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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Oct. 27, 2018)
Page 8A BUSINESS East Oregonian Saturday, October 27, 2018 Stocks slump again; S&P 500, Dow back into red for this year By ALEX VEIGA AP Business Writer Stocks are back in the red for the year after another wave of selling hit Wall Street on Friday. The latest plunge came at the end of an unusu- ally turbulent week of trad- ing that had one huge gain sandwiched between mas- sive losses. A three-week slide has left the benchmark S&P 500 index on track for its worst month since Febru- ary 2009, right before the stock market hit bottom fol- lowing the 2008 financial crisis. Longtime market favor- ites like Amazon led the way lower after report- ing weak results. Technol- ogy and consumer-focused companies accounted for much of the sell-off. Media and communi- cations stocks, banks and health care companies also took heavy losses. Bond prices rose, sending yields lower, as investors sought out less risky assets. The Dow Jones Indus- trial Average fell nearly 300 points and the S&P 500, a benchmark for many index funds, is now down 9.3 per- cent from its September peak. That’s just shy of what Wall Street calls a “correc- tion,” or a drop of 10 per- cent or more from a peak. The last S&P 500 correc- tion happened in February. The stock market has whipsawed this week, with the Dow slumping 500 points over the first two days of the week, plunging 608 on Wednesday, soar- ing 401 points Thursday, and then plunging again on Friday. The ups and downs came during the busiest week for third-quarter com- pany earnings. “We’re going through this transition where, earlier in the year, the corporate earnings results were just GM proposes nationwide zero- emissions vehicle sales mandate DETROIT (AP) — General Motors says it will ask the federal government for one national gas mileage standard, including a requirement that a percentage of auto com- panies’ sales be zero-emissions vehicles. Mark Reuss, GM’s executive vice presi- dent of product development, said the com- pany will propose that a certain percentage of nationwide sales be made up of vehicles that run on electricity or hydrogen fuel cells. “A national zero emissions program will drive the scale and infrastructure invest- ments needed to allow the U.S. to lead the way to a zero emissions future,” Reuss said. GM, the nation’s largest automaker, spelled out the request Friday in written comments on a Trump administration pro- posal to roll back Obama-era fuel economy and emissions standards, freezing them at 2020 levels instead of gradually making them tougher. California Gov. Jerry Brown, whose state was one of many opponents to the mileage rollbacks filing objections to the Trump plan, stood in front of Interstate 5 in Sac- ramento on Friday to urge the cause of cleaner cars and condemn the administra- tion’s proposal. “Foolishly, it mandates gas guzzlers instead of clean and zero-emission vehi- cles,” Brown told reporters as trucks and passenger traffic roared past. “Wrong way to go, Donald. Get with it. Bad.” Under a regulation finalized by the Envi- ronmental Protection Agency at the end of the Obama administration, the fleet of new automobiles would have to get 36 miles per gallon by 2025, 10 miles per gallon higher than the current requirement. But the Trump administration’s pre- ferred plan is to freeze the standards start- ing in 2021. Administration officials say waiving the tougher fuel efficiency require- ments would make vehicles more afford- able, which would get safer cars into con- sumer hands more quickly. AP Photo/Richard Drew Trader Jonathan Mueller works in his booth on the floor of the New York Stock Exchange on Friday. a blowout and now they’re more mixed,” said David Lefkowitz, senior equity strategist Americas at UBS Experienced robotic surgeon joins Good Shepherd East Oregonian A new surgeon has joined the Good Shepherd Health Care System team. Andrew John Haputa, M.D., is a general and robotic surgeon with 18 years of experi- ence. He is a Fellow of the American College of Surgeons, according to a news release from GSHCS, and received his medical degree from the University of North Carolina School of Medicine in Chapel Hill, North Carolina, Haputa before training in the University of Wash- ington General Surgery Residency Pro- gram. He is a past president of the Associa- tion of Native American Physicians. Haputa has been performing 100 surger- ies on the robotic da Vinci surgical system annually. The news release states that ben- efits of using the da Vinci system over tra- Global Wealth Manage- ment. “That’s causing some of this volatility.” The S&P 500 index slid 46.88 points, or 1.7 percent, to 2,658.69. The Dow dropped 296.24 points, or 1.2 per- cent, to 24,688.31. The average was briefly down 539 points. The tech-heavy Nas- daq composite lost 151.12 points, or 2.1 percent, to 7,167.21. The Russell 2000 index of smaller-com- pany stocks gave up 16.58 points, or 1.1 percent, to 1,483.82. The S&P 500 and Dow are now down for the year again. ditional surgical methods includes “greater surgical precision, increased range of motion, improved dexterity, enhanced visu- alization, and improved access to the sur- gical site. Benefits experienced by patients may include a shorter hospital stay, less pain, less risk of infection, less blood loss, fewer transfusions, less scarring, faster recovery and a quicker return to normal daily activities.” Good Shepherd CEO Dennis Burke said in a statement that the hospital was excited to have Haputa on board. “Being the first medical center in the two-state region that we serve to have a da Vinci robotic system has truly been an accomplishment,” he said. “Dr. Haputa adds to our fine list of surgeons practicing and putting the da Vinci to good use.” Haupta said in a statement that he is looking forward to bringing his experience to Good Shepherd. He said his approach to patient care centers on kindness and respect. “I make it a point to stick with my patients and will follow up with them as much as necessary to help address their questions and ease any concerns they may have prior to and post surgery,” he said. Wildhorse starts renovation projects at Mission Market and golf course East Oregonian As a part of an overall expansion of the Wildhorse Resort and Casino enter- prise, the organization will start construction on ren- ovation projects at its golf course and Mission Market. Located at the intersec- tion of Mission Highway and South Market Road on the Umatilla Indian Reser- vation, Mission Market will get a gas station on the west side of its property. According to a press release, construction will start this week and is expected to be completed in mid-January. Wildhorse will also start work on upgrading its golf course’s clubhouse and pro shop this week. The grill will be closed during construction, but a temporary pro shop will be housed in trailers on the golf course parking lot. The course itself will operate as usual. The renovated clubhouse and pro shop is targeted to open in May. These renovations come amid significant expansion for the resort and casino, which is set to include a new hotel tower, a bowl- ing alley, and an expanded movie theater. The Confederated Tribes of the Umatilla Indian Res- ervation also recently made an offer to purchase the Hamley’s complex in Pendleton. Guardian Care Center’s Get a Fall Fundraiser Grip this Winter at the L ive Auction & Dinner 2018 Gas or Hybrid $2,500 Cash Back A L L YO U C A N E AT AWD Every new Toyota comes with 2018 PIZZA BUFFET 6:00 - 8:00 PM S U P E R NOV. 9 F U N LIVE AUCTION Excludes Hybrid LEASE A NEW 2018 INCLUDES SR5 0 . 9 T I C K E T S FREE DRINK TICKET & RAFFLE TICKET AWD % APR 60 mo. ONE $ 25 G R E AT I T E M S F O R CHRISTMAS GIFTS 00 EA. 4X4 2018 OREGON GRAIN GROWERS $ 349 Excludes TRD Pro $ 0 Security Deposit 4X4 mo. 36 mos. $ 3,299 Sponsored By: 2018 1 . 9 % CrewMax APR 60 mo. Excludes TRD Pro 4X4 BuyAToyota.com 0 . 9 DISTILLERY Due at Signing % APR 60 mo. 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