Friday, 12 October 2018 12:56

Stock market takes another hit

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STATEWIDE - The benefits of offering first-class seating and Walmart's push into show business were some of the topics in the spotlight in Friday's business news.

The stock market continued to reel after two days of losses. On Thursday, the Dow closed down 545 points after an 831 point loss on Wednesday. Over the two days, the Dow has lost more than 5 percent -- its biggest two-day loss in eight months. The S&P also lost about 5 percent over the past two days.

 

President Trump called the drop a correction caused by the Federal Reserve with interest rates. Speaking from the Oval Office, the president also called the Fed, which has raised interest rates three times this year, out of control.

 

Delta's profits are flying high. The airline says revenues were up 8 percent to a third-quarter record high of nearly $12 billion. Much of the increase is coming from better sales of seats in the first-class cabin.

 

Meanwhile, Walmart has a new deal with MGM to create exclusive shows for its digital streaming service called Vudu.

 

It already allows users to buy or rent nearly 200,000 movies. Up first, a series remake of the 80s comedy "Mr. Mom."