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MIT celebrates ties to Nobel economics winner

The announcement that a French economist had won the Nobel Prize for economics set off celebrations yesterday across the Atlantic at the Massachusetts Institute of Technology, where he has strong ties.

Jean Tirole's research showing how regulators can manage markets dominated by a few powerful companies to keep them from blocking competition and overcharging customers is credited with helping drive the deregulation of industries in developed economies in the 1980s and '90s.

Tirole, 61, who works at the Toulouse School of Economics, earned his doctorate from MIT in 1981, was on the faculty from 1984 until 1991 and is still a visiting professor.

Cautious IPO for Fiat Chrysler shares

Investors cautiously greeted the Wall Street debut yesterday of Fiat Chrysler Automobiles, a move that shifts the carmaker's center of gravity away from Italy and caps a decade of canny dealmaking and tough restructuring.

The shares opened at $9.00 in New York and rose as high as $9.55 before closing at $8.92, up 2.5 percent from a Friday close of $8.70 for the predecessor company Fiat SpA. Trading was muted, with about 5.8 million shares changing hands on the New York Stock Exchange.

Markets have another bad day

The stock market slumped , unable to shake off worries of a global economic slowdown and plunging oil prices. Airlines, energy and materials stocks were among the biggest decliners. Stocks are coming off their worst week in more than two years.

The downturn leaves the Standard & Poor's index 500 down 6.8 percent from its recent peak last month and up just 1.4 percent for the year.

All told, the Dow Jones industrial average lost 223.03, or 1.4 percent, to 16,321.07. The Standard & Poor's 500 index shed 31.39, or 1.7 percent, to 1,874.74. The Nasdaq slid 62.58 points, or 1.5 percent, to 4,213.66.

TOMORROW

• Labor Department releases the Producer Price Index for September.
• Commerce Department releases retail sales data for September.
• Commerce Department releases business inventories for August.
• Federal Reserve releases Beige Book.

Real estate firm JLL has hired Ryan Enright as an executive vice president, specializing in representing tenants, investors and owners in the leasing of office space throughout Greater Boston. Enright joins JLL from Equity Office Properties.

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