.
UNDATED (AP) — Facebook is dropping a requirement for mandatory arbitration of sexual misconduct allegations, acceding to a demand recently pressed by other Silicon Valley tech workers. The move means that employees no longer have to submit to private arbitration, which kept misconduct allegations secret and sometimes allowed abusers to continue their behavior. Employees can now press their claims in court instead. Google made a similar change on Thursday, a week after thousands of employees briefly walked off their jobs to protest how the company handled sexual-misconduct allegations against prominent executives.
HONOLULU (AP) — A major Hawaii printer is closing its commercial printing business and laying off 93 people in part because of tariffs the U.S. slapped on imports of Chinese paper. Hagadone Corporation Hawaii Holdings says the import duty increased the cost of the company’s roll stock paper by 25 percent. President Clint Schroeder said Friday this added expense came on top of increased costs for other raw materials and electricity. He says many publications the business once printed no longer exist, find it cheaper to print on the mainland or have gone digital.