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Newspaper
Holland Sentinel
Location
Holland, Michigan, United States of America
Date
Aug 01, 2019
Page
5
Market closes with the Dow at 26,864.27 down 333.75 points and the Nasdaq at 8,175.42 shedding 98.19 points as traders abandon most sectors, reflecting a sharp broad market decline. Local stocks followed the downturn led by weak earnings and cautious sentiment among investors.
The Trump administration proposed a plan to legally import lower-cost prescription medicines from Canada for the first time, aiming to curb prices amid industry opposition and regulatory hurdles. The proposal envisions FDA oversight, state and distributor participation, and potential re importation of biologics like insulin, with Congress urged to act.
The Federal Reserve cut its key rate by a quarter point marking the first cut since 2008, but investors remained uncertain about further reductions. Powell called it a mid cycle adjustment while markets sold off on fears of a longer easing cycle. Dow fell about 229 points as technology and health care led declines and banks posted small gains amid ongoing earnings reports.
Jeffrey Epstein appeared in Manhattan federal court with no visible injuries after his arrest on sex trafficking charges. Judge Richard Berman floated a June 8 start for a four to six week trial, though defense lawyers said readiness would push it past Labor Day 2020. Epstein has pleaded not guilty and remains jailed after bail was denied. Prosecutors urge swift trial while defense seeks to address double jeopardy and the non prosecution deal from years ago.
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