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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Aug. 26, 2015)
NATION/WORLD Wednesday, August 26, 2015 East Oregonian Page 7A U.S. stocks extend big slump as early rally fades NEW YORK (AP) — A rally in U.S. stocks evapo- rated in the minutes before the closing bell Tuesday, sending the Dow Jones industrial average down more than 200 points and extending Wall Street’s losing streak to six days. For most of the day, it appeared that the market had shaken off some of its worries about the slowdown in China, and at one point the Dow was up by as much as 441. But sell orders began pouring in in the last 15 minutes of trading. The Dow ended with a loss of 204.91 points, or 1.3 percent, at 15,666.44. The Standard & Poor’s 500 index fell 25.59 points, or 1.4 percent, to 1,867.62. The Nasdaq composite declined 19.76 points, or 0.4 percent, to 4,506.49. The rally came after China lowered interest rates to try to boost the world’s second-biggest economy. Other world markets surged on the news out of Beijing, and for a while, it appeared that U.S. stocks would follow suit and that the global sell-off might stop. But Wall Street quickly swung from positive to negative territory. Stocks had also gotten a lift from economic reports showing a rebound in U.S. FRQVXPHU FRQ¿GHQFH DQG sales of new American homes. The three major U.S. indexes have now lost ground six days in a row, with the Dow falling about 1,900 points over that period. The S&P 500 is down 12 percent from its record close of 2,130.82 on May 21. That puts it in what Wall Street calls a “correction” — a drop of at least 10 percent from its most recent high. China cut its interest UDWHV IRU WKH ¿IWK WLPH LQ nine months in a renewed effort to shore up economic growth. The central bank also increased the amount of money available for lending by reducing the reserves banks are required to hold. A slowdown in China has WKH SRWHQWLDO WR VLJQL¿FDQWO\ crimp demand for oil and other commodities, a ripple effect that could dampen global economic growth. “The Chinese economy is going to be on this bumpy road for a while, and it ZLOO KDYH HEEV DQG ÀRZV that will no doubt have a serious impact on the global economy,” said Kamel Mellahi, professor at the Warwick Business School. “What we are seeing now is a dress rehearsal of things to come.” Beyond China, traders are waiting for clarity from the Federal Reserve, which has signaled it could begin raising its key interest rate IURP QHDU ]HUR IRU WKH ¿UVW time in nearly a decade as early as this year. The Fed isn’t expected to deliver a policy update until it wraps up a meeting of policymakers in mid-September. Complete Collection Service • Temporary Staffing Services • Recruiting • Human Resource Management • Risk Management • Payroll Administration **NEW** 25 Local Businesses Participate In The Co-op Connection Discount Program 159 W. Hermiston Ave, Ste 160 • Hermiston, OR (541) 567-9670 • Fax (541) 567-4427 Visit umatillaelectric.com For Link To Complete List 251 Puskarich Ave., Boardman, OR (541) 481-2666 • Fax (541-481-2239 203 NE Boardman Ave. 750 W. Elm St. Boardman, Ore 97818 Hermiston, OR 97838 541-481-2220 541-567-6414 800-452-2273 www.umatillaelectric.com WWW.BARRETTBUSINESS.COM Licensed • Bonded No Collection • No Fee Tim Mabry President GIVE BACK TO YOUR COMMUNITY! KEEP IT LOCAL! 6LQFH 53 W Beebe Ave, Hermiston, OR AFFORDABLE FAMILY EYEWEAR 541-567-3790 • 541-567-3791 fax 1045 N. 1st • Hermiston, OR ~MARCIA LAMBERT~ www.affordablefamilyeyewear.com 541-567-1780 www.carolleenlovell.com 635 SE 4th St. • PO Box 747 Hermiston, OR 97838 Complete Collection Service Licensed • Bonded No Collection • No Fee Hermiston’s Best Value in all Eyewear 541-567-5827 www.columbiacourtclub.com 541-567-6151 415 S. Hwy 395 Hermiston CAROLLEEN LOVELL Certified Public Accountant, LLC 541-567-6562 182 E. Main • Hermiston Tim Mabry President 461 E. Main Hermiston, OR 97838 (541)289-9107 www.creditsinc.com 461 E. Main Hermiston, OR 97838 (541)289-9107 www.creditsinc.com ELMER'S IRRIGATION, INC. "The best little irrigation company in the Northwest" Hwy 395 • Hermiston 541-567-5572 Become part of the Keep It Local shell by calling Jeanne Jewett at 541-564-4531 • Customer Service Is Our #1 Priority! • Best Possible Services! HOME • COMMERCIAL 24 HOUR EMERGENCY 541-567-3781 • 1-800-238-1223 905 Diagonal • Hermiston www.osokleen.com Contact Pendleton Grain Growers, Inc. for all your agricultural transportation, agricultural and residential energy and grain marketing needs today. PENDLETON GRAIN GROWERS, INC. pggcountry.com (800) 422-7611 REACH MORE CUSTOMERS! To advertise in this newsletter, contact Jeanne Jewett 541-564-4531
