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BUSINESSThursday 18 February 2016

Stocks leap for a 3rd day, driven by gains in oil and tech

MARLEY JAY for an international deal Trader William McInerney works on the floor of the New York Stock Exchange. Stocks climbed
AP Markets Writer that will cap or cut produc- Wednesday as investors clung to hope for an international deal to stem a global glut in crude oil
NEW YORK (AP) — Stocks tion. Several OPEC nations with production cutbacks.
climbed Wednesday as are in talks about freezing
investors clung to hope production at January’s (AP Photo/Richard Drew)
for an international deal levels, but that deal re-
to stem a global glut in quires all of OPEC’s mem- out on those gains after vestors worry about issues Samana said U.S. compa-
crude oil with production bers to agree, and Iran said saying it will eliminate 20 like the health of China’s nies, and large stocks in
cutbacks. That sent the Wednesday that it won’t percent of its staff in the economy, the Federal particular, are doing pretty
price of oil sharply higher, stop increasing its exports. first quarter and slash its Reserve’s plans on inter- well and that investors will
as well as the stocks of ma- Still, investors appeared to spending and its quarterly est rates, and plunging oil eventually start paying
jor energy companies like be encouraged that the dividend in response to the prices. Sameer Samana, more attention to their per-
Chevron. Tech stocks also countries are talking. diminished price of oil. global quantitative strate- formance. But he said it’s
rose, led by Microsoft and The price of U.S. crude The stock lost 93 cents, or gist for Wells Fargo Invest- possible that volatility in fi-
Facebook. jumped $1.62, or 5.6 per- 4.4 percent, to $20.33. It’s ment Institute, said the ride nancial markets will start to
The gains capped a three- cent, to $30.66 a barrel down 69 percent over the isn’t over yet. affect the broader econo-
day rally, the longest so far in New York. Brent crude, last year. “None of those issues have my, cutting into consumer
in 2016, that has wiped out a benchmark for interna- For almost six months, gone away,” Samana said. spending and prompt-
about half of the market’s tional oils, rose $2.32, or 7.2 stocks have surged and “You’ll continue to see that ing businesses to cut jobs.
losses since the beginning percent, to $34.50 a barrel dropped repeatedly as in- kind of pattern.” q
of the year. The Standard in London.
& Poor’s 500 index hit its U.S. crude soared Friday on
lowest point of the year anticipation of a deal, but
last Thursday, and has ris- even with the recent gains,
en about 5 percent since it’s still down 17 percent this
then. Priceline, Fossil, and year.Energy stocks climbed
Garmin rose after reporting along with the price of oil.
robust earnings. Chevron rose $3.50, or 4.1
The Dow Jones industrial percent, to $88.31 and
average gained 257.42 Hess picked up $2.63, or
points, or 1.6 percent, to 6.4 percent, to $43.47. Tech
16,453.83. The S&P 500 rose stocks made big gains, led
31.24 points, or 1.7 percent, by Microsoft, which add-
to 1,926.82. The Nasdaq ed $1.33, or 2.6 percent,
composite index jumped to $52.42, and Facebook,
98.11 points, or 2.2 percent, which rose $3.59, or 3.5 per-
to 4,534.06. cent, to $105.20.
The price of oil recovered Oil and natural gas com-
as investors again hoped pany Devon Energy missed

ARUBA TIME TRAVEL T-Mobile 4Q profit triples as customers grow

TIME SHARE RESALE NEW YORK (AP) — T-Mobile ed 2.1 million customers or 34 cents per share as
US Inc.’s fourth-quarter during the period revenue rose 1.1 percent
Selling, Listing, Renting for over 30 Years profit nearly tripled, top- The Bellevue, Washington- to $8.25 billion.
NO UPFRONT FEE FREE APRAISAL, ping Wall Street expecta- based wireless carrier re- The average estimate of
tions as the company add- ported profit of 297 million, eight analysts surveyed by
For more info call the experts! Zacks Investment Research
was for earnings of 12 cents
(297)630-1307 per share.
During the quarter, add-
info@arubatimetravel.com-www.arubatimetravel.com ed 2.1 million customers,
bringing its total customer
count to more than 63 mil-
lion The wireless carrier said
it was the 11th consecutive
quarter that it added more
than 1 million new custom-
ers.
For the year, the company
reported a profit of $733
million, or 82 cents per
share. Revenue was re-
ported as $32.05 billion.
Shares of T-Mobile US Inc.
rose 95 cents, or 2.6 per-
cent, to $37.40 in morning
trading. The stock has risen
almost 18 percent in the
last 12 months.q