Dow Down Triple Digits, Job Cuts at General Mills & NY Times

Global worries are once again hitting investors. The Dow Jones Industrial dropped triple digits in midday trading Wednesday on an array of concerns including ISIS, Ebola and economic slowdown overseas. Manufacturing in the U.S. continues to expand, although at a slightly slower pace. The ISM Index for September came in at 56.6, short of expectations but still indicated growth. General Mills (GIS) is cutting up to 800 more jobs. This is part of a big cost-cutting effort, which includes two plant closings. The layoffs will be completed by next spring and will save the company up to $150 million annually. The New York Times (NYT) is also planning to hand out pink slips. The newspaper is cutting about 100 newsroom jobs through buyouts and possibly layoffs. The company said the reduction is intended to safeguard the newspaper’s long-term profitability. Biotech stocks are on the rise after the first case of Ebola was reported in the U.S. Tekmira Pharmaceuticals (TKMR) is the biggest gainer as investors see it as a play on the treatment of Ebola. BioCryst Pharmaceuticals (BCRX) and Sarepta Therapeutics (SRPT) are also gaining in the session.