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Shares in Grenfell cladding maker sink Shares in Grenfell cladding maker sink
(about 5 hours later)
Shares in the company that made the cladding used on Grenfell Tower have fallen sharply in New York.Shares in the company that made the cladding used on Grenfell Tower have fallen sharply in New York.
Arconic, formerly known as Alcoa, fell more than 7% to $23.76 after the firm said it would stop selling Reynobond PE cladding for use in high-rises. Arconic, formerly known as Alcoa, fell 6% to $24.01 after the firm said it would stop selling Reynobond PE cladding for use in high-rises.
A fire on 14 June killed dozens of residents of the west London tower.A fire on 14 June killed dozens of residents of the west London tower.
Arconic said in a statement it was the "right decision because of the inconsistency of building codes across the world".Arconic said in a statement it was the "right decision because of the inconsistency of building codes across the world".
The US firm supplied Reynobond PE cladding for use in Grenfell despite publicly warning the panels were a fire risk for tall buildings.The US firm supplied Reynobond PE cladding for use in Grenfell despite publicly warning the panels were a fire risk for tall buildings.
Wall Street was off to a decent start as trading began for the week, with the Dow Jones 0.4% higher at 21,481 points, while the wider S&P 500 index was up a similar amount at 2,447 points. While the extent of Arconic's responsibility remained unclear, investors were taking a "sell now and ask questions later" approach, said Tim Ghriskey, chief investment officer at Solaris Asset Management in New York.
However, the technology-focused Nasdaq index fell 0.4% to 6,240 points. Wall Street had a lacklustre start to the week, with the Dow Jones closing just 0.1% higher at 21,409.5 points, while the wider S&P 500 index was almost flat at 2,439.07 points.
Oil prices remain close to last week's seven-month lows, dragging Exxon and Chevron down about 0.6% and making them among the biggest drags on the three major indexes. The technology-focused Nasdaq index suffered, shedding 0.4% to 6,247.1 points as Amazon, Microsoft and Facebook each shed 1%, and Google's owner, Alphabet, dropped 1.4%.
The recent drop in oil prices has spurred concerns about low inflation, which remains stubbornly below the Federal Reserve's 2% target rate. Avis Budget surged 14.2% following a deal to provide support and maintenance for Waymo, a subsidiary of Alphabet, for the self-driving cars it is testing on Arizona roads.
Hertz Global Holdings, another car rental company, rose 13.6% following reports it is testing self-driving technology under an agreement with Apple.
Retailers, including companies that fell after Amazon's deal to acquire Whole Foods, had a better day, with Wal-Mart up 0.9% and Target adding 1.4%.
Media shares also gained, with Disney up 1.2%, Twenty-First Century Fox 3.1% higher and Viacom adding 2.9%.