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US stocks close lower as construction data disappoints market (Lead)
New York, March 5 (IANS) US stocks ended lower as investors digested weaker-than-expected US construction spending data in December last year and a batch of healthcare stocks extended losses.
The Dow Jones Industrial Average on Monday decreased 206.67 points, or 0.79 per cent, to 25,819.65. The S&P 500 decreased 10.88 points, or 0.39 per cent, to 2,792.81, Xinhua news agency reported.
The Nasdaq Composite Index fell 17.79 points, or 0.23 per cent, to 7,577.57.
Shares of Healthcare Services Group plunged more than 13 per cent around market close, as the US healthcare insurance company said it failed to file its Form 10-K for 2018 to the US Securities and Exchange Commission (SEC) due to earnings per share calculation practices problems.
Form 10-K refers to an annual comprehensive summary report of a publicly traded company, which is required to file to the SEC, with much more details than other yearly reports.
Shares of Bed Bath & Beyond also declined more than 5.3 per cent, after British leading investment bank Barclays downgraded the US chain of housewares retail stores from “equal weight” to “underweight”.
Six of the 11 primary S&P 500 sectors traded on a downbeat note, with the health care sector down over 1.3 per cent, leading the laggards among the groups.
The three major indexes began to lose their morning gains after the latest US monthly construction spending turned up to be unexpectedly below market expectations, fueling concerns over a weakening economic growth since the end of 2018.
On the economic front, US construction spending sank 0.6 per cent in December 2018, with year-on-year growth falling to 1.6 per cent, the weakest growth rate in at least three years, the US Census Bureau said on Monday.
The unexpected drop came following a 0.8 per cent increase in November, as spending in private residential construction declined 1.4 per cent in the month.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.