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US stocks fall after two-day rally

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New York: US stocks traded mostly lower in the morning session on Friday, after two-day market rally, as global financial volatility continued to weigh on investors’ sentiment. At midday, the Dow Jones Industrial Average lost 68.68 points (0.41 percent), to 16,586.09. The S&P 500 dropped 5.66 points (0.28 percent), to 1,982.00. The Nasdaq Composite Index was down 10. 03 points(0.21 percent), to 4,802.67. Chinese stocks recovered more than 10 percent in two days after a five-day losing streak that wiped out a fifth of the market value.

Traders work on the floor of the New York Stock Exchange shortly before the closing bell in New York August 27, 2015. REUTERS/Lucas Jackson
www.reuters.com

The benchmark Shanghai Composite Index climbed 4.82 percent to close at 3,232.35 points on Friday, following a 5.34-percent rebound the previous day. But European trade was cautious on Friday with markets narrowly lower as investors remained cautious. On the economic front, US personal income increased 0.4 percent, and disposable personal income rose 0.5 percent, in July, according to the US Commerce Department on Friday. The same month has also seen the world’s largest economy’s personal consumption expenditures increase 0.3 percent after an upwardly revised 0.3 percent rise in June.

Meanwhile, the final reading of the University of Michigan’s consumer sentiment index came in at 91.9 for August, well below market estimates. Some analysts said recent data points to a possible interest rate hike this year. The US Commerce Department on Thursday revised its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, which is much higher than the 0.6-percent growth in the first quarter and which has triggered a jump in US stocks that day.

(IANS)

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Small Shops in US Often Sell Tobacco Without Checking Age

More than 64 per cent of grocery stores checked IDs, compared with about 34 per cent of convenience stores and tobacco shops, and 29 per cent bars, restaurants and alcohol stores

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FILE - An anti-tobacco warning is seen on a road divider on the outskirts of New Delhi, India, Nov. 4, 2016. VOA

Those buying tobacco from shops in the US, especially small stores, are usually not asked for identification hence it is easy for underage users to buy cigarettes there, says a study.

When researchers, aged 20 and 21, visited a variety of shops in the US, more than 60 per cent of cashiers did not ask them for identification.

In the study published in the American Journal of Health Promotion, it was found that these young adults slipped by without an age check most often when they visited small stores, tobacco shops and shops plastered with tobacco ads.

“Our findings suggest that certain types of stores – tobacco shops, convenience stores and those with a lot of tobacco advertising – are more likely to sell tobacco to a young person without checking his or her ID,” said Megan Roberts, Assistant Professor at Ohio State University in the US.

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FILE – Cigarette packs are seen on shelves in a tobacco shop in Cagnes-sur-Mer, France. VOA

“One implication of this finding is that enforcement may benefit from targeted outreach and monitoring at these locations,” she added.

The study included visits to a randomly sampled 103 tobacco retailers in 2017.

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More than 64 per cent of grocery stores checked IDs, compared with about 34 per cent of convenience stores and tobacco shops, and 29 per cent bars, restaurants and alcohol stores.

“Having a minimum legal sales age for tobacco is important for reducing youth access to tobacco. Not only does it prevent young people from purchasing tobacco for themselves, but it prevents them from buying tobacco and distributing it to others, often younger peers,” Roberts said. (IANS)