A Q&A with 3 longtime Lancaster County small business owners | Local News

Steve Evans describes his business as one that just keeps getting sweeter. 

Since taking the helm of Evans Candy from his parents in 1995, Evans says the business that cranks out a variety of treats off Willow Street Pike south of Lancaster has seen steady year-over-year growth to the point where it’s now quadrupled.

Corporate clients have a lot to do with that. Evans started expanding that part of the business in the early 2000s. His parents – who started making chocolate at home when Evans was young – might get the occasional order from companies buying 30 or 40 boxes for employees. Now companies are ordering in the hundreds for both employees and customers.

“That has been helped by technology. We can do more personalization … (and options that) we can offer businesses either on the chocolate or on the box,” Evans says. “So that has a lot of appeal.”

The Easter rush on the other hand is almost entirely individuals looking to fill some baskets. 

“Almond bark is huge. Chocolate covered pretzels are huge,” he says. Add all the peanut butter-and-chocolate combinations and those are the top seller, he says, but adds that caramel combinations as a group would be a close second.

The workforce shifts a bit with the season but 12 is a typical number, he says.

“It would be a joy to see it remain in the family. We’re working in that direction, though it’s not always foreseeable – all the ins and outs and twists and turns that come along,” Evans says. “I have four of my own children and we have a number of other family involved in the business. I can certainly see it continuing and I would be hopeful for that.”

Here’s how Evans fielded our questions for the longtimers. 

Anything about the pandemic that made it feel like Evans Candy was a new business again? Supply chain comes to mind. You can’t always count on products … so when it’s there, you buy more and figure out ways to store it … And when something’s not there week after week? You’ve got to come up with an alternative …. We’ve been able to navigate the challenges very well. But they’re there. 

Trickiest year for the business pre-pandemic? That’s one of the joys of this business. It comes with a fair amount of predictability, actually. But … as the business grew, I needed somebody to help me oversee production and to have enough skill sets to handle all the different products that we make. Finding the person to fit that role – that would have been one of the bigger challenges. But we have that now. 

Adjective that best describes the climate for small businesses in Lancaster County? Strong. We have enjoyed a really good resurgence of people buying local. They’ll come in and tell us, “We love your product but we’re also really happy to be here to support local. We’re your friends. We’re your neighbors. We’re part of your church. We’re part of the circle of people that you know.” I think that’s one of the beneficial side effects of the pandemic. It kind of brought about a better awareness of all the little shops that are actually close by. When you’re in the business of life and flying from point A to point B, and back to work, and the kids are having school activities, you don’t always stop and look at what’s around you…. And I think by having this slowed-down time, people did take the time to notice. Just a theory. 

Moment you knew you made the right move taking the business? Within the first year or two really. I’d been working with chocolate since I was 4. So that wasn’t too much of a change. The logistics of the business were an adjustment. … But my dad was there to help guide me through. He was great. He told me, “I’m not going to look over your shoulder. You’re calling the shots. I’ll give you advice and my thoughts but I’m not going to question your decisions.”

Best piece of advice for new businesses? Be willing to roll up those sleeves and do what it takes. Get very hands-on with it. There are a lot of long hours. In time, that can pay off. But it’s not going to be glorious at first.

Elizabethtown Sporting Goods

The next time you’re at the kid’s ballgame have a look at the uniforms out on the field. There’s a chance someone with Elizabethtown Sporting Goods put the team logos on those.

ESG has been around for 45-plus years, says Mitch Gibson, whose family bought into the business as owners around 2001. ESG sells customized corporate apparel, organizational clothing, and sports equipment and uniforms. 

Customer or team logos are added to attire via ESG’s three embroidery machines, one automatic screen printing press and two manual presses. Hunting down the right items to put into those machines has lately been a challenge given current supply chain problems.

“I do all the ordering. It used to take me maybe an hour a day. Now it’s about three hours,” Gibson says. “Luckily, we have lots of vendors that we can pull from.” 

Gibson’s business is reliant on a textile industry that in recent decades moved much of its remaining domestic production from the southern United States to plants overseas. 

“Nothing’s made in the U.S. anymore. If it’s coming from Central America, we’re seeing that stock get replenished a little quicker,” he says. “But if it’s coming from China, like hats? This summer it was almost impossible to find hats in certain colors.” 

Gibson says he just keeps looking. 

“Our thing is to be transparent and just make it a good customer atmosphere so that you feel like we care,” he says. “Because we do.” 

Anything about the pandemic that made it feel like you were a new business again? I would say yes. We had to streamline some processes and really reevaluate just how to do business with customers not being able to come in. Thank goodness for the restaurants and landscaping industry because the sports side of it was nonexistent. … A lot of the restaurants wanted to sell shirts because customers were trying to help them out, which helped us as well. …  (That seems to be continuing.) I just did an order for a Manheim restaurant where they’ve been selling lots of shirts. There are two or three down in Lancaster that just ordered a few hundred. They’re in about every three or four months. It can’t all be for their staff. … The sports numbers aren’t back to where they were pre-pandemic. Little Leagues? We do quite a few. I would say their numbers are probably down 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} or 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} at least. It’s just one of those things. We’ll print whatever you need. But they’re seeing it on their end, too. Certain families are not comfortable with whatever their choice is. Or kids aren’t interested. I don’t know. 

Trickiest year for the business pre-pandemic? I’d probably say 2019. We had a quarter-owner that decided to go out on his own. 

Moment you knew you made the right move getting into this business? Probably since my son has been born. The flexibility this offers has been great. … He’s 7. He tried some soccer and he wants to do football next year so it looks like I will be coaching that. We’ll see how that goes. 

Adjective that best describes the climate for small businesses in Lancaster County? Competitive. That’s not just in this business but in general. I’ve seen a lot of competing businesses. It just seems like if ever somebody’s not holding their end up to the customers, you can usually find somebody else to meet your needs. 

Best piece of advice for new businesses? Plan.

Russell Locksmith-Safesmith

Doug Russell was once a kid who loved magic. 

“I did stage magic right up into college. I was into Houdini and lock boxes and strait jackets and all that crazy stuff,” he says. “Then I went to college to be a surgeon.”

After a year he realized he hated college and got a job with a locksmith. 

“My poor parents. I’m not sure my mother ever got over it but my father did,” says Russell, who is now 69. “He got to see his name … on a business. He was very proud of me.” 

That business is Russell Locksmith–Safesmith on Queen Street in Lancaster. Russell opened his company in the mid-’80s after moving into digs where another locksmith had been. 

Among his more glamourous jobs are vault doors – which are what tend to make it onto the business’s Facebook page. Russell says he’s glad he’s had a chance to delve in that business seeing how banks more typically contract with a large national company. 

Master locks for landlords are a big part of his business. So are walk-in customers looking for one or two keys. It seems to Russell some people have made a hobby of losing their keys.

He has no interest in getting involved in electronic car fobs. Another locksmith in town is skilled at those, he says. That’s Bill Neff, who Russell says was in Boy Scouts with him back in the day. 

Russell says he recently made a major investment in equipment that will help him and his staff with locks for which numbers must be keyed in. 

The kind you turn are the ones for which Russell appears to have a particular knack. That comes, he says, from realizing that each lock has its own personality – and also from spending hundreds of hours sitting in front of ones he never got open. 

“You can’t teach experience,” Russell says. “You’ve got to be out there working to get better.” 

Anything about the pandemic that made it feel like you were a new business again? Not really. We did close the shop for a couple months but we do a lot of work for … (a) hospital and all of their facilities. So we were still doing that and some business for real estate. It wasn’t as bad for us as it was for a lot of others. Like the restaurants. I felt so badly for them … We were blessed that we pulled through. It wasn’t like we were making 100{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of what we normally do but it was enough. 

Trickiest year for the business pre-pandemic? I bought the shop in 1985 from … (a locksmith) who had a couple key machines. Nothing great but enough to get me going initially. In the beginning, I was selling soda and candy and anything to make a buck for the family. And of course, it was only me. So anytime I had a service call I’d have to lock the shop up. So the first years were hard. But I was much younger and had the energy to expend … Now there are three of us working here. We’ve been together, oh, probably 25 years … . I often hear all these stories about employees and scheduling problems and I’m glad I don’t have to worry about that. I’ve got the best guys and we just work well together. 

Moment you knew you made the right move opening the business? I just basically always had the God-given talent to figure this stuff out. 

Adjective that best describes the climate for small businesses in Lancaster County? Difficult. If you’re in the trades you can always find work. … But I can’t imagine what it’s like for anyone who can’t go out and do service calls and not worry so much about what’s happening in the shop. 

Best piece of advice for new businesses? Love what you do and work hard at it.

Canadians’ Confidence up Seven Points From 2020

  • End of year Index stands at 57, compared to 50 in 2020

  • Women still lag men but appear to be turning the corner

  • Western recovery- Alberta and BC make significant gains

WINNIPEG, MB, Nov. 26, 2021 /CNW/ – According to the 2021 edition of the IG Financial Confidence Index (“the Index”), Canadians’ confidence is on the rise as the country gradually emerges from the COVID-19 pandemic. However, while people are feeling better about their current financial situation, there is apprehension about their future and concerns about where the country could be headed in the year ahead.

IG Wealth Management Logo (CNW Group/IG Wealth Management)

IG Wealth Management Logo (CNW Group/IG Wealth Management)

The Index, commissioned by IG Wealth Management (“IG”) and conducted in partnership with Ipsos Canada, tracks and reports on Canadians’ overall financial confidence through ten survey questions, which account for short-term and long-term financial considerations. The study found that Canadians’ overall financial confidence at the end of the year stands at 57. This represents a 14 per cent increase over the same period in 2020 (50) and is up 3 points since mid-2021. Key findings include:

  • Fifty-six percent of respondents reported being comfortable making a major purchase (versus 50 per cent in the mid-year study).

  • Almost 60 per cent are feeling good about the economic conditions in their community (versus 47 per cent mid-year).

  • Sixty per cent stated that their personal income increased in the last few months.

However, despite this positive perception of their current financial situation, Canadians coast-to-coast reported being concerned about the year ahead:

  • Just a quarter of respondents are feeling confident that the Canadian economy will improve and only 22 per cent feel the stock market will build on 2021 gains.

  • Similarly, only 14 per cent believe inflation will abate in 2022 and 12 per cent think housing affordability will get better.

“It’s great news that Canadians are feeling a renewed sense of confidence as we close the year,” said Damon Murchison, President & CEO, IG Wealth Management. “People are more secure as the economy starts to fully re-open, Covid-19 cases decline and we return to a certain degree of normalcy.”

Mr. Murchison continued, “However, we’re also seeing apprehension about the future. Inflation and housing affordability are real concerns for many. It’s a perfect time to work with an advisor to either revisit or create a holistic financial plan that not only addresses the present, but also helps ensure you’re well insulated for what could come.” According to the study, 80 per cent of Canadians who consulted with a financial planning professional over the last year expressed confidence in their short- and long-term financial situations (versus less than 60 per cent who did not).

Signs of a “She-Covery” and Western Canada Rebound?

The study revealed some optimistic findings among women and those in the West (Alberta and BC):

  • While women continue to lag men in financial confidence (54 versus 59), their Index number is up 3 points versus the mid-year finding.

  • The provinces of Alberta and BC are up significantly since Spring 2021 (5 points), reporting the biggest gains among the provinces.

“There’s no question that women were hit disproportionately hard by the pandemic- both in terms of their participation in the workforce and the extra pressures they’ve faced versus men when it comes to taking care of children and elderly family members,” noted Mr. Murchison. “This is especially true among lower income and racialized women. While we still have a long way to go, it’s encouraging that the Index seems to be showing a positive trend.”

Mr. Murchison closed by noting that the rebound in Western confidence can largely be attributed to a decrease and stabilization of reported Covid-19 cases and an increase in energy prices. “Over the last three years we’ve seen Alberta in particular lag other regions. Albertans seem to be rebounding, which is great news.”

The IG Financial Confidence Index is part of IG Wealth Management’s community program, IG Empower Your Tomorrow, launched in 2018. The program is dedicated to building the financial confidence of Canadians, especially those that need it most including: Indigenous Peoples, Newcomers, Seniors and Youth. Working with community partners and charities along with employees and clients, IG Wealth Management develops and executes seminars and workshops focused on increasing the financial confidence of these key groups, including the award-winning Money & Youth program which for more than 20 years has been helping high school students, teachers and parents with financial literacy.

Visit IG Empower Your Tomorrow to learn more about the various initiatives IG Wealth Management currently supports.

About IG Wealth Management
Founded in 1926, IG Wealth Management is a national leader in delivering personalized financial solutions to Canadians through a network of advisors located across Canada. In addition to an exclusive family of mutual funds and other investment vehicles, IG offers a wide range of other financial services. IG Wealth Management has $116.5 billion in assets under advisement as of October 31, 2021 and is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada’s leading diversified wealth and asset management companies with approximately $271 billion in total assets under management and advisement as of October 31, 2021.

About the IG Financial Confidence Index
The 2021 results presented in this summary report are from an Ipsos survey conducted online from October 8th to October 14th, 2021. A total sample of 2,601 respondents from across Canada participated in the survey. Weighting was applied to the total sample by age, gender, region and education level to ensure that the composition of the final sample is representative of Canada’s adult population according to the latest census data from Statistics Canada. Since an online sample is not considered probabilistic, Ipsos does not apply a margin of error to this survey. The precision of non-probabilistic Ipsos surveys is measured using a credibility interval. The credibility interval for a survey of 2,601 respondents is ±2.3 percentage points, 19 times out of 20. The credibility interval will be wider among subsets of the population.

SOURCE IG Wealth Management

Cision

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2021/26/c5715.html

Black Friday Deal On Web Hosting: HostGator

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HostGator Black Friday Deal

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More From Advisor

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Fighting disinformation ‘requires a little bit of courage’ for social media companies: Doctor

Combatting misinformation has become one of the most important issues the medical community faces, according to experts like Dr. Megan Ranney, an emergency room physician in Providence, R.I.

Just as a new coronavirus variant of concern, Omicron, has been identified, the rush of information shared and discussed on social media sites once again shows how quickly information, and in some cases misinformation, can spread. It’s a problem that has been ongoing throughout the pandemic.

Though social media can be a force for good, “the worst of social media has come to the forefront over the course of the pandemic,” she told Yahoo Finance.

This time, more public health, virus and medical experts are on social platforms quickly churning out facts and verified information. But even so, with greater knowledge of the social media companies’ abilities to control false information, the call for more accountability is growing louder.

More than 800 doctors and health experts have signed onto a letter asking Meta Platforms (FB) CEO Mark Zuckerberg to disclose data and strategies that Facebook is using to help stop the spread of false information about the vaccines and virus. The letter was sent through Doctors for America, a non-profit physician-led advocacy group.

“So many deaths could have been prevented, and we must act with haste to prevent more, particularly with vaccines becoming imminently available for young children. We simply cannot afford another deadly round of COVID and vaccine misinformation,” the doctors wrote.

Ranney, and others that signed, said the letter to Facebook signals an attempt to “diagnose” the problem.

“It requires a little bit of courage, and looking beyond potentially the immediate bottom line, to the larger societal good,” she said.

‘There’s a need to regulate algorithmic engagement’

Dr. Céline Gounder, an infectious diseases expert in New York City who formerly served on President Joe Biden’s COVID-19 transition team, is the letter’s first signatory. 

“I think there’s no question that having a whistleblower like Francis Haugen has really energized efforts around the spread of disinformation,” she said. Haugen is the former Facebook employee who disclosed tens of thousands of the company’s internal documents to the Securities and Exchange Commission and The Wall Street Journal in 2021.

“There’s a need to regulate algorithmic engagement,” she added, noting it’s easier said than done.

Another signatory, Dr. Robert Davidson, executive director of The Committee to Protect Health Care, and a doctor in the Midwest, said that while it is easy for anyone to unwittingly share false information, there should be a way to stop harmful information — especially in the middle of a deadly outbreak.

“Facebook and other social media outlets have the ability to amplify (information), and to concentrate it in front of a group of people that algorithms have pre-selected will be receptive to that information…so it almost makes it easier for the viral spread of misinformation,” he said.

Davidson said that the sharing of the information isn’t necessarily intentional, some people just genuinely share information that they think is interesting. Usually they don’t know any better and it reaffirms some pre-conceived notion, and then within the echo chamber — which could be a different echo chamber from a doctor or expert —it continues to circulate and spread wider, he said.

Which is why more experts have increasingly taken to social media to fight back.

“It feels like a Sisyphean task. At the end of the day, yeah, you can keep fighting those micro battles, but the only way to really solve it is to tackle what is really driving it,” Gounder said, pointing to social media companies as ground zero.

Both sides

According to the doctors, Facebook cited the quickly changing information throughout the pandemic as a hurdle for fact-checkers.

Delays in addressing false information helps fan the flames of mistrust in official sources and mainstream media, which is a prominent among those willing to believe the misinformation. Examples throughout the pandemic include the doctors who supported the use of hydroxychloroquine or ivermectin to treat covid, when neither was proven efficacious.

In those instances, individuals see the discord among people with equivalent titles, and can pounce on it as proof of conspiracy theories, Davidson said.

“You might have 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of doctors saying something that is patently false. But this person has MD after their name … so it gives them this degree of credibility,” and gives the broader public the perception that there is no right answer, he said.

One example of an ongoing debate between experts is the need for boosters for all adults — recently greenlit by FDA, supporting the White House strategy to combat an anticipated winter surge.

“There’s widespread agreement that certain populations would benefit from an additional dose of vaccine. Right now, the question is, is that the case for everybody? And what is it you’re trying to achieve with (an additional dose)?” Gounder said.

Some believe that indications of waning immunity mean better protection against symptomatic cases, while others believe that the body can be relied on to do a decent job fighting against an infection even if it is symptomatic.

And general anti-vaccine sentiment is visibly higher than before, which pits doctors against their peers.

“I have a harder time convincing some patients to take a vaccine than I did before COVID,” said Dr. Stella Safo, founder of Just Equity for Health and a physician in New York City.

“We’ve gone from things being accepted to questioning some of the most basic things. It’s scary,” Safo told Yahoo Finance.

Lending a hand

Hiring experts to be fact-checkers, especially for the duration of the pandemic, could be a solution, though costly, for social platforms.

“There’s never been a time where someone has ever said there are microchips in the vaccines, and yet that kind of information has been shared in the past. There’s never been credible research or studies that have shown anything about infertility with the vaccines, but that is a pervasive and widely-held belief amongst folks who don’t believe in getting the vaccine,” Davidson said.

“If they could have some trusted source to help them filter through this as they put the brakes on these posts, and then they can prevent these things from getting out there in the first place,” Davidson said.

Safo said more needs to be done to help craft easier-to-digest messaging.

“We have proven ourselves, unfortunately, to be very bad at health care communication,” Safo said.

“We’ve put ourselves back, I would say, in terms of public health communications, by a decade,” she added.

More doctors, more voices

The pandemic saw a groundswell of vocal doctors, scientists and public health experts on social platforms, some of whom might have been in the shadows or relied on trade groups or large organizations to be their mouthpieces in the past.

“I think a lot more are choosing to get out there … and I think that has to do a lot, probably, with the changing demographics and the changing business aspect of what being a health care professional is. There are many more women in health care, there are many more people of color in health care,” Davidson said.

“We could have done this sooner. I think in some ways, the health care and public health communities are finally at least a little bit coming up for a breath of air. It feels like we have been drowning underwater…for the last few years. And it’s hard to tackle everything at the same time,” Gounder said.

As more is now known about the virus, how it spreads, and with just over half the U.S. population vaccinated, experts have a chance to fight harder against misinformation.

“I think we’re finally sort of in a place of being able to take on these bigger macro issues in a more significant way,” Gounder said.

And with the U.S. Surgeon General’s Office supporting a movement to address misinformation, calling it a public health issue earlier this year, the timing is right to attack the issue. But that is also if doctors, who have found their voices on social platforms throughout the pandemic, can continue to do so without organizations and trade groups taking over the messaging.

“I would hope that that continues,” Ranney said.

“If we don’t turn this ship,” she added, “I think this is only the beginning of the harm that we’ll face.”

Follow Anjalee on Twitter @AnjKhem

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Dow plunges 905 points in Black Friday selloff, books worst day in over a year as WHO declares new COVID ‘variant of concern’

U.S. stock benchmarks suffered withering losses on Friday as stock and commodity markets plunged, after scientists detected a new COVID variant in South Africa that could be to blame for a recent sharp surge in cases, especially in Europe.

U.S. markets were closed for Thanksgiving on Thursday and ended at 1 p.m. Eastern Time on Friday, three hours earlier than usual, and bond market trading ends at 2 p.m., an hour earlier than is typical.

How are stock-index futures trading?
  • The S&P 500
    SPX,
    -2.27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
    fell 106.84 points, or 2.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, to 4,594.62.

  • The Dow Jones Industrial Average
    DJIA,
    -2.53{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
    slumped 905.04 points, or 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, to 34,899.34, with the index logging the worst daily drop since Oct. 28, 2020, according to FactSet data.

  • The decline for the Dow saw it mark its first close below its 50-day moving average at 35,261.93 since Oct. 14.

  • The Nasdaq Composite Index COMP declined 353.57 points, or 2.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, to15,491.66.

  • The decline for the S&P 500, Dow and Nasdaq Composite posted their worst Black Friday performance since 1950.

On Wednesday, the Dow industrials
DJIA,
-2.53{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
fell 9.42 points to finish nearly flat at 35,804.38. The S&P 500
SPX,
-2.27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
slipped 0.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to close at 4,701.46, just 0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} below its Nov. 18 record close of 4,704.54, according to Dow Jones Market Data. The Nasdaq Composite Index
COMP,
-2.23{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
rose 0.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to 15,84.23.

What’s driving the market?

It was an ugly day for stock investors during a thinly traded Black Friday session, which was susceptible to big swings on alarming news from public health officials who were assessing a new variant of the coronavirus that causes COVID-19.

Late in the session, the World Health Organization’s technical advisory group assigned the B. 1.1.529 variant of the virus the Greek letter omicron and declared it a “variant of concern,” as it did with the delta variant.

Fear of a new variant overshadowed the usual focus on U.S. Black Friday shopping day, which puts the focus on retailers as consumers shop for bargains.

Particularly notable about the variant is the “large number of mutations, some of which are concerning,” the WHO group said in a statement. The mutations could make omicron more resistant to the current batch of vaccines.  

The discovery of the new COVID strain was announced on Friday by South Africa’s health minister Joe Phaahla. He said scientists were concerned because of its high number of mutations and the dramatic surge in infections the country had seen over the past four or five days.

“The pandemic and COVID variants remain one of the biggest risks to markets, and are likely to continue to inject volatility over the next year(s),” wrote Keith Lerner, co-chief investment officer and chief market strategist at Truist Advisory Services, in a Friday note. “It’s hard to say at this point how lasting or impactful this latest variant will be for markets,” the analyst wrote. 

The omicron strain has been detected in Botswana and in Hong Kong in travelers who had visited South Africa.

“The one bull in the China shop that could truly derail the global recovery has always been a new strain of Covid-19 that swept the world and caused the reimposition of mass social retractions,” said Jeffrey Halley, senior market analyst, at OANDA, in a note. “All we know so far is the B. 1.1.529 is heavily mutated but markets are taking no chances.”

“Just when you thought Covid was being controlled in a holiday shortened week,” said Sam Stovall, chief investment strategist at CFRA Research, in emailed comments.

‘It makes sense to have a market significant correction given the high level of uncertainty.’


— Jay Hatfield, CEO and portfolio manager at Infrastructure Capital Management

Trading around the Thanksgiving holiday is often associated with lower trading volumes as traders typically wait until Monday to return to work. There was no U.S. economic data on the calendar for Friday.

After new cases stabilized at 200 a day, South Africa reported more than 1,200 on Wednesday and 2,465 on Thursday.

The U.K. government is banning flights from South Africa along with five other African nations, effective Friday.

“Predictably, energy, travel related and financials are the leading decliners and treasuries are rallying,” wrote Jay Hatfield, CEO and portfolio manager at Infrastructure Capital Management, in emailed comments on Friday.

“It makes sense to have a market significant correction given the high level of uncertainty,” the money manager wrote.

“At this stage very little is known,” Deutsche Bank strategists, led by Jim Reid, told clients in a note. “Mutations are often less severe so we shouldn’t jump to conclusions but there is clearly a lot of concern about this one. Also South Africa is one of the world leaders in sequencing so we are more likely to see this sort of news originate from there than many countries. Suffice to say at this stage no one in markets will have any idea which way this will go.”

Read: Facing the biggest inflation surge in 30 years, shoppers expect to spend a lot more this holiday season

Which companies are in focus?
  • Drugmaker stocks were on the rise, including Pfizer PFE advanced by 6.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, and Moderna MRNA stock rallied by about 21{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

  • Travel-related stocks were on the backfoot: Expedia EXPE fell nearly 9,5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

  • Shares of airliners and cruise ships Delta Air Lines DAL, fell 8.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, Norwegian Cruise NCLH, down 11.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, and Royal Caribbean RCL shares slid 13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, United Airlines UAL declined 9.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, Southwest Airlines LUV shares dropped 4.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, American Airlines’s AAL stock slumped 8.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

  • Meanwhile, shares of companies associated with the stay-at-home trade were set to rise, including Netflix NFLX rose 1.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and Peloton Interactive Inc.
    PTON,
    +5.67{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
    advanced 3.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, while Zoom Video Communications Inc. shares
    ZM,
    +5.72{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
    rallied 5.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

How are other markets faring?
  • The 10-year Treasury note TMUBMUSD10Y retreated by more than 10 basis points to ell to around 1.54{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, versus 1.644{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on Wednesday at 3 p.m. ET. The bond market was closed on Thursday in observance of U.S.

  • The ICE U.S. Dollar Index DXY, a measure of the currency against a basket of six major rivals, was down 0.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

  • Gold futures for December delivery GCZ21 rose less than 0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to trade at $1,785.30 an ounce. U.S. oil futures CLF22 traded off more than 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} at around $68.27 a barrel.

  • The Stoxx Europe 600 SXXP closed 3.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} lower, and London’s FTSE 100 index UKX also gave up 3.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

  • In Asia, the Shanghai Composite SHCOMP finished off 0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} higher, while the Hang Seng Index HSI lost 2.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in Hong Kong. China’s CSI 300 000300 declined 0.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and Japan’s Nikkei 225 NIK finished 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} lower.

Business Beat: Asian market expands | Business Beat

Pacific Asian Market opened its second location in Longview earlier this month at 2305 Gilmer Road.

The first Longview store, 1432 McCann Road in Brookwood Village Shopping Center, remains open.

Romel Igaya and his wife, Esusana, own the stores. Alongside business partners, they also own a similar grocery store in Tyler.

The stores are open 9:30 a.m. to 7 p.m. Monday through Saturday and 1 to 6 p.m. Sunday.

Mall adds new stores

The holiday shopping season kicked off at Longview Mall this past week with the opening of two new stores: EntertainMART and Red Barn Farms.

EntertainMART, near JC Penny, buys and sells vintage items, as well as some new merchandise: Blu-rays; DVDs; retro and new video games; consoles and accessories; comic books; sports and collectible game cards; books; knives and swords; and more.

“We kind of try to take the spot of Hastings,” said EntertainMart Assistant Manager Garrett Hopkins, referring to a now closed chain of stores that featured, among other things, new and used books, CDs, Blu-rays and DVDs as well as collectible items.

EntertainMART also offers a service to repair CDs and DVDs with scratches, for instance, which people previously might have thought had to be trashed.

“We’ve never had a store like this in the mall,” Longview Mall General Manager Kelly Overby said.

Red Barn Farms, near Center Court, features gifts such as signature foods and candles that the store manufactures in Jacksonville, as well as hand-sewn stuffed animals, goat milk soaps and purses. Owner Brad Juneau said many of the items in the store are crafted in the Amish community in Nappanee, Indiana.

His merchandise spills out into two kiosks just outside the store, with Juneau describing his merchandise as “unique” items that can’t be found on Amazon.

Downtown grand opening

The new Visit Longview Marketplace will celebrate its grand opening starting at 4:30 p.m. Monday.

Visit Longview, the city’s convention and visitors bureau, previously was at City Hall but moved downtown to increase visibility and foot traffic. In addition to housing the convention and visitors bureau, the new location at 109 W. Tyler St. also is home to the Main Street program and a retail shop featuring Longview and Texas merchandise, including T-shirts; postcards; mugs; shot glasses; a small selection of pet supplies; playing cards; jewelry; buttons; tote bags; ornaments; Texas-shaped cookie cutters; snacks from Heartisans Marketplace; local honey from Piney Woods Bee Company; and spices and barbecue sauce from Bodacious.

Perfect Catering will serve appetizers, beer and wine from 5 to 7 p.m.