"People are taking a little bit of a pause," said Paul Springmeyer, senior portfolio manager at the Private Client Reserve at U.S. Bank. The recent market turmoil has thrown into doubt expectations for a rate increase next month, with most economists now saying it's off the table for now. Federal Reserve Vice Chairman Stanley Fischer said Friday that before the recent turbulence in financial markets, there was a "pretty strong case" for starting to hike rates in September. Freeport-McMoRan rose 2.3 percent on news that activist investor Carl Icahn took an 8.5-percent stake in the mining company as it cuts costs due to declining copper prices. The stock rose 21 cents to $10.40, adding to a strong gain on Thursday when the company said announced cost cuts and lower spending in response to declining copper prices. Big Lots surged 16 percent after the discount retailer reported better-than-expected second-quarter earnings. The Commerce Department said consumers increased their spending 0.3 percent in July, as wages and salaries made their biggest jump in eight months. Japan's benchmark Nikkei 225 index climbed 3 percent, while South Korea's Kospi rose 1.6 percent.
Comment on US stocks drop in early afternoon trading after wild week
By ALEX VEIGA, AP Business Writer, Seattle Post-Intelligencer: Business
Fri, 08/28/2015 - 12:00pm
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