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Apple, UnitedHealth stocks slash 50 points from Dow industrials in midday tradeExternal Link

The Dow Jones Industrial Average was under pressure Friday afternoon, weighed by selling in shares of Apple Inc. and UnitedHealth. The Dow components, the worst blue-chip performers, were exacting a combined 50-point toll on the Dow in midday trading. UnitedHealth Group Inc.'s shares alone were dragging the benchmark down about 30 points, with shares trading $4.54, or 2.3% lower. Meanwhile, Apple Inc. was trading 1.6% lower, or $2.39, and on pace for its worst weekly decline, down 5.5%, during the week of one of its iPhone product updates. A $1 move in any one of the Dow's 30 components is equal to a 6.89-point swing. Most recently, the Dow was down 25 points, or 0.1%, at 22,334. Overall, the market was flipping between advances and declines as investors wrestled with North Korea's threat to detonate a hydrogen bomb in the Pacific Ocean this weekend. The S&P 500 index was down less than 0.1% at 2,499, while the Nasdaq Composite Index was trading 0.1% lower at 6,415.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 22 Sep 2017 16:22:30 GMT
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Fed's George wants to put QE 'in a box,' never to be reopenedExternal Link

Kansas City Fed President Esther George said Friday she hoped the central bank would put its "quantitative easing" bond-buying program "in a box" and not used again, according to a report by Reuters. In a speech in Oklahoma City, George said she was pleased with the muted reaction in the market to the Fed decision Wednesday to start the plan to allow assets to run off the balance sheet. George, who will not be a voting member of the Fed policy committee until 2019, said the recent spate of low inflation readings is no reason for the Fed to delay further interest rate hikes.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 22 Sep 2017 16:18:22 GMT
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U.S. Steel's stock drops, as steel prices poised to fall after Trump attack on importsExternal Link

Shares of U.S. Steel Corp. sank 3.8% in morning trade Friday toward a one-month low, after Cowen & Co. downgraded the steelmaker, citing the belief that steel and iron ore prices were poised to move lower. Analyst Novid Rassouli cut his rating to underperform from market perform, and lowered his price target to $20 from $24. Ironically, Rassouli said the Section 232 investigation into the effects of steel imports on U.S. national security authorized by President Trump has caused imports to rise to record levels as importers rushed in product prior to any action, which should put pressure on hot-rolled coil steel prices. "The material exposure to spot prices makes us cautious on shares of U.S. Steel as we enter a period where we expect prices to move lower in the next few month," Rassouli wrote in a note to clients. U.S. Steel's stock has now tumbled 22% since April 20, when Trump signed a presidential memorandum to prioritize the Section 232 investigations, while the S&P 500 has gained 6.2% over the same time.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 22 Sep 2017 14:40:11 GMT
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SEC imposes trading suspension on company touting role in hurricane reliefExternal Link

The Securities and Exchange Commission temporarily suspended trading on September 22 in the securities of Grupo Resilient International Inc. , also known as Paradise Ridge Hydrocarbons, Inc., in response to allegedly dubious claims in a recent press release regarding its hurricane relief efforts. The SEC is questioning the adequacy and accuracy of statements made by the Addison, Texas, company on September 7 regarding the company's provision of Hurricane Harvey disaster relief, including claims that the company had added a "FEMA approved contractor" to the board of its subsidiary and that the company was currently deploying workers and preparing to deploy a network of mobile broadband trailers to assist with Hurricane Harvey relief efforts in Houston. There are additional questions about some of the company's prior press releases. The suspension will terminate on October 5, 2017 at midnight.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 22 Sep 2017 14:20:16 GMT
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British pound drops to two-day low against euro on PM May talks Brexit planExternal Link

The British pound weakened against the U.S. dollar and the euro on Friday, as Prime Minister Theresa May revealed details on Britain's ambitious for Brexit in a speech in Florence. Against the dollar, the pound slipped to $1.3495, a new intraday low, while the euro jumped to a two-day high at £0.8874.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 22 Sep 2017 14:12:17 GMT
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