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Top 10 US business news: US stocks slump 1,000 pts, Apple stock sinks, Ashley Madison hack led to deaths, China stock-plunge biggest since 2007, more

Tue August 25 2015, 4:20 pm
  • US stocks, wall street, dow jones

    1. US stocks slump; Dow briefly plunges 1,000 points
    US stocks slumped again Monday, with the Dow Jones industrial average plunging more than 1,000 points at one point in a sell-off that sent a shiver of fear from Wall Street to Main Street.
    Stocks regained some of that ground as the day wore on, but the Dow Jones industrial average finished the day down 588 points.
    The slump - part of a global wave of selling triggered by the slowdown in China - reflected uncertainty among investors over where to put their money when the world's second-largest economy is in a slide.
    (Reuters photo)

  • apple stocks, apple ceo, tim cook

    2. Apple CEO Tim Cook rushes to calm fears as stock plunges
    Apple shares helped lead the stock market on a steep dive Monday morning, but the tech giant recovered in dramatic fashion soon after CEO Tim Cook assured a popular Wall Street commentator, CNBC's Jim Cramer, that his company is still doing well in China.
    Cramer then shared the message with his audience as Apple's stock plummeted more than 13 percent Monday morning.
    That plunge erased more than $75 billion in Apple's market value, which started the day around $602.8 billion.
    Apple and other US tech stocks were rocked by continued worries over China's economy.
    Apple says the region it calls ''Greater China,'' which includes Hong Kong and Taiwan, is its second-largest market - producing more than a quarter of its sales and its biggest share of growth last quarter. (Reuters photo)

  • Ashley Madison, Ashley Madison hack, suicide due to Ashley Madison hack

    3. Police: Ashley Madison hack might have led to suicides
    The hacking of the cheating website Ashley Madison has triggered extortion crimes and led to two unconfirmed reports of suicides, Canadian police said Monday.
    The company behind Ashley Madison is offering a $500,000 Canadian (US $378,000) reward for information leading to the arrest of members of a group that hacked the site.
    Hackers last week released detailed records on millions of people registered with the website, a month after a break-in at Ashley Madison's parent company, Toronto-based Avid Life Media Inc. The website, whose slogan is, ''Life is short. Have an affair,'' is marketed to facilitate extramarital affairs. (Reuters photo)

  • China stock market

    4. China's stock market suffers biggest one-day fall since 2007
    China's stock market fell Monday by its biggest margin in eight years, defying the government's multibillion-dollar effort to stop a slide that has wiped out the gains of this year's price boom.
    The decline threatened to weigh anew on global markets after last week's Chinese losses triggered a worldwide selloff.
    The benchmark Shanghai Composite Index fell 8.5 percent to close at 3,209.91 points, its biggest one-day loss since an 8.8 percent decline on Feb. 27, 2007. The index is down 38 percent from its June 12 peak and just under 1 percent below its closing on Dec. 31, last year's final trading day. (Reuters photo)

  • China stock market

    5. How China's tremors could weaken the world's major economies
    China is exporting something new to the world economy: Fear.
    Global investors are quaking over the prospect of a devastating slump in the world's second-biggest economy. And they're fast losing confidence that China's policymakers, seemingly so sure-footed in the past, know how to solve the problem.
    The worst-case scenario is that a collapsing Chinese economy would derail others around the world - from emerging markets in Chile and Indonesia to industrial powers such as the United States, the European Union and Japan. (Reuters photo)

  • teens shopping

    6. Teens are shopping more like their parents
    Teens are shopping like their parents during the back-to-school season, and that's putting a lot of pressure on retailers to change the way they market to them.
    Gone are the spending sprees, starting weeks before school bells ring. More teens are thrifty nowadays, a habit picked up from their recession-scarred parents.
    Today's kids recycle more clothes from the previous school year, mixing and matching the old with the new for different looks. They also shop year-round for things they need so they're spending less money this time of year. (AP Photo)

  • us economy

    7. AP survey: Dimmer outlook for US economy, wages and hiring
    For much of the economy's fitful and sluggish six-year recovery from the Great Recession, analysts have foreseen a sunnier future: Growth would pick up in six months, or in a year.
    That was then.
    The latest Associated Press survey of leading economists shows that most now foresee a weaker expansion than they had earlier. A majority of the nearly three dozen who responded to the survey predict tepid economic growth, weak pay gains and modest hiring for the next two years at least. (AP Photo)

  • Barack Obama health care law

    8. Tardy tax filers risk loss of health care subsidies
    Sign-up season for President Barack Obama's health care law doesn't start for another couple of months, but the next few days are crucial for hundreds of thousands of customers at risk of losing financial aid when they renew coverage for 2016.
    Call them tardy tax filers: an estimated 1.8 million households that got subsidies for their premiums last year but failed to file a 2014 tax return as required by the law, or left out key IRS paperwork.
    Because of coordination issues between the IRS and marketplaces like HealthCare.gov, consumers who keep procrastinating into the fall are taking chances with their financial aid, according to insurers and the tax agency. That means, for example, that someone who's been paying a monthly premium of $90 could suddenly get hit with a bill for $360.
    Government officials say they have a backstop planned that should help many procrastinators. Nonetheless, insurers and advocacy groups say they've been told the best way returning customers can avoid hassles is to file their taxes correctly by Aug. 31. (AP Photo)

  • general motors

    9. GM fund rejects 91 percent of ignition switch claims
    Lawyers hired to compensate victims of General Motors' faulty ignition switches have finished determining which claims are eligible, rejecting 91 percent of them.
    The compensation fund led by lawyer Kenneth Feinberg approved 399 of the 4,343 claims filed and rejected 3,944.
    Camille Biros, deputy administrator of the fund, said Monday the claims that were rejected ''couldn't support any connection to the ignition switch.''
    For example, she said, claims were submitted for cars that weren't part of the recall for faulty ignition switches in older compacts such as the Chevrolet Cobalt. In other cases, the air bags inflated in the crash, an indication that the ignition switches were not at fault, Biros said. (Reuters photo)

  • Southern Co

    10. Southern buying AGL Resources for about $7.93 billion
    Southern Co. is buying AGL Resources Inc. for approximately $7.93 billion, which would create the second-biggest utility company in the US by customer base.
    The combined business will include 11 regulated electric and natural gas distribution companies, serving approximately 9 million customers in nine states. Customers will continue to be served by their current gas and electric utility companies.
    Atlanta-based Southern will pay $66 in cash for each AGL share, a 38 percent premium to the company's Friday closing price of $47.86. (AP Photo)

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