NEW YORK (AP) — Fears of a global economy slowdown have triggered a massive sell-off in the stock market. The Dow has been down as much as 458 points this afternoon, while the losses in the S&P 500 and the Nasdaq also have exceeded 2 percent. Strategist Terry Sandven at U.S. Bank Wealth Management describes the concern for the U.S. economy as a function of “being the best house in a bad neighborhood.”
WASHINGTON (AP) –The Federal Reserve says its latest survey of business conditions around the country shows the economy strengthening in most regions. Gains in consumer spending, manufacturing and commercial construction are all brightening the picture. The Fed survey finds six of its 12 regions — Cleveland, Chicago, St. Louis, Minneapolis, Dallas and San Francisco — reporting “moderate” growth, while five others describe growth as “modest,” and one — Boston — describes activity as mixed.
WASHINGTON (AP) — The government says the deficit for the just completed 2014 budget year was $483 billion. That’s the lowest of President Barack Obama’s six years in office. Treasury Secretary Jacob Lew says it’s an indication the economy is far healthier than when Obama became president in January 2009.
NEW YORK (AP) — Airline stocks are tumbling after news that the second health worker to be diagnosed with Ebola flew on a commercial flight the night before reporting a fever. Frontier Airlines says public-health officials are notifying the 132 passengers on Monday night’s Flight 1143 from Cleveland to Dallas-Fort Worth. The airline’s crew reports that the woman showed no symptoms during the flight. Investors are concerned the Ebola scare could reduce air travel.
DETROIT (AP) — Volkswagen has edged out General Motors for second place in the global auto sales race during the first three quarters of the year. VW says it sold 7.4 million cars and trucks worldwide so far this year, while GM sales are just below that. Toyota is expected to remain in first place, but it won’t release its numbers until late this month.
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