Stocks nearly flat at early holiday close
NEW YORK — Major US stock indexes were nearly flat in muted trading Tuesday as the market closed early for the Christmas holiday.
Industrial and health care stocks accounted for the biggest losses, which were outweighed by broad gains for retailers and homebuilders. Several energy stocks notched gains as the price of crude oil rose.
The session followed a strong winning streak for stocks that has propelled the major indexes to record highs this month. Rising optimism around a “Phase 1” trade deal between the U.S. and China helped put investors in a buying mood in recent weeks. Fears about a possible recession have also faded since the summer after the Federal Reserve cut interest rates three times, and the central bank appears set to keep them low for a long time.
Still, as traders turn their attention to 2020, fears about the outlook for the global economy remain as do concerns over unresolved trade issues between Washington and Beijing. Next year also has the added complication of the U.S. presidential election.
Target urged to nix plastic bags
MINNEAPOLIS — A frequent Target customer is asking the retail giant to stop using plastic bags.
Protest organizer Theresa Carter and other Target shoppers were to deliver pages containing more than 455,000 signatures to the company’s headquarters on Thursday, traditionally one of the busiest shopping days of the year.
The petition calls for Target to commit to eliminating plastic bags that are “choking the earth,” Carter said in a statement.
A Target spokeswoman said the company has taken several steps to help reduce its use of plastic, including sustainable packaging goals and using bags that are now made with 40 percent recycled content. Target first placed recycling kiosks at the front of its stores in 2010, she said.
La. floating casino to move ashore
BATON ROUGE, La. — Louisiana has approved its first application to move a riverboat casino to land.
The Gaming Control Board approved the application from the owners of a Lake Charles-area riverboat 18 months after lawmakers decided that state-regulated casinos outside New Orleans don’t have to stay on the water.
Eldorado Resorts plans a new $112.7 million casino between the parking lot and hotel for the Isle of Capri riverboat in Westlake, The Advocate of Baton Rouge reported.
The new casino approved last week will be nearly triple the size of the riverboat. That will allow nearly 120 more slots, seven more tables, a VIP lounge and the only restaurants overlooking the lake.
The application from Eldorado Resorts, a company headquartered in Reno, Nevada, will set the precedents for the other 14 riverboats, which all are looking to come ashore, said gaming board chairman Ronnie Jones.
Pearl Harbor to get new dry dock
HONOLULU — The U.S. Navy has started planning the construction of the first new dry dock at Pearl Harbor Naval Shipyard since World War II, officials said.
The Navy is also considering the creation of a floating dry dock to help maintain its Pacific-based submarine fleet, The Honolulu Star-Advertiser reported.
Dry Docks 1-4 in use at Pearl Harbor were completed in 1919, 1941, 1942, and 1943, respectively, the Department of Defense said.
A surge in demand for attack submarines and the lengthening of Virginia-class submarines to carry more missiles prompted the new construction planning.
More than 6,000 civilian and military personnel primarily work on submarines at the shipyard, the state’s largest industrial employer.
