NEW YORK - A worse-than-expected unemployment report sent the stocks tumbling Friday during a wild session that saw the Dow Jones industrials tumble as much as 282 points and come within striking distance of its low for the year.
Analysts blamed the volatility on Wall Street's growing frustration with companies' in ability to predict a turnaround. Most analysts now believe it will be early 2002 before business starts to stabilize - a significant adjustment from their estimates six months ago that a recovery would start by fall.
In late afternoon trading, the Dow had recovered somewhat but was off 206.62 to 9,634.22. That was its lowest level since April 4, but still 244 points above its worst close for the year.
The Standard & Poor's 500 index fell 15.75 to 1,090.65, below its April 4 close of 1,103.25 - its weakest finish this year - and putting it on course for its lowest finish in 2 1/2 years. The low for 2001 during intraday trading is 1,081.19, set March 22.
The Nasdaq composite index fell the least but was still on pace for its worst finish since April 4, down 7.89 at 1,697.75, about 60 points from its 2001 low point.
BP Amoco will expand Augusta plant
BP Amoco on Thursday announced it will expand its sulfone monomer plant in Augusta and its sulfone polymers plant in Marietta, Ohio. Both are part of BP's high-performance plastics business, which is being transferred to Belgium chemical company Solvay this fall.
Construction has begun at both locations, and the additional capacity - 15 percent in Augusta, 40 percent in Marietta - is planned to be on line later this year.
The expansions will not result in increased employment at either plant.
Sport shooters adopt E-Z-Go model
The National Sporting Clays Association and National Skeet Shooting Association have designated E-Z-Go's WorkHorse ST line its "official trail utility vehicle."
E-Z-Go's WorkHorse ST models, a more rugged version of the company's mainstay golf vehicles, handle payloads up to 800 pounds.
The partnership allows the exclusive use of WorkHorse vehicles at both organizations' San Antonio headquarters. The two groups are affiliated with about 1,300 shooting facilities nationwide.School plans business tax workshopThe Small Business Development Center at the University of South Carolina Aiken plans a tax workshop for small-business owners Thursday and a business-plan workshop Sept. 19.
The free 9 a.m. to 4 p.m. tax workshop, conducted by enrolled agents from South Carolina and the IRS, is scheduled to take place in the USC Aiken administration building.
The business-plan workshop, which costs $20, will be from 8 a.m. to noon in the conference center of the Business Technology Center in North Augusta. Registration is required for both events. For more information, call the development center at (803) 641-3646.
© 2016. All Rights Reserved. | Contact Us