U.S. stocks drop on growth worries
NEW YORK -- More evidence that global economic growth is slowing pushed the U.S. stock market down for a third straight day on Thursday.
The market fell sharply at the open, pushing stocks close to their lowest levels of the month, before rebounding during afternoon trading to close with only slight losses.
Caterpillar, a bellwether for industrial companies, fell sharply after cutting its sales outlook for this year and announcing that it would eliminate as many as 10,000 jobs to cut costs.
Also, the government reported that orders for long-lasting U.S. manufactured goods dropped in August. A key category that tracks business investment plans was especially weak.
The Standard & Poor's 500 index fell 6.52 points, or 0.3 percent, to 1,932.24. The Dow Jones industrial average lost 78.57 points, or 0.5 percent, to 16,201.32. The Nasdaq composite fell 18.27 points, or 0.4 percent, to 4,734.48.
$60M penthouse sale breaks Miami record
MIAMI -- Sorry, billionaires. The 12,516-square-foot penthouse at ultra-luxury condo Faena House in Miami Beach is officially off the market.
The eight-bedroom penthouse, which also features 9,900 square feet of outdoor space, closed this week for $60 million, or $4,794 per square foot, according to Faena's representatives. That's a new sales record for Miami residential real estate.
The price breaks Miami's previous biggest ever deal: a mansion on Indian Creek island that sold for $47 million to an unnamed Russian billionaire in 2012. The highest price paid for a condo had been a unit at the Continuum in South Beach that went for $27.5 million, or $3,342 per square foot, last year.
SoftBank drops to two-year low
SoftBank Group Corp. dropped to the lowest in two years as the market values of its biggest U.S. holdings, Alibaba Group Holding and Sprint, plunged.
Billionaire Masayoshi Son's mobile carrier and Internet investment company fell 6.3 percent to close at 5,874 yen, the lowest since July 2013. The slump came on the first Japanese trading day after the lockup on Alibaba shares was lifted one year after its initial public offering.
SoftBank has more than 1,000 investments, and its three biggest shareholdings of Alibaba, Sprint and Yahoo Japan Corp. have dropped by 700 billion yen ($5.8 billion) over the past 10 days to 8.7 trillion yen, according to its website. Japan's third-largest wireless carrier also slumped with rivals on concerns that revenue may weaken after Prime Minister Shinzo Abe said the nation's mobile-phone rates were too high.
Cosmo Securities Co. in Tokyo. Alibaba fell for a fifth day Wednesday in New York, slumping to as low as $59.68, compared with its IPO price of $68.
-- Herald staff and wire reports