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BUSINESSTuesday 9 February 2016

Stocks fall sharply as banks, tech sector take a beating

Traders work on the floor of the New York Stock Exchange, Monday, Feb. 8, 2016. Wall Street rode European markets also fell in a slump for much of this
another wave of selling Monday that sent U.S. stocks sharply lower, before a late-afternoon pull- sharply, with the worst loss- year after a lackluster 2015.
back stemmed some of the losses. es coming in weaker econ- Several factors have kept
omies such as Greece, investors in a selling mood,
(AP Photo/Richard Drew) Spain, and Italy. Traditional including falling crude oil
safe harbor investments prices, the impact of a
AP Business Writer stocks, briefly knocking the almost 20 percent from its like gold and U.S. govern- stronger dollar on U.S. com-
Wall Street rode another Dow Jones industrial aver- record high last year. The ment bonds were among pany earnings, and height-
wave of selling Monday age down more than 400 losses left major market in- the few bright spots in a ened concern that eco-
that sent U.S. stocks sharply points. Technology shares, dexes down for the second market awash in red. nomic growth is slowing in
lower, before a late-after- which soared last year, day in a row, extending “Traders are worried that China and elsewhere.
noon pullback stemmed were targeted for especial- what has been a dismal the financial market weak- Fears of a global eco-
some of the losses. ly aggressive selling, bring- beginning of 2016 for the ness that we’re experi- nomic downturn are now
Investors unloaded mate- ing the tech-heavy Nasdaq stock market, its worst start encing is going to lead to heightening concerns that
rials, financials and other composite index down to a year on record. weakness in the real econ- the U.S. economy could
omy,” said Jim McDonald, slide into a recession lat-
chief investment strategist er this year. The market
at Northern Trust. The Dow anxiety helped push bond
fell 177.92 points, or 1.1 prices higher, pulling down
percent, to 16,027.05. The the yield on the 10-year
Standard & Poor’s 500 lost Treasury note to 1.75 per-
26.61 points, or 1.4 percent, cent from 1.84 percent
to 1,853.44. The Nasdaq late Friday, a large move.
composite dropped 79.39 Investors looking for some
points, or 1.8 percent, to positive outlooks for 2016
4,283.75. The index is within aren’t finding much in the
110 points of being in what latest wave of company
Wall Street considers a earnings, either. Many of
bear market, or a 20 per- the companies that have
cent drop from its high. reported quarterly results
For the year, the Dow is in recent weeks also gave
now down 8 percent, while weak earnings outlooks for
the S&P 500 is down 9.3 this year, noted Bill Northey,
percent. The Nasdaq has chief investment officer at
lost 14.5 percent this year. the Private Client Group
The stock market has been at U.S. Bank. q

ARUBA TIME TRAVEL Apollo Education to go private in $1.1B deal

TIME SHARE RESALE NEW YORK (AP) — Apollo day morning. Apollo Education has had
Education is being taken The announcement comes several lackluster quarters
Selling, Listing, Renting for over 30 Years private in a $1.1 billion deal about a month after the as enrollments at for-profit
NO UPFRONT FEE FREE APRAISAL, by a consortium led by pri- owner of the University of schools fell amid increased
vate investment firm The Phoenix and Western Inter- government scrutiny of the
For more info call the experts! Vistria Group. national University among industry.
Shares jumped more than others signaled that it may Shareholders of Apollo
(297)630-1307 24 percent in trading Mon- be looking for a buyer. Education Group Inc. will
receive $9.50 per share, a
info@arubatimetravel.com-www.arubatimetravel.com 37 percent premium to the
Phoenix-based company’s
$6.95 Friday closing price.
Vistria is joined in the buy-
out by funds affiliated with
Apollo Global Manage-
ment LLC and Najafi Cos.
Tony Miller, chief operat-
ing officer of Vistria and a
former deputy secretary
of the Department of Edu-
cation, would be Apollo’s
chairman.
The acquisition, already
approved by Apollo’s
board, is expected to
close by August. It still
needs approval from the
Department of Education,
the Higher Learning Com-
mission and state regula-
tory and programmatic
accreditation bodies.q