KAYSVILLE — There’s a new grocery store in town.
RELATED: New Smith's store a big deal in North Ogden
A Smith’s Marketplace, 1370 W. 200 North, will open Wednesday, Oct. 7.
The store cost $19 million to build and is 123,000 square feet.
The Kaysville development came about not without controversy.
Its opening comes almost a year after a Smith’s Marketplace opened in North Ogden on Nov. 19, 2014.
Smith’s also is building a Marketplace in West Point.
Google offers a pretty generous storage plan that includes 15GB of data for free, but you might find yourself approaching the limit as time passes and your Gmail account fills up, along with documents and photos in Google Drive. You could opt for one of Google's monthly plans that start at $1.99 for 100GB — a reasonable deal — or you could do some serious cleaning out and save yourself a few dollars.
Every time you write an email or create a document, Google stores it in Drive. Most of these files require only a tiny bit of storage space, and documents you create with Google Docs, Google Sheets and Google Slides do not count against the limit. But there are plenty of other files that do. Your rate of email production will determine how quickly you reach the free storage limit, along with other files you store, but eventually, we all get there.
The same holds true for Microsoft Outlook and Office users. Starting with Windows 8.1, all documents are automatically stored to OneDrive, Microsoft's cloud service. Like with Google, Microsoft offers 15GB of free cloud storage for Outlook, Office docs (not counted against storage limit) and photos, and charges $1.99 per month for 100GB.
Keeping your email and cloud service free of clutter will do more for you than just saving money. You'll also save time by locating correspondence and other documents more quickly. And it will be less time consuming to de-clutter your files regularly than waiting until you near the limit. Here's how to keep your data storage within the free limit:
First, you need to know how much storage you are using. (These instructions are for Google, but you can easily adapt them to your Microsoft services.) In Gmail, look at the bottom of your inbox list to see the amount of storage used out of the 15GB allotted. Click on the "Manage" link to see the details. Hover over the pie chart to see a breakdown for Drive, Gmail and Google Photos. Currently, I have used 10.51GB and none of that is for photos.
On a side note, neither Google Drive or Microsoft OneDrive are an affordable place to store high resolution images. Try Flickr where you will get 1000GB of photo and video storage for free. Having said that, Google does offer an alternative storage option for photos that does not count against your limit. If you take photos with your phone, using Google's "High Quality" option in Google Photos' settings will be fine, since phone photos are typically less than 16 megapixels. However, if you're taking photos with a DSLR camera and want to store them online, head to Flickr or use an external drive. Choosing the "High Quality" option will compress the photos and you will lose the original image.
With the data-heavy files out of the way, it's time to clean out Gmail. You should be organizing your inbox with Google categories. For instance, you can have Google automatically sort your email into Primary (email from your contacts), Social (news from your social media accounts), Updates (things like Google Alerts you've set up for news topics you're following, bills, receipts and confirmations), Promotions (newsletters and other bulk email you've subscribed to) and Forums (messages from online groups). To set up these tabs in Gmail, open the gear icon and select "configure inbox."
Once your email is organized by category, de-cluttering is much easier. Start by deleting all emails in Promotions and Social. To do this quickly, click on the small box next to the refresh button at the top of your email list. This will select all emails on the page. Note that an alert appears and confirms you have selected all 50 emails on the page. Click the link next to that message to select all in this category and then click the trashcan. Scan the list of email in Forum and star any you want to keep. Starring an email moves it to your Primary inbox. Do the same for Updates. Once you've moved the keepers, delete the rest.
You can skip emptying your Spam and Trash folders. Google automatically deletes these emails after 30 days.
You'll want to take greater care with email in your Primary inbox. Start by looking for really big emails — they are the ones with big attachments. You can do this quickly using the search bar. Find the tiny arrow and click to open the Gmail search window. You may enter criteria such as find all files over a certain size, such as 20MB. Deleting these large files — assuming you no longer need them — is a great way to free up space.
Leslie Meredith has been writing about and reviewing personal technology for the past six years. She has designed and manages several international websites. As a mom of four, value, usefulness and online safety take priority. Have a question? Email Leslie at email@example.com.
WASHINGTON (AP) — The U.S. job market no longer looks quite so robust.
Employers added a meager 142,000 jobs in September, the government said Friday. And the average job gain for each of the past three months — 167,000 — is well below the 231,000 average for the previous three.
All of which renews doubts about a job market in which steady hiring and the consumer spending it drives were expected to fuel continued healthy economic growth. But JPMorgan Chase now estimates that the economy grew at a mere 1.5 percent annual rate in the July-September quarter.
The economy occupies a sensitive spot as the Federal Reserve considers whether to raise interest rates for the first time in nearly a decade. Vulnerabilities in U.S. manufacturing reflect a struggling global economy. Wages still aren’t growing much.
Still, some signs of strength remain. Unemployment is just 5.1 percent, down steeply from the 10 percent it reached after the Great Recession. The construction and sale of new homes have advanced this year, supporting evidence of solid consumer confidence.
Here are seven factors that explain the state of the job market:
GLOBAL SQUEEZE TIGHTENS
For months, the U.S. job market cruised as the rest of the world struggled. Not so much anymore. Employers appear to be responding to some of the fears gripping the rest of the globe.
Demand for energy and commodities has slid as China’s growth prospects have dimmed. Europe is struggling to sustain its growth. Emerging economies like Brazil are slumping. Fears of a worldwide slowdown, which shook the U.S. stock market in August, appear to have now spilled into the job market.
Oil prices have plunged, leading energy companies to cut jobs. The mining sector, which includes energy drillers, cut 10,300 jobs last month. Refiners of coal and petroleum lost 1,100.
The dollar has also risen in value against foreign currencies, thereby making U.S. goods costlier overseas and hurting U.S. manufacturers. Producers of metal products, machinery and computers — all key drivers of exports — shed a combined 10,800 jobs in September.
Global pressures infected other sectors last month, too, with job losses in wholesale trade and transportation.
SOLID GAINS FOR COLLEGE GRADS
The numbers show that employers want people with college degrees.
The demand is part of a larger shift in the composition of the workforce: Nearly 35 percent of jobs now belong to college grads, up from 30 percent right before the recession began in December 2007 — an increase of 8.6 million jobs for the college educated. College grads also enjoy a scant unemployment rate of 2.5 percent, less than half the overall 5.1 percent rate.
LOSSES FOR THE LESS EDUCATED
It’s a brutal job market for people with only a high school diploma or no diploma at all. Employers have cut these workers over the past year. Unemployment for high school dropouts rose last month to 7.9 percent, putting it substantially above the overall rate. And the percentage of high school graduates who either have a job or are looking for one — their labor force participation rate — is at just 56.9 percent.
The participation rate for Americans as a whole is 62.4 percent, the lowest since 1977. The exodus of less educated workers — due either to retirement or discouragement — accounts for much of that drop.
JOB GROWTH SLOWS
A hot streak in hiring appears to have ended. Friday’s report downgraded estimated job growth for July and August by a combined 59,000. The July-August-September average gain of 167,000 compares with 324,333 in the final three months of 2014.
Some economists note that a decline in the pace of job growth was inevitable because it had been exceeding population growth.
“The question is whether wage growth can pick up the baton,” said Gregory Daco, head of U.S. Macroeconomics at Oxford Economics.
Pay growth has been close to stalling. A result is that many consumers are hesitant to spend more of their paychecks, thereby preventing the economy from accelerating.
The pattern of tepid earnings growth defies what should normally happen when unemployment falls. Lower unemployment tends to reflect a competitive job market, and companies must usually raise pay to draw enough qualified workers.
RELATED: Ogden-Clearfield area has one of the smallest wage gaps in the country. Here’s why.
But average hourly wages have risen a subpar 2.2 percent over the past 12 months. In September, workers earned an average of $25.09 an hour.
“The bottom line is you’ve got less spending power from the American consumer,” said John Silvia, chief economist at the bank Wells Fargo.
Despite high-profile layoff announcements by Caterpillar and Wal-Mart, most employers aren’t panicking by slashing jobs. Applications for unemployment benefits — which reflect the pace of layoffs — totaled just 277,000 last week. That level remains near historic lows, evidence that many businesses expect their customer demand to remain stable and the U.S. economy to expand for a seventh straight year.
MORE FULL-TIME WORKERS
All the net job growth over the past 12 months came from full-time workers. Their ranks have swelled by 2.8 million. Conversely, there are 630,000 fewer part-time employees now. The decline in the proportion of part-time jobs has occurred because more Americans have managed to work 35 hours or more each week, meeting the definition of a full-time employee.
The additional full-time workers represent a source of strength because they have more income to spend. The rise in their ranks is helping mend some of the lingering damage from the Great Recession, which forced a historically high proportion of workers into part-time positions.
Unsurprisingly the response to my column last week was split right down the middle, half chastising me and half thanking me. (And to the commentor on the Standard.net site predicting the demise of my column — Howdy, I’m still here.) What is surprising is that all I really did was recount how the law has stood throughout the United States for over 40 years, as well as some of the philosophical underpinnings for why the law is the way it is.
In the last paragraph, I stated my personal belief that the law was probably not the best way to resolve the issue of abortion, but rather education and contraceptive accessibility could continue the downward spiral of the abortion rate. Today, the abortion rate stands at about the same as before Roe v. Wade passed attesting to the wisdom of that approach if you really oppose abortion and value life. Yet, the readership and society remains sharply divided on this issue.
This Tuesday, Governor Gary Herbert found himself in federal court with Planned Parenthood Association of Utah over Governor Herbert’s unilateral decision to cut off federal grants that had already been awarded to Planned Parenthood. The federal district court found in favor of Planned Parenthood and ordered Governor Herbert to continue to provide the funding. A hearing is scheduled for October 15 to decide whether the court’s order will become permanent.
• RELATED Planned Parenthood scores win in court
In understanding the Utah case, you must first understand that it has absolutely nothing to do with abortion. While abortion was the excuse Governor Herbert cited for cutting off funding, no federal or state funding is given to Planned Parenthood for abortions. Why abortion entered into the debate over Planned Parenthood funding for education and testing to prevent sexually transmitted diseases and unwanted pregnancies is a non sequitur by the governor (an act that does not logically follow the given reason.) Cutting off Planned Parenthood’s funding would have zero impact on abortions in Utah at best, and possibly increase abortions at worst.
The lack of any nexus between the governor’s reason and the actions he took caused Judge Clark Waddoups to find there was a “substantial likelihood” that Planned Parenthood would prevail in the underlying lawsuit. One sentence from the Judge’s ruling bears reading by everyone concerned about this issue. For clarity, I’m substituting actual names of the parties for plaintiff and defendant, but otherwise, this is Judge Waddoups ruling: “The court also concludes that public interest favors Planned Parenthood. The programs carried out by Planned Parenthood target at-risk individuals and the reduction of communicable diseases. These are strong public interests that outweigh the Governor’s stated interests in defunding Planned Parenthood.”
What are the strong public interests that Planned Parenthood was protecting with the federal funding? Two educational programs would have been defunded by the governor’s action, one was the “Utah Abstinence Education Program” to promote abstinence among young people and the other was “Personal Responsibility Education Program” which focused on abstinence, contraception to prevent pregnancy and STDs, and promoting healthy relationships. I’m more than a little dumbfounded by the logic of wanting to stop unwanted pregnancies and abortions by defunding educating our youth. The other program prevents the spread of sexually transmitted diseases through education and monitoring. The governor’s action would also have stopped reimbursing Planned Parenthood for pregnancy and STD testing for victims of rape and sexual assault.
Not only was the governor’s action not in the citizens of Utah’s best interest, but he is acting contrary to fundamental constitutional concepts of justice. He attacked the local, Utah branch of Planned Parenthood without any evidence. His actions had nothing to do with the other organizations that had been accused of misconduct. This is roughly the equivalent of attacking the Utah Education Association for some teacher union misbehavior in Wisconsin. We don’t accuse or punish groups or organizations for the misconduct of others. I’m basing my critique of Governor Herbert on a ruling of a federal judge that there is a substantial likelihood that the governor acted unconstitutionally, but he will still have his day in court. Critique in the press or on the stump is one thing, but the law doesn’t punish or take away rights without due process and without proof. This is why we are still funding Planned Parenthood Association of Utah.
E. Kent Winward is an Ogden attorney. He can be reached at 801-392-8200 or firstname.lastname@example.org.
Brandon Erlacher has been named publisher of the Standard-Examiner and vice president of Ogden Publishing Co.
Born in Elkhart, Ind., Erlacher began his career as a youth carrier for The Elkhart Truth in the 1980’s. After serving in the U.S. Navy and earning a degree from the University of Notre Dame, he returned to The Truth, where he became publisher in 2008.
“My family and I are eager to get to know Ogden and to begin working with the team at the Standard-Examiner to serve this community,” Erlacher said. “We’ve already become enamored with the region and look forward to exploring it as we get settled.”
Brandon is married to his wife Chris and has two sons, Jack and Evan, and two stepdaughters, Sydney and Kate. He enjoys the outdoors, hiking, reading and Notre Dame football.
He is passionate about community and has volunteered teaching economics and journalism in several schools. Erlacher also has helped non-profit organizations meet their marketing and strategic goals.
During his tenure as publisher, The Truth focused on community journalism and digital initiatives. Flavor 574, the Truth’s online food magazine, won the Hoosier State Press Association’s James W. Brown Innovation Award in 2014, while elkharttruth.com won more than a dozen awards from the Local Media Association for its design and content in 2014 and 2015, and the Indiana Associated Press Media Editors honored “Five Years Later,” The Truth’s look at the Great Recession, as the state’s best newswriting in 2014.
“I’m excited about joining a newspaper dedicated to local journalism,” Erlacher said. “This is a newspaper with a long history of service to its community. We want to build on that legacy.”
Erlacher starts Oct. 12.
“Brandon will be good partner and leader for the strong staff of the Standard-Examiner,” said Doug Phares, president of the Sandusky Newspaper Group, which owns the newspaper. “We are glad he accepted this opportunity and expect he will bring the same level of excellence we saw at The Elkhart Truth during his time there.”
Erlacher will also work with the newspaper group as its vice president for Strategic Data.
“To be successful we must live from our imaginations, not from our memories.”
— Steven Covey
How can we put more creativity into our lives and work? It is so easy to get stuck in a rut. The longer we live, the greater the tendency to keep doing things the same way. However, if we look closely there are always opportunities for more creativity.
Creative opportunities can encompass communication skills, problem-solving, developing relationships and decision-making. Most of us need and desire to be creative. When we’re creative, we experience growth and become more confident and more resilient.
To get to our creative place we have to leave our comfort zone and go into the uncharted territory of intuition and imagination. When we combine these with knowledge, we can have flashes of insight, recharge our thinking and increase fulfillment.
Without creativity, there is minimal progress. We are the “creators” of our own destinies. Creativity empowers us by adding strength to our instinctive and innate abilities, which in turn improves our effectiveness, productivity and well-being.
Nurturing our creativity and that of others unlocks the potential of our collective minds. It can bring skills to bear in new, meaningful ways that benefit our families, teams, organizations and us.
Creative thinking is a skill that can be learned but it takes courage and practice. Here are 14 ways to help you start unlocking your creativity and that of others:
1. Get visual. Visualize data and ideas to get everyone thinking with the right-brain. When presenting, add graphics, funny pictures or drawings to illustrate your point.
2. Think like a traveler. Try to see things as if you’ve just landed in that spot and are seeing things for the first time. Expose yourself to new situations or information.
3. Improve brainstorming. Enforce a “no holds barred” idea session. Avoid words like “but,” “how” and “can’t.” Designate someone to keep everyone honest.
4. Make it a game. Have everyone write an idea down, crumple it up and toss it onto the table. Pick one idea at random and build on it.
5. Work backward. Figure the ideal scenario 10 to 15 years ahead. Start there and work backward. Don’t worry about the “how.” Focus on the “what.”
6. Think in opposites. Present from the back of the room. Start the meeting from the end of the agenda. Give a series of answers and ask for the questions.
7. Have fun. Play takes us from set patterns by opening up the floodgates to innovation. Read joke books and take time to laugh. Appoint someone as "Director of Levity.”
8. Take mental breaks. It’s hard to nurture creativity in a burned-out brain. Rest periods help: quiet reflection time, meditation, power naps, yoga and journaling.
9. Get physical. Physical activity unlocks our right-brain and lets inspiration in. Go for a run, walk, bike ride or whatever activity suits you.
10. Play to strengths. Any skill can be used creatively. Throw ideas into a spreadsheet to categorize and dissect and let the brainstorm begin.
11. Embrace failure. If everything works, then we’re not being bold enough. Innovation involves trying things that don’t work until they do.
12. Think temporary. Approach everything in life and work as if the current method is temporary and your job is to find a better way.
13. Use your imagination. Imagination is like a muscle. The more we use it, the bigger it gets. Knowledge gets us from A to Z, but imagination takes us anywhere.
14. Use your intuition. Our minds are limited. We are more intuitive than we think. Trust your gut because it already knows what your mind can’t explain.
Choose creativity. Stop squashing that little kid inside of you. Make a commitment to cultivate that creative spark that can bring out the best in you and those around you.
Brad Larsen is a life coach and corporate consultant from northern Utah. He can be reached at email@example.com.
OGDEN — After several years of concerted rebuilding and efforts to capitalize on its natural assets — two rivers and the nearby Wasatch mountain range — the city of Ogden has become a magnet for up-and-coming entrepreneurs.
But little over a decade ago, Ogden’s bedraggled downtown had been all but abandoned, and few viewed the former railroad boom town as the cool place to live.
A recent Newsweek article noted the city’s turnaround, touting Ogden-Clearfield area’s wage gap — the expanse between rich and poor in terms of income — as the narrowest in the nation, as per the U.S. Census. The write-up described Ogden as a “middle-class oasis” due to its good-paying jobs and lower-than-average cost of living.
▪ RELATED: Census: Ogden stands out as an economically egalitarian oasis
Travis and Shalae Larsen, then young 20-somethings, relocated from Idaho to Ogden in 2002 after Shalae completed her degree in landscape architecture at Utah State University. Travis had landed an electrical job in Brigham City and Shalae signed on with a company in Salt Lake City, so Ogden seemed like the appropriate midpoint to establish home base.
“We perused ‘homes for sale’ booklets and saw this great old victorian for a crazy-cheap affordable price,” Shalae Larsen said. “And we had fallen in love with Historic 25th Street — we loved its vibe.”
Shalae even wrote her masters thesis on design guidelines for Ogden’s Historic District, reveling in the neighborhoods where her great-grandparents met while riding the streetcar.
“For the first five years, neither of us worked in Ogden because there wasn’t a great job market for what we were doing,” Shalae said. Once the recession hit, both she and Travis were commuting to Salt Lake City for work but chose to keep their home in Ogden with its network of nearby mountain-biking trails and three ski resorts within a half-hour’s drive.
“We instantly got very involved in the community here,” Shalae said. “It would have made more sense to move to Salt Lake City, but its cost of living was much higher.”
By 2006, they had each launched their own companies — Shalae’s io Design Collaborative and Travis’s Arc Blue Electric Inc. That move cut down on their daily beeline between Ogden and Salt Lake City. Both rent office space in the historic Scowcroft Mansion on the southwest corner of 24th Street and Monroe Boulevard, an east-central Ogden area now ripe for redevelopment.
Shalae’s advice for newcomers?
“Get involved,” she said. “Our level of activity in the local community has helped our networking and it’s a win-win situation. The community benefits from our time and expertise, but then our businesses also grow.”
Ogden’s lower cost of living serves as a boon for entrepreneurs.
“As a business owner, you can have low overhead but we’re also getting this groundswell of activity and vibrancy,” Shalae said of the mix of residents with roots and newcomers with energy. “There’s just a lot of really interesting things happening, and people are experimenting with different ideas.”
Joel Grasmeyer, 43, falls in that latter category. The independent software developer has spent the last decade creating business apps for the iPhone, iPad, Mac, and the web.
“My wife and I moved here in 2006 — she got a job at ATK and I was already working from home on my software business,” Grasmeyer said. Relocating from the Los Angeles area afforded a slower pace of life and “much better skiing,” he added.
The couple bought a house in North Ogden and Grasmeyer discovered he could rent instant office space for $50 to $75 per month at StartUp Ogden, which provides shared downtown work space through a partnership between Weber State University and Ogden City.
“It has a really good vibe to it, and super-fast Internet service,” Grasmeyer said. “I work from home a few days and there a few days per week.”
An obvious advantage to StartUp Ogden is the chance to connect with other entrepreneurs. Each Wednesday, Grasmeyer said he participates in a lunchtime event called Hack Ogden, where a speaker is invited to talk about topics such as video-making, sales techniques, 3D printing and website development.
“The goal is to create 750 tech-related jobs over the next 10 years out of that space,” Grasmeyer said.
Other benefits of working in downtown Ogden are nearby workout opportunities plus a plethora of fun restaurants.
Grasmeyer also remarked on Ogden’s appealing real estate market.
“We sold our house in southern California and it seemed like all the houses here were 50 percent off,” Grasmeyer said. “I call it Boulder (Colo.) with half the cost of living.”
Nick and Kim Bowsher relocated from Washington to Ogden in September 2011. Nick’s promotion at work prompted the move, and Kim said she gave up a great architectural job to accompany him here.
“We lived in Eden that first year and commuted to Salt Lake City. We hated it ... but we had promised the company that we’d stay for two years,” Kim said.
By fall 2012, the couple moved into Ogden proper, and Kim dove into her freelance architecture work. A barside chat with Kym Buttschardt, one of the owners of Roosters Brewing Company on Historic 25th Street, led Kim to join Ogden’s Junior League and to make a host of new friends. Soon her freelance work expanded into marketing and public relations, and in September 2012, she formed a community group called Ogden Young Professionals.
“You sound so braggy to say you’re thriving, but I’m doing well,” Kim said. “This town has something going for it in terms of interconnectivity ... I have been able to do things here that I really think I have no business doing.”
Those feats include starting a summer concert series and community farmers market at the Oasis Community Garden. She also helped organize this month’s Harvest Moon festival on Historic 25th Street, a Saturday event that drew in tens of thousands of people.
“All the things I’ve wanted to do have been crazy ideas in the back of my head — and somehow you can pull them off in Ogden,” said the 29-year-old.
In late 2013, the Bowshers bought a bungalow in east-central Ogden, part of the city’s urban renewal efforts to replace ramshackle structures with new but vintage-style homes.
“We love the house and neighborhood,” Kim said. “One of the things that was a real draw is that I can walk from my front door downtown and be anywhere I need to be. It’s a small town with big opportunities.”
Rod Kramer, outreach coordinator for the nonprofit Weber Pathways, moved to Ogden three years ago from Missoula, Montana, where he said he directed tours for the Adventure Cycling Association for 35 years.
“I moved here because of this job,” Kramer said, also spurred on by advice from a friend who said “you need to go there because it’s going to explode and you’ll be here on the ground floor.”
This is a tremendous resource for Ogden and Weber County,“ Kramer said of the cultivated trail network that surrounds and bisects the city. ”I’ve loved trails my entire life, and here I am in a position to promote them in a community that is beginning to embrace them.“
Contact reporter Cathy McKitrick at 801-625-4214 or firstname.lastname@example.org. Follow her on Twitter at @catmck.
NEW YORK — A rebound in the health care sector helped steady stocks on Tuesday, pushing the Standard & Poor’s 500 index to its first gain in six days.
Drugmakers including Edwards Lifesciences and Medtronic were among the biggest gainers as the industry group rebounded from a sharp slump the day before.
The gains for the overall market were small. Stocks flitted between modest gains and losses for most of the day before closing slightly higher.
The market remains close to its lows for the year and is set to close out September with its worst quarterly performance in four years.
Concerns that China’s economy is slowing more rapidly than previously thought have hurt the market. Investors are also preoccupied with the outlook for U.S. interest rates. Federal Reserve policymakers have said they will likely raise interest rates before the end of the year.
Some investors see a rate increase as a vote of confidence in the U.S. economy. Others think it would be a mistake to raise borrowing costs just as the global economy is showing signs of flagging.
“The Fed is still, as it has been for over a year now, the number one thing that’s overriding the market,” said JJ Kinahan, chief strategist at TD Ameritrade. “There’s just so much skittishness, people just don’t have confidence.”
The S&P 500 rose 2.32 points, or 0.1 percent, to 1,884.09. The index slumped 50 points the day before and is down 8.7 percent for the third quarter.
The Dow Jones industrial average climbed 47.24 points, or 0.6 percent, to 16,049.13 The Nasdaq composite dropped 26.65 points, or 0.6 percent, to 4,517.32.
Biotechnology stocks have been a weak spot for the stock market recently. The sector has slumped on concern that lawmakers will seek to implement new regulations to curb price hikes in the industry.
On Tuesday, the Nasdaq Biotechnology Index edged down 0.6 percent, its eighth straight day of losses. The index has slumped 27 percent from its peak in July, putting it in a bear market, Wall Street terminology for a drop of 20 percent or more.
Brad Sorensen, a director at the Schwab Center for Financial Research, said he wasn’t surprised by the sell-off in biotech stocks given how sharply valuations have climbed in recent years.
“The biotech industry was concerning to us,” Sorensen said. “It clearly had bubble-like characteristics with a lot of speculative money moving into it and a lot of IPOs.”
Yahoo was among the stronger stocks on Tuesday.
The stock rose 66 cents, or 2.4 percent, to $28.26 after the company said that it still planned to spin off its stake in China’s Alibaba Group. Yahoo is moving ahead with the plan even though the IRS has yet to rule on the tax payments that the company could face from the gains on its initial investment.
Investors also got some good news on the economy from a report showing that American consumers were feeling more confident this month. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 103 in September after surging in August to 101.3. The September reading was the highest since January.
The price of oil rose on expectations that the Energy Department will report a slowdown in U.S. crude production when it releases its monthly petroleum supply report Wednesday. U.S. crude rose 80 cents to close at $45.23 a barrel in New York. Brent Crude, a benchmark for international oils used by many U.S. refineries, rose 89 cents to close at $48.23 a barrel in London.
Bond prices rose slightly. The yield on the 10-year Treasury note fell to 2.05 percent from 2.09 percent a day earlier. The euro edged up to $1.1250 and the dollar slipped to 119.72 yen.
In Europe, Germany’s DAX edged down 0.3 percent and the CAC-40 in France was down by the same amount. The FTSE 100 index of leading British shares lost 0.8 percent.
Gold fell $4.90 to $1,126.80 an ounce. Silver dropped 3.5 cents to $14.57 an ounce and copper was unchanged at $2.25 per pound
In other futures trading on the NYMEX:
• Wholesale gasoline rose 1.4 cents to close at $1.363 a gallon.
• Heating oil rose 2 cents to close at $1.498 a gallon.
• Natural gas fell 8.4 cents to close at $2.586 per 1,000 cubic feet.