Alcoa Surges on Split; Stocks Extend Losses on Fed, China

Alcoa (AA) moved higher in midday trading Monday after announcing it will split into two: an aluminum and mining company and a special metals group.
Author:
Publish date:

Alcoa (AA) moved higher in midday trading Monday after announcing it will split into two: an aluminum and mining company and a special metals group. The split is expected to be completed in the second half of 2016. Stocks extended losses in a broad selloff. Markets were under pressure as downbeat sentiment over the Federal Reserve’s decision to keep rates unchanged bled into a new week, while a sharp dive in industrial profits in China kept worries over its economic health top of mind. General Electric (GE) announced it will move production of gas-powered engines, as well as 350 jobs, to Canada from Wisconsin. The company blamed lack of financing from the U.S. Export-Import Bank, a government-run loan agency which Congress let expire.