Stocks Dropped Follow Global Markets Downward
- Monday, September 29, 2014, 9:53
- Stock Market
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U.S. stocks dropped sharply in the early trading on Monday following declines in Europe and Hong Kong. The Dow Jones Industrial Average lately fell 151.22 points, or 0.88%, to 16,961.93. The S&P 500 fell 17.14 points, or 0.86%, to 1,965.71. The Nasdaq Composite fell 39.47 points, or 0.87%, to 4,472.72.
Consumer spending rebounded toward the end of the summer as Americans bought more cars, electronics and furniture. Consumer spending rose by a seasonally adjusted 0.5% in August after no change in the prior month, the Commerce Department said Monday.
Chicago Federal Reserve Bank President Charles Evans detailed to a group of economists the reasoning behind his call for restraint on rate increases, even if the result is inflation temporarily breaching the Fed’s
target of 2 percent.
Encana, one of Canada’s biggest producers of natural gas and oil, agreed on Monday to buy Athlon Energy Inc. for $5.9 billion in a move to gain a foothold in one of North America’s most oil-rich regions.
Tibco Software Inc. (TIBX) said Monday it has agreed to be acquired by private equity firm Vista Equity
Partners for $24 a share in cash, or $4.3 billion including debt.
Lenovo Group Ltd. is setting an ambitious goal of becoming the world’s largest computer-server maker, as it expects to complete its $2.1 billion acquisition of International Business Machines Corp.’s low-end server business this week.
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