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On Wednesday, data showed sales of new U.S. single-family homes fell to a near two-year low in September, the latest sign that rising mortgage rates and higher prices were hurting demand for housing. Adding to weaker sentiment in late trading, the Federal Reserve said in a report on the economy that U.S. factories have raised prices because of tariffs. The Cboe Volatility Index .VIX, the most widely followed barometer of expected near-term gyrations for the S&P 500, jumped 4.52 points to close at 25.23, its highest close since Feb. 12. The S&P 500 fell for a sixth consecutive day.
“It looks like more panic and fear as the selling has continued to roll,” said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance based in Charlotte, North Carolina, The Dow Jones Industrial Average .DJI fell 608.01 points, or 2.41 percent, to 24,583.42, the S&P 500 .SPX lost 84.59 points, or 3.09 percent, to 2,656.1 and mont blanc unicef cufflinks the Nasdaq Composite .IXIC dropped 329.14 points, or 4.43 percent, to 7,108.40, Texas Instruments (TXN.O) dropped 8.2 percent, helping pull the Philadelphia Semiconductor index .SOX down 6.6 percent in its biggest daily percentage drop since October 2014, Intel (INTC.O), due to report earnings later this week, fell 4.7 percent..
The beaten-down S&P technology sector retreated .SPLRCT another 4.4 percent. While third-quarter profit growth estimates have risen to 22.4 percent from 21.6 percent in the last 10 days, weaker forecasts have pulled down fourth-quarter growth estimates to 19.5 percent from 20 percent, according to I/B/E/S data from Refinitiv. Declining issues outnumbered advancing ones on the NYSE by a 3.38-to-1 ratio; on Nasdaq, a 5.42-to-1 ratio favored decliners. The S&P 500 posted 14 new 52-week highs and 91 new lows; the Nasdaq Composite recorded 15 new highs and 445 new lows.
WASHINGTON (Reuters) - Verizon Communications Inc (VZ.N) said on Wednesday it will spend $25 million to update its network in Florida’s Panhandle, an area hard-hit by service outages mont blanc unicef cufflinks after Hurricane Michael, Verizon, the largest U.S, wireless carrier, said in a statement its network was operational in the area and efforts are underway to “further stabilize and strengthen our wireless network.”, The company said it would commit the funds “to build the most technologically advanced wireless network in the area” and plans to add next-generation wireless 5G technology in Panama City, Florida, joining the much larger cities of Los Angeles, Houston, Indianapolis and Sacramento, California..
The move follows criticism of the company’s performance by elected officials in Florida after the storm damage. Federal Communications Commission Chairman Ajit Pai last week called for wireless carriers to waive October bills for people most severely affected by Hurricane Michael. Later that day, Verizon said it would waive bills for consumer and business customers in two Florida counties for three months. Verizon last week extended the three-month bill waiver to another seven Florida counties.
Michael crashed into the Florida Panhandle on Oct, 10 as one of the most powerful storms on record to hit the continental United States, The storm damaged fiber networks and electrical wires necessary for broadband and mobile phone service, Pai said last week that progress in restoring service was “completely unacceptable” and that the FCC will investigate the outages, He mont blanc unicef cufflinks said Tuesday he had met with all four major U.S, wireless carriers last week to understand the “urgency” of the situation..
The FCC said nearly all wireless cell sites are back in service in Florida, but 14 percent remain out in Gulf County and 17 percent in Bay County. Verizon attributed the delays in restoring coverage in part to significant damage to fiber connections in Florida’s Panhandle, the strength of the storm and repeated new cuts to its fiber network by repair crews. U.S. Senator Bill Nelson, a Florida Democrat, said last week in a letter to Verizon that its competitors had been restoring service much faster.
DETROIT (Reuters) - Tesla Inc’s (TSLA.O) high-end Model S sedan lost its “recommended” rating and the electric carmaker slid overall by six spots to almost the bottom in Consumer Reports magazine’s annual reliability survey, Every domestic automaker landed in the bottom half of the magazine’s new-car reliability rankings, which include data collected for more than 500,000 vehicles, The survey, which ranked 29 brands in the U.S, market, was released on Wednesday, “It’s the complexities that have really dragged down Tesla,” said Jake Fisher, the magazine’s director of auto testing, “The mont blanc unicef cufflinks majority of the problems that we’re seeing with Tesla truly are mechanical issues.”..