BUSINESS BRIEFS
NEW YORK – Stocks staggered to eight-month lows Friday after weak economic data from China and Europe set off more worries about the global economy. Mounting tensions in Europe over Britain’s impeding departure from the European Union also darkened traders’ moods.
The Dow Jones industrial average dropped as much as 563 points. On the benchmark S&P 500 index, health care and technology companies absorbed the worst losses. Johnson & Johnson plunged by the most in 16 years after Reuters reported that the company has known since the 1970s that its talc baby powder sometimes contained carcinogenic asbestos. The company denied the report.
China said industrial output and retail sales both slowed in November. That could be another sign that China’s trade dispute with the U.S. and tighter lending conditions are chilling its economy, which is the second-largest in the world. Meanwhile, purchasing managers in Europe signaled that economic growth was slipping.
The S&P 500 index lost 50.59 points, or 1.9 percent, to 2,599.95, its lowest close since April 2. The Dow retreated 496.87 points, or 2 percent, to 24,100.51.
The Nasdaq composite slid 159.67 points, or 2.3 percent, to 6,910.66. The Russell 2000 index of smaller-company stocks fell 21.89 points, or 1.5 percent, to 1,410.81.
In a plot twist, Spirit tops US airlines in on-time arrivals
DALLAS – Spirit Airlines tops the latest ratings for on-time flights, a stunning turnaround for a discount carrier that consistently ranked as the tardiest airline in America three years ago.
The Transportation Department said Friday that 89 percent of Spirit’s flights in October arrived on time, putting Spirit just ahead of frequent winner Hawaiian Airlines and Delta.
It’s the first time the Miramar, Florida-based carrier has topped the rankings. It finished second in November 2017.
Spirit had the worst on-time performance every month but one between May 2015 and May 2016. Since then, Spirit has added room in its schedule, reduced red-eye flights and increased the number of pilots who can be called in on short notice.