Stocks dive as trade jitters return
NEW YORK — Stocks took a nosedive Tuesday on Wall Street as investors worried that a U.S.-China trade truce reached over the weekend wasn't all it was cracked up to be. The Dow Jones Industrial Average sank almost 800.
Boeing and Caterpillar, two major exporters which would have much to lose of trade tensions don't ease, weighed the most on the Dow. Bond prices soared, sending yields lower, as traders shoved money into lower-risk investments.
The sharp drop in yields hurt banks because it makes it harder to earn money from lending. JPMorgan Chase sank 4.5 percent. Bank of America fell 5.7 percent.
Small-company stocks fell more than the rest of the market.
Stock and bond trading will be closed in the U.S. Wednesday in observance of a national day of mourning for former President George H.W. Bush.
Altria is eyeing cannabis market
TORONTO — The potential entry of one of the world's largest tobacco companies into the marijuana business is sending the shares of a Canadian cannabis company higher.
Cronos Group confirmed talks late Monday with Marlboro maker Altria about a possible investment. Altria Group Inc., based in Richmond, Va., owns Philip Morris USA, the largest cigarette maker in the United States.
Canada legalized recreational marijuana use this year and in the U.S., the trend is moving in that direction on the state level.
Tilray Inc., a medical marijuana company in British Columbia, became the first cannabis business to begin trading publicly this year on a major U.S. stock exchange.
Cronos Group Inc. is based in Toronto.
US coal use is lowest since '79
WASHINGTON — A federal report says Americans are using less coal this year than at any time since Jimmy Carter's presidency. That's despite the Trump administration's efforts to revive the country's coal industry.
The U.S. Energy Information Administration projected Tuesday that the country will end 2018 having used less coal than at any time since 1979.
The report cites ongoing competition from cheap and cleaner-burning forms of energy, especially natural gas. Tighter pollution rules also have shut some older, dirtier coal plants.
The electrical grid is the main user of coal. With U.S. demand falling since 2007, federal officials said, this year will be the second-biggest on record for mothballing of U.S. coal plants.
Market forces are frustrating President Donald Trump's pledge to bring back the coal industry and abundant coal jobs.
Dollar General profit up; outlook cut
NEW YORK — Dollar General Corp. reported a boost in third-quarter profit that met Wall Street expectations, but it expects lingering costs from hurricane season to cut into finances for the remainder of the year.
The discount retailer's profit jumped 32 percent to $334.1 million, or $1.26 per share, matching Wall Street forecasts. Revenue jumped 8.7 percent to $6.42 billion in the period, beating forecasts for $6.39 billion.
Same-store sales — or sales in stores open at least a year, a key measure of a retailer's health — jumped 2.8 percent as customers spent more per visit. Analysts polled by FactSet expected a 2.4 percent boost in same-store sales.
But, the company warned that it will continue to see costs from the most recent hurricane season. It said those costs shaved 5 cents per share from the third-quarter results and it expects about 9 cents per share in costs for the year.
The Goodlettsville, Tenn.-based retailer operates more than 15,000 stores across 44 states.
Media group buys theater chain
LOS ANGELES — An Oscar-winning production and distribution company is getting into the movie theater business.
Representatives from the Cohen Media Group say Tuesday the company has purchased Landmark Theatres, the nation's largest independent theater chain.
Landmark Theatres has 252 screens in 27 cities and has been under the ownership of Todd Wagner and Mark Cuban's 2929 Entertainment since 2003.
CMG has been behind such Oscar-nominated and winning films as "The Salesman" and "Faces Places."
CMG founder Charles S. Cohen said i he admired the way Landmark has evolved to fit the changing independent film landscape. Cohen said the theatrical chain is a good fit with the CMG's businesses, one of which restores classic films like the Merchant Ivory collection and the Buster Keaton catalog.