Dow lower … Trump administration looks at lower-cost health premiums … Guess’ co-founder steps aside

NEW YORK (AP) — Trading has reopened after a long holiday weekend. At 11:54 a.m. Eastern Time, the Dow was down 87 points to 25,130. The S&P 500 was up 2 points, to 2,734. And the Nasdaq was up 49 points, to 7,289.

WASHINGTON (AP) — The Trump administration is clearing the way for a lower-cost alternative to comprehensive medical insurance plans sold under former President Barack Obama’s health care law. Proposed regulations out today from the Health and Human Services department would allow health insurers to sell so-called “short-term” policies that would last up to 12 months. The plans wouldn’t have to meet the Affordable Care Act’s consumer protections, and would come with lower premiums.

NEW YORK (AP) — Guess Inc. says that co-founder Paul Marciano will give up his day-to-day responsibilities at the clothing company until a sexual misconduct investigation is completed. Model and actress Kate Upton told Time magazine earlier this month that Marciano forcibly grabbed her breasts during a Guess photo shoot nearly eight years ago. She also says that he harassed her by showing up at hotels she was staying at and texting her inappropriate comments. Marciano has denied the allegations.

UNDATED (AP) — The privately held owner of Safeway, Vons and other grocery brands is plunging deeper into the pharmacy business with a deal to buy Rite Aid, the nation’s third-largest drugstore chain. Albertsons Companies is offering either a share of its stock and $1.83 in cash or slightly more than a share for every 10 shares of Rite Aid. A deal value was not disclosed in a statement released today by the companies.

RABAT, Morocco (AP) — Uber is pulling out of Morocco — a decision the San Francisco-headquartered company says is linked to the North African country’s failure to reform its strict transport rules. For nearly three years, Uber has been operating illegally in Morocco — despite currently having 19,000 users in Morocco and more than 300 drivers. Uber drivers have often been targets of intimidation.

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