Stocks take adive after short visit to 14,000
EQUITIES • Stocks hit a big milestone, then promptly spun off the road. Major indexes dived the most this year Monday, the first trading day after the Dow broke 14,000 and closed at its highest level since the financial crisis. The Dow Jones industrial average dropped as much as 143 points in trading before closing down 129.71, or 0.9 percent. One analyst said that perhaps "things in the market are maybe getting a little ahead of themselves."
HEALTH • O.C. Tanner Co. has donated $1 million toward a lodge for cancer patients. The American Cancer Society announced the donation, which brings its fundraising total to $12 million of the projected $18 million cost. The Hope Lodge in Utah, to be built at 375 E. 100 South, is meant to help adult cancer patients and their caregivers find a home away from home while getting treatment. It will serve 800 patients annually and is set to open in 2015.
DEAL • California investment banker Kenneth Abdalla has purchased the 625 Main St. building in Park City, expanding his holdings in the ski town. He already owns two properties at the intersection of Main Street and Heber Avenue, the Silver Queen Hotel and SKY, formerly called The Sky Lodge, as well as the Imperial Hotel, 221 Main St., which is for sale. The purchase price wasn't disclosed but a recent listing offered the building for $6.5 million.