Page 25 - aruba-today-20180317

BUSINESS Saturday 17 March 2018
A25

US stocks inch higher as banks and industrial companies rise

Frederick said. three months of weak re-
The S&P 500 index gained sults. Factory output has
4.68 points, or 0.2 percent, increased 2.5 percent over
to 2,752.01. The Dow Jones the last year.
industrial average added The Commerce Depart-
72.85 points, or 0.3 percent, ment said homebuild-
to 24,946.51. The Nasdaq ers started work on fewer
composite rose 0.25 points apartment buildings in
to 7,481.99. The Russell 2000 February, and that caused
index of smaller-company overall housing starts to
stocks jumped 9.43 points, drop 7 percent. Builders
or 0.6 percent, to 1,586.05. have shifted their efforts
After a dramatic drop at to single-family homes re-
the beginning of February cently as the economy has
followed by a rapid recov- improved.q
ery of some of their losses,
stocks have bounced
around for the last month.
The Dow, which surged
past 26,000 in mid-January,
has been wobbling around
25,000 for about a month.
The S&P 500 fell for the first
four days of the week and
Traders Patrick Casey, left, and Andrew Silverman, center, work on the floor of the New York Stock
Exchange. U.S. stocks edged higher Friday. finished with a decline
(AP Photo/Richard Drew) of 1.2 percent. The worst
losses came Tuesday and
By MARLEY JAY retailer Ulta and software "From an investor point Wednesday after President
AP Markets Writer company Adobe rose after of view, the fact that we Donald Trump blocked Sin-
NEW YORK (AP) — U.S. strong quarterly reports. Tif- haven't rallied right back to gapore-based chipmaker
stocks edged higher Friday fany dropped after report- the highs is a good thing," Broadcom's effort to buy
as gains from energy com- ing weak sales, and online said Randy Frederick, vice its U.S. rival Qualcomm and
panies, industrial firms and retailers Overstock.com president of trading and European leaders warned
smaller companies helped and Wayfair slumped as derivatives at Charles about the risks of trade dis-
the market end a modest investors worried about a Schwab. Positive news putes.
losing streak. possible price war. about the economy has The Federal Reserve said
Oil and gas companies All this week, stocks moved been countered by con- factory output continued
climbed along with the higher in early trading only cerns about rising tensions to rise as companies in the
price of oil Friday while in- to shed those gains as the over international trade. U.S. produced more cars,
dustrial companies recov- day went on. They broke "The pullback that we've computers and furniture.
ered some of the losses out of that pattern Friday, been in is pretty much It reported that manu-
they sustained earlier this even though the gains driven by President Trump's facturing output rose 1.2
month. Beauty products were modest. proclamation about tariffs," percent in February after
LL Bean:
No bonus after tough year, more jobs to be cut

By DAVID SHARP be eliminated early next of stores outside Maine to ed one of the "largest and
Associated Press month. There will be a net 35, and there are plans to most critical" changes in
FREEPORT, Maine (AP) — loss of 400 jobs after some open five more stores in the the 106-year-old compa-
L.L. Bean's sales dipped jobs are refilled. L.L. Bean coming year, Smith said. ny's history.
slightly over the past year, employees 6,000 people. It has been a year of big "The rollout went extreme-
forcing the elimination of The workforce reduction, changes. ly well, from marketing,
worker bonuses for the first a tightening of the com- L.L. Bean announced it was communications and op-
time since 2008, but the pany's returns and ship- changing its pensions and erations perspectives, and
CEO told workers on Friday ping policies, and pension reducing its workforce, and customer and public senti-
that changes adopted in changes are part of cost- sharpened its outdoor fo- ment continues to be most-
recent months are putting cutting efforts. cus with a "Be an Outsider" ly positive," he wrote.
the company on a "path to "The work we accom- campaign. Retail analyst Walter Loeb
a more prosperous future." plished this year will cre- It shocked some shoppers said it has been a tough
The Maine-based outdoors ate new opportunities for by changing its "satisfac- period for retailers, and
retailer announced an- growth and improved per- tion" guarantee, something that most are responding
nual revenue of $1.6 billion, formance for many years long considered sacro- like Bean, by cutting costs
which was nearly flat, for its to come," Smith told work- sanct, by imposing a one- and refocusing on their
fiscal year that ended on ers in a memo. year limit on returns of most core customers.
Feb. 25. L.L. Bean is coming off two items. It also eliminated free "The trend is to be leaner, to
CEO Steve Smith said near- years of flat sales. But the shipping on all products, be very aggressive in cut-
ly 500 workers took advan- company continues to in- imposing a $50 minimum. ting back, so that you can
tage of a voluntary early- vest in the future, opening Smith said adjustments to be profitable with the cus-
retirement program and six stores in the past year, returns and shipping poli- tomers that you maintain,"
that another 100 jobs will bringing the total number cies collectively represent- he said.q