LITTLE ROCK, Ark. (Arkansas Business) - Lance Turner with Arkansas Business gave a rundown of top business headlines for Monday morning.
Investors worried about slower economic growth in China, a gloomy outlook for U.S. corporate profits and an end to easy-money policies in the United States and Europe sent stocks dramatically lower on Friday.
The Dow's 318-point drop on Friday was the index's worst day since last June. Over the last two trading days, the Dow has plunged by almost 500 points.
Despite the sell-off, U.S. stocks remain near all-time highs after surging 30 percent last year. The S&P is 3 percent below its record high of 1,848 on Jan. 15.
U.S. stocks have not endured a correction - a drop of 10 percent or more over time - since October 2011.
Big River Steel construction to begin
Big news came over the week as construction on the $1.1 billion Big River Steel mill is cleared to begin.
Arkansas Department of Environmental Quality on Friday lifted an order that blocked construction of the project. The order came after competitor Nucor, which has a steel operation in the same northeast Arkansas area where Big River Steel will build, filed objections over air quality issues.
The ADEQ has not yet issued an air quality permit, but the action will allow builders to take soil samples and do other preliminary work. The plant is to set to employ more than 500 people and pay annual wages of $75,000.
Sam's Club Layoffs
Wal-Mart Stores Inc., which owns the warehouse club, said it's cutting 2,300 workers -- many of them middle managers -- in a bid to be more nimble.
The layoffs will cut 2 percent of the club's U.S. workforce of 116,000. The cuts come as Sam's Club strives to compete better with Costco and online players like Amazon.com's Prime membership service.
They also follow layoffs announced by several other major retailers in recent weeks that include Macy's, J.C. Penney and Target Corp.