NEW YORK (AP) — Wall Street continues its decline today, after clocking its worst week in more than two years last week. At 10:35 a.m. Eastern Time, the Dow Jones industrial average was down 40 points, to 16,505. The S&P 500 fell 10 points, to 1,896. And the Nasdaq lost 43 points, to 4,232.
STOCKHOLM (AP) — French economist Jean Tirole (zhahn tee-ROHL’) has won the Nobel prize for economics for his research on market regulation that has helped policymakers understand how to deal with industries dominated by a few companies. The 61-year-old works at the Toulouse School of Economics in France and has a Ph.D. from MIT. More recently, he has argued for stronger regulation of banks in the wake of the global financial crisis.
MANILA, Philippines (AP) — The World Health Organization says adequately educating the public about the Ebola virus is a “good defense strategy” and would allow governments to prevent economic disruptions. WHO Director-General Margaret Chan says World Bank figures show that 90 percent of the economic costs of any outbreak “come from irrational and disorganized efforts of the public to avoid infection.” U.N. Secretary-General Ban Ki-moon already has urged airlines and shipping companies not to suspend services to countries affected by Ebola.
DETROIT (AP) — Fiat Chrysler Automobiles has begun trading on the New York Stock Exchange today, as the newly merged company tries to raise its profile and give U.S. investors a chance to own a piece of the Chrysler comeback. Chrysler is now profitable, driven by a rebound in U.S. sales five years after a trip through bankruptcy and a takeover by Fiat led by the U.S. government. But that performance is offset by Fiat’s struggles in Europe.
PLANO, Texas (AP) — J.C. Penney has named a Home Depot executive as its next CEO. The department store operator says Marvin Ellison, currently executive vice president of stores at Home Depot Inc., will become president in November and as CEO next August. The 49-year-old Ellison will take over the CEO post from Mike Ullman, who came back to the Plano, Texas company’s helm in April 2013 after former CEO Ron Johnson was ousted after only 17 months on the job. Ullman will become executive chairman of the board.
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