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BUSINESSFriday 18 September 2015

Wall Street ends lower as Fed keeps rates low STREET

KEN SWEET percent, to 1,990.20 and bank actually raised rates interest rate policy will be BRIEFS
AP Business Writer the Nasdaq composite in- was 2006. “normalized,” that means
NEW YORK (AP) — Stocks dex rose 4.71 points, or 0.1 Ultra-low interest rates tend more waiting. Saudi oil giant
ended mostly lower after a percent, to 4,893.95. to help the stock market “They just need a little more Aramco names
volatile day as traders tried The Fed said that while because they make bonds, time. The drumbeat is get- new president
ting louder for them to ac-
Trader Gregory Rowe, left, and specialist Mario Picone work on the floor of the New York Stock tually raise rates,” said Tony JIDDAH, Saudi Arabia (AP)
Exchange, Thursday, Sept. 17, 2015. Stocks ended mostly lower after a volatile day as traders Bedikian, head of global — Saudi Arabia’s state-
tried to figure out what was next for U.S. interest rates. markets at Citizens Finan- run oil giant Aramco has
cial Group. named Amin Nasser its new
(AP Photo/Richard Drew) With interest rates not president. The company
changing soon and infla- announced the decision
to figure out what was next the U.S. job market is solid, CDs and other income- tion in check, investors Thursday after the recently
bought up bonds. The yield established Aramco Su-
for U.S. interest rates. there are reasons to be producing investments less on the U.S. 10-year Trea- preme Council held its first
sury note dropped to 2.19 meeting in the Red Sea city
The bumpy trading Thurs- concerned about global appealing by comparison. percent from 2.30 percent of Jiddah. The meeting was
day came after the Fed- economic growth. Fed They also make it inexpen- the day before, a large led by Deputy Crown Prince
eral Reserve decided to Chair Janet Yellen said a sive for companies to bor- move. The two-year Trea- Mohammed bin Salman,
sury note, which would be who is also the country’s
keep interest rates low for rate hike is still likely this row money to buy back more heavily impacted by defense minister. Nasser
higher short-term interest has been acting president
now, citing weakness in the year. The Fed meets again their own shares, which rates, had even an even and chief executive officer
global economy and un- in October and Decem- also sends stock prices more dramatic move, at Aramco since April, af-
settled financial markets. ber. higher. dropping to 0.68 percent ter assuming the role from
Investors did make signifi- “The market got what it On the other hand, the Fed from 0.80 percent. Khaled al-Falih, who was
In precious metals markets, appointed as Aramco’s
cant bets on U.S. Treasuries wanted,” said Alan Re- has made it abundantly gold and silver saw signifi- chairman and the country’s
cant buying in after-hours health minister. Aramco is
and, for a change, pre- chtschaffen, a portfolio clear that the current pol- trading after the Fed re- the world’s largest exporter
cious metals. The U.S. dollar manager at UBS. “The mar- icy of super-low rates is an leased its statement. Gold of crude. The price of oil—
weakened against its ma- ket had a ‘rate rant’ last unusual measure intended fell $2 to settle at $1,117 the backbone of Saudi Ara-
an ounce in regular trad- bia’s economy — has fallen
jor currency counterparts month and that scared the to shore up the economy ing but was up $12.80 to by about half since mid-
$1,131.80 an ounce later. 2014. Around 90 percent
as the threat of higher in- Fed.” and will eventually be Silver added 10 cents to of the Saudi government’s
terest rates abated. Interest rates have been dismantled. Keeping it in settle at $14.98 an ounce, revenue comes from oil.q
The Dow Jones industrial near zero since 2008, when place is a signal that the and gained another 25
average lost 65.21 points, the Fed drastically cut rates Fed believes the economy cents to $15.13 in extend- SAP CEO doing
ed trading. Copper fin- better after eye
or 0.4 percent, to 16,674.74. in response to the financial isn’t quite strong enough to ished unchanged at $2.45 lost in accident
a pound in regular trading.
The Standard & Poor’s 500 crisis and Great Recession. withstand higher rates. For It was up a penny in after- FRANKFURT, Germany (AP)
index fell 5.11 points, or 0.3 The last time the central investors wondering when hours trading. — Bill McDermott, CEO
Oil finished slightly lower of business software com-
after the Fed’s comments. pany SAP SE, says he’s re-
U.S. crude fell 25 cents covering after a serious
to $46.90 a barrel. Brent accident that cost him his
crude, a benchmark for left eye. McDermott told
many international oils im- Germany’s Sueddeutsche
ported by U.S. refineries, Zeitung daily in an inter-
fell 67 cents to $49.08 a view that he’ll be medically
barrel.q cleared to fly again in Octo-
ber so he can return to the
Perrigo urges rejection of Mylan takeover bid company’s headquarters in
Walldorf, Germany. McDer-
NEW YORK (AP) — Per- shares of Mylan N.V. stock products and infant for- or $34.1 billion. Perrigo said mott said he fell while carry-
rigo urged shareholders mula, and it has said the that cash-and-stock of- ing a glass of water down-
to reject Mylan’s $27 bil- for every Perrigo Co. share two companies would fer wasn’t worth as much stairs at night after a fam-
lion hostile takeover offer, have about $15 billion in as Mylan said. At the time ily gathering in the United
saying it undervalues the they hold. combined annual rev- Mylan’s stock price was el- States in July. He was injured
company. enue. Mylan shareholders evated as an even larger by one of the glass shards
On Tuesday, Mylan took That’s a premium of about voted in favor of the ac- generic drug company, and underwent surgery. He
its offer directly to Per- quisition last month and Teva Pharmaceutical In- said he had remained pro-
rigo’s shareholders after it 4 percent, based on Per- European Union regulators dustries Ltd., was trying to ductive between surgeries
had been rejected by the have cleared it. buy Mylan. Mylan fended while in the United States
company. The latest of- rigo’s value just before the Mylan offered to buy Per- off Teva, which decided and that his experience
fer, initially proposed last rigo for $205 per share in to buy Allergan PLC’s ge- had inspired him to think
week, would give share- offer was announced. April and later increased its neric drug business for about ways software could
holders $75 in cash and 2.3 offer to $232.23 per share, $40.5 billion instead.q improve medical records
Dutch drugmaker Mylan and treatment.qq

wants to combine its

prescription generic

drug business with Irish

drugmaker’sbusiness in

over-the-counter products

like vitamins, nutritional