Page 25 - ARUBA TODAY

BUSINESS Friday 8 June 2018
A25

Mixed finish for stocks as energy rises and tech drops

By MARLEY JAY $1.1768 after a European
Associated Press Central Bank board mem-
NEW YORK (AP) — U.S. ber said policymakers will
stocks closed mixed Thurs- discuss ending the bank's
day as technology compa- bond-purchasing stimulus
nies took their worst loss in program next week.
six weeks, but energy com- The Federal Reserve, mean-
panies rose with oil prices. A while, is expected to raise
four-day winning streak for interest rates on Wednes-
the S&P 500 index ended. day. That would be the
Energy companies rallied second increase in rates
as the price of U.S. crude this year, and the Fed has
oil rose almost 2 percent. said it expects to raise rates
Smaller companies fell. Like three times in 2018. But in-
technology companies, vestors are looking for clues
they've done far better the Fed is planning a fourth
than the rest of the market increase.
in the last few weeks. Some Bond prices rose. The yield
stocks that have struggled on the 10-year Treasury
lately, including utilities, fin- note fell to 2.92 percent
ished with gains. from 2.97 percent.
Household goods makers In other energy trading,
also broke from their recent wholesale gasoline rose
losses to finish higher. J.M. 2.2 percent to $2.11 a gal-
Smucker dropped after is- lon. Heating oil jumped 2.5
suing a weak quarterly re- percent to $2.18 a gallon.
port and a disappointing Natural gas climbed 1.2
forecast for the year. Bond percent to $2.93 per 1,000
prices climbed and yields cubic feet.
dipped. In this Feb. 17, 2017, file photo, an American flag hangs on the front of the New York Stock Ex- Gold rose 0.1 percent
Quincy Krosby, the chief change in New York. to $1,303 an ounce. Sil-
market strategist at Pruden- Associated Press ver added 0.7 percent to
tial Financial, said inves- $16.82 an ounce. Copper
tors were playing it safe as Benchmark U.S. crude rose fared far better than the maker. Bloomberg had no gained 0.4 percent to $3.28
they wait for leaders of the 1.9 percent to $65.95 per rest of the market for more details on Icahn's plans, but a pound.
Group of Seven to meet barrel in New York. Brent than a year, but they broke he could join other activist Germany's DAX lost 0.1
Friday and Saturday, and crude, used to price inter- from that pattern Thursday. investors who are pushing percent and the CAC 40
for European Central Bank national oils, gained 2.6 Facebook lost 1.7 percent the company to make big- in France slid 0.2 percent.
and Federal Reserve meet- percent to $77.32 per bar- to $188.18 and Microsoft ger changes. Britain's FTSE 100 slipped
ings next week. rel in London. fell 1.6 percent to $100.88. At the end of May the com- 0.1 percent after London's
"This G-7 meeting does not Chevron jumped 2.9 per- Chipmaker Lam Research pany finished a strategic stock exchange opened
follow the historical tem- cent to $126.96 and Exxon shed 5.4 percent to $188.83. review and said it could sell one hour late because of a
plate," she said. "The market Mobil rose 1 percent to Smucker's profit and sales its infectious disease and technical problem.
is concerned about tariffs, $82.88. fell short of analyst esti- women's health business- Japan's Nikkei 225 jumped
negative trade dialogue Commerce Secretary Wil- mates, as did the compa- es. But on Tuesday, Sena- 0.9 percent while the Kos-
coming from that meeting." bur Ross said the U.S. gov- ny's forecasts for the new tor Investment Group and pi in South Korea finished
Still, Krosby said it's a good ernment has reached a fiscal year. The maker of Appaloosa sent Allergan up 0.7 percent and Hong
sign that investors were will- deal with Chinese telecom- jams, jellies and other foods a letter saying they were Kong's Hang Seng index
ing to take some of their munications giant ZTE that said it is facing difficulties in- "underwhelmed," and they advanced 0.8 percent.q
winnings from the technol- includes a $1 billion fine, cluding higher raw materi- suggested splitting Aller-
ogy sector and put it into monitoring and leadership als and freight costs and ris- gan's CEO and chairman
other parts of the market. changes. ZTE has already ing interest rates. The stock roles and making changes
The S&P 500 index lost 1.98 paid about $1 billion for lost 5.4 percent to $100.80. to its board. Allergan stock
points, or 0.1 percent, to selling equipment to North Allergan jumped 5.1 per- is down 28 percent over
2,770.37. The Dow Jones in- Korea and Iran in violation cent to $163.27 after Bloom- the last 12 months.
dustrial average picked up of U.S. sanctions. In April berg News reported that The dollar fell to 109.60
95.02 points, or 0.4 percent, the department blocked investor Carl Icahn bought yen from 110.19 yen. The
to 25,241.41, helped by big ZTE from importing any a small stake in the Botox euro rose to $1.1813 from
gains for McDonald's and U.S. components for seven
Chevron. years, which threatened
The Nasdaq composite to put the company out of
slumped 54.17 points, or 0.7 business.
percent, to 7,635.07. The The Wall Street Journal
Russell 2000 index of small- said that with the ZTE mat-
company stocks slid 8.17 ter settled, China's govern-
points, or 0.5 percent, to ment will likely approve a
1,667.77. Both of those in- deal for Qualcomm to buy
dexes set all-time highs the NXP Semiconductors. Qual-
last few days. comm added 1.3 percent
More stocks rose than fell to $60.64 and NXP rose 4.8
on the New York Stock Ex- percent to $120.07.
change. Technology stocks have