IlluMyFi

NEW YORK -- Stocks fell again Wednesday as Wall Street's slow start to the year stretched into a second day. The S&P 500 lost 38.02, or 0.8%, to 4,704.81, though it remains within 2% of its record set exactly two years ago. The Dow Jones Industrial Average dropped 284.85 points, or 0.8%, from its own record to 37,430.19. The Nasdaq composite led the market lower with a drop of 173.73, or 1.2%, to 14,592.21. Some of last year's biggest winners again gave back some of their gains to weigh on the market. Tesla fell 4% after more than doubling last year, for example. It and the other six "Magnificent 7" Big Tech stocks responsible for the majority of Wall Street's returns last year have regressed some following their tremendous runs. The question hanging over the market is whether all the enthusiasm that sent stocks broadly rallying for nine straight weeks into the start of this year was warranted. It was built on expectations that inflation has cooled enough for the Federal Reserve to not only halt its hikes to interest rates but to cut them several times this year. Hopes are also high the economy can escape a recession, even after the Fed hiked its main interest rate to the highest level since 2001. A couple of reports released Wednesday morning indicated the overall economy may indeed be slowing from its strong growth last summer, which the Federal Reserve hopes will keep a lid on inflation. A big danger is if it slows too much and begins shrinking. Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | Stitcher | RSS Feed | Omny Studio One report showed U.S. employers were advertising nearly 8.8 million job openings at the end of November, down slightly from the month before and the lowest number since early 2021. A second report from the Institute for Supply Management showed the U.S. manufacturing industry is improving by a touch more than economists expected, but it's still contracting. Treasury yields slumped immediately after the reports and then yo-yoed though the day. The yield on the 10-year Treasury eventually slipped to 3.91% from 3.94% late Tuesday. It's been generally falling since topping 5% in October. In the afternoon, yields swung again after the Federal Reserve released the minutes from its latest policy meeting. It was at that meeting in December that policy makers hinted their dramatic campaign to hike interest rates to get inflation under control may be over. They also released projections showing their median official expects the federal funds rate to fall by 0.75 percentage points through 2024. Fed officials also noted in their meeting how stock prices have rallied recently and Treasury yields have eased. Tags Dcc Wire Lee-national The business news you need Get the latest local business news delivered FREE to your inbox weekly. Sign up! * I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Sentiment

Bearish/Bullish

12.01.24 09:51

by roanoke.com

Medication-assisted drug treatment center approved on Williamson Road

Zoning authorities cleared a national operator of drug treatment centers to open its second Roanoke location with a full suite of medications available to treat substance use disorders including addiction to opioids, which are involved in a high number of fatal overdoses locally. The Roanoke Board of Zoning Appeals on Wednesday authorized Acadia Healthcare Co. to open a mental health and substance abuse treatment clinic at 1529 Williamson Road. Some area residents express concern to board members it would not be a good fit for the neighborhood. But the measure passed 5-1, with one board member out. Member Sue Agresta voted no without explanation, while board member Andrew Raduly voted yes and personally thanked Acadia representatives. "I commend your effort for what you're trying to do for the city because it's a tremendously big need in our city," Raduly said. He added that he wished the services could be offered in southeast Roanoke. Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | Stitcher | RSS Feed | Omny Studio In 2022, Roanoke posted the state's third highest rate of fatal drug overdoses per 100,000 people. Petersburg led the state, followed by Richmond, according to the Virginia Department of Health. Coroners recorded 123 deaths in the city last year as fatal drug overdoses; of the total, 106 died after ingesting opioids. Typically deemed accidents, the death figures also included suicides and homicides if any occurred. Acadia operates 151 outpatient centers and a variety of inpatient and specialized treatment center and describes itself as the nation's leading publicly traded provider of behavioral health care. The company earned $280 million on revenue of $2.6 billion in 2022, according to a report to regulators. It is based in Franklin, Tenn. It operates two area facilities, the Roanoke Comprehensive Treatment Center at 3208 Hershberger Road, an outpatient facility, and Mount Regis Center in Salem, an inpatient center. Acadia needs a second center in Roanoke because its Hershberger center, to which the city granted a business license in 2003, has 950 active patients and is at capacity, said Brett Lechleitner, a regional vice president at Acadia. "We have completely exhausted the facility at this point and we want to add a secondary facility," he said. Acadia offers voluntary outpatient treatment involving medication-assisted care, therapy and support services at the Hershberger center and will offer the same on Williamson Road, he said. The Williamson address was chosen because Acadia found an available building located in the general vicinity of where 200 of the Hershberger center's clients live, he said. The federal Substance Abuse and Mental Health Services Administration asserts that "a combination of medication and therapy can successfully treat substance use disorders," according to its website. Buprenorphine, methadone, and naltrexone, the drugs Acadia clients can receive, treat disorders involving the ingestion of "heroin, morphine, an...