Page 25 - ARUBA TODAY

BUSINESS Friday 27 OctOber 2017
A25

Banks, tech companies push stocks higher; drugmakers dive

By MARLEY JAY to distribute medications
AP Markets Writer wholesale.
NEW YORK (AP) — U.S. For years the European
stocks rose Thursday as Central Bank has bought
gains for technology com- bonds to help strengthen
panies and banks helped the region’s economy.
the market recover some Starting in January the
of its losses from earlier in bank plans to cut the size
the week. However drug- of its purchases in half, to
makers and distributors 30 billion euros a month.
tumbled. Scott Wren, senior global
The European Central Bank equity strategist for Wells
said Thursday it will begin Fargo Investment Institute,
gradually reducing the said investors were relieved
bond purchases it’s been the bank did not announce
making to strengthen the a bigger cut in bond pur-
regional economy. Inves- chases or take more ag-
tors were glad the bank gressive steps.
isn’t being more aggres- “The market was a little bit
sive. The euro weakened fearful that the ECB was
and European stock in- going to be more hawk-
dexes jumped. Technol- ish,” he said. “That wasn’t
ogy companies recovered the case.”
some of the ground they The Standard & Poor’s 500
lost a day ago, and banks index rose 3.25 points, or 0.1 BP Midstream Partners CEO Rip Zinsmeister, center, rings a ceremonial bell on the floor of the New
and credit card compa- percent, to 2,560.40. The York Stock Exchange opening bell, Thursday, Oct. 26, 2017, as his company’s IPO begins trading.
nies jumped as bond yields Dow Jones industrial aver- Chief Operating Officer Gerald Maret is at right.
continued to climb. age gained 71.40 points, (AP Photo/Richard Drew)
Drugmakers sank after or 0.3 percent, to 23,400.86. percent. Britain’s FTSE 100 Bond prices edged lower. Banks rose 83 cents, or 1.4
Celgene and Bristol-Myers The Nasdaq composite lost added 0.5 percent. The yield on the 10-year percent, to $60.61 and
Squibb slashed their fore- 7.12 points, or 0.1 percent, The euro fell to $1.1657 from Treasury note rose to 2.46 American Express jumped
casts. Late in the day, to 6,556.77. The Russell 2000 $1.1807 as investors think percent from 2.44 percent $2.16, or 2.3 percent, to
drugstores and companies index of smaller-company interest rates in Europe will as yields and interest rates $95.69.And Wren, of Wells
that distribute medications stocks added 3.98 points, stay lower for longer than remained at seven-month Fargo, said the ECB and
sank on reports Amazon is or 0.3 percent, to 1,497.46. they had expected. The highs. Higher rates mean the Federal Reserve might
taking steps to move into France’s CAC-40 jumped weaker euro helped shares banks can make larger both end up raising interest
the pharmaceutical busi- 1.5 percent and the DAX of companies that export profits from mortgages rates faster than investors
ness by getting licenses in Germany gained 1.4 goods from Europe. and other lending. SunTrust currently expect. q
Dunkin’ Donuts CEO: We will always make the doughnuts

overall menu, including while frozen beverage giant plans to offer more
some doughnut varieties, sales fell.Travis said that cheap eats next year, with
to make the stores easier morning sales at Dunkin’ items priced at $1, $2 and
to run for franchisees, Travis Donuts increased at a fast- $3.For the three months
said. He said too many dif- er rate than full-day sales, ended Sept. 30, Dunkin’
ferent types of coffee syr- due to its two-for-$2 egg reported that revenue
ups, sandwich breads and and cheese wraps. He said rose to $224.2 million from
other items makes it harder he’s “optimistic” about $207.1 million. q
on employees. its latest promotion, two-
Higher sales at its Dunkin’ for-$5 egg and cheese
Donuts stores buoyed rev- croissants.Value menus
enue in the third quarter at have been a success with
This Thursday, Aug. 3, 2017, photo shows a Dunkin’ Donuts sign Dunkin’ Brands Group Inc., customers, with McDon-
at a store in Hialeah, Fla. Dunkin’ Brands Group, Inc. reported which also owns Baskin ald’s this week crediting $1
earnings Thursday, Oct. 26, 2017. Robbins, the company said soft drinks, coupons on its
(AP Photo/Alan Diaz) Thursday. Sales of coffee app and a two-for-$5 pro-
By JOSEPH PISANI sachusetts, the city where and espresso at Dunkin’ motion called McPick 2 for
AP Business Writer the company was found- Donuts stores climbed, higher sales. The fast-food
NEW YORK (AP) — Dunkin’ ed, in the next year or so.
Donuts is still deciding A location in Pasadena,
whether to drop the sec- California, is already test-
ond part of its name, but ing the shortened name,
the doughy treats won’t though Travis said no de-
be disappearing from the cision has been made on
menu. whether to use the simpler
CEO Nigel Travis said Thurs- name nationwide.“My two
day that the chain wants young kids think it should
to remain the “No. 1 retailer stay Dunkin’ Donuts for-
of doughnuts.” ever,” he said.At about
He said a second store 1,000 Dunkin’ Donuts loca-
with just the Dunkin’ name tions, the company has
will open in Quincy, Mas- been making cuts to its