Page 25 - ARUBA TODAY

BUSINESS Tuesday 15 May 2018
A25

US stock indexes eke

out small gains after

early rally fades|

By ALEX VEIGA Trump said too many jobs
AP Business Writer in China are at stake after
The major U.S. stock indexes the U.S. government sanc-
eked out small gains Mon- tions cut off access to ZTE's
day after a late-afternoon American suppliers.
pullback weighed on small- China's foreign ministry re-
company shares. sponded by saying it "high-
The market had been ly commended" the move,
broadly higher earlier in the ahead of trade talks in
day on hopes that trade Washington this week.
tensions were easing be- Fears of retaliatory tariffs
tween the U.S. and China. and other trade disruptions
But much of that rally fad- roiled the market earlier this
ed, leaving decliners on the spring before the latest raft In this Jan. 11, 2016, file photo, specialist Anthony Rinaldi is silhouetted on a screen at his post on
New York Stock Exchange of company earnings cap- the floor of the New York Stock Exchange.
outnumbering risers. tured investors' focus. The Associated Press
Gains by health care and president's tweet about ZTE
energy stocks outweighed may be a sign that U.S.-Chi- effort to rescue ZTE moved $66.82. holder, seeking to block ef-
losses in real estate com- na trade negotiations are higher Monday. Acacia Casino operators and forts to make the company
panies and other declin- relatively constructive, if Communications jumped equipment makers surged combine with Viacom.
ers. Casino operators and not friendly, said Brian Nick, 8.7 percent to $34.25, while after the Supreme Court CBS added 2.2 percent to
equipment companies got chief investment strategist Oclaro gained 2.9 percent struck down a federal law $53.65.
a boost from a Supreme at Nuveen Asset Manage- to $8.82. that barred gambling on Xerox slid 4.3 percent to
Court decision that cleared ment. Qualcomm and NXP Semi- football, basketball and $28.87 after the copier
the way for states to legal- "If you have concessions conductors also got a other sporting events in maker ended merger talks
ize sports betting. being made like that on boost as investors banked most states. The 6-3 deci- with Fujifilm and resolved a
The S&P 500 index added one or both sides it prob- that Chinese regulators will sion gives states the go- dispute with investors Carl
2.41 points, or 0.1 percent, ably means that the worst- reverse their stance and ahead to legalize sports Icahn and Darwin Deason.
to 2,730.13. The Dow Jones case outcome is less likely, approve Qualcomm's pro- betting. Benchmark U.S. crude oil
industrial average climbed which would be a good posed $44 billion acquisi- MGM Resorts rose 1.6 per- rose 26 cents to settle at
68.24 points, or 0.3 percent, thing for stocks," Nick said. tion of NXP. China is the cent to $32.32. Penn Na- $70.96 a barrel in New York.
to 24,899.41. The Nasdaq "In general the market final major government tional Gaming climbed 4.7 Brent crude, used to price
composite rose 8.43 points, probably overreacted to withholding approval of percent to $33.75, while international oils, gained
or 0.1 percent, to 7,411.32. the trade-related noise that the deal, but Bloomberg Empire Resorts jumped 15.7 $1.11, or 1.4 percent, to
Small-company stocks fell. started popping up around News reported that Chi- percent to $22.50. Scientific $78.23 a barrel in London.
The Russell 2000 index lost March 1. There was this nese regulators are review- Gaming, which makes ca- Rising oil prices helped lift
its early gains, sliding 6.45 sense that we might get this ing the deal again. sino and interactive games energy stocks. Range Re-
points, or 0.4 percent, to worst-case-scenario trade Qualcomm rose 2.7 per- as well as lottery games, sources added 3.3 percent
1,600.34. war and that seemed to be cent to $56.74, while NXP vaulted 11.2 percent to to $14.76.
The major stock indexes' priced in relatively quickly, surged 11.8 percent to $59.30. Bond prices fell. The yield
latest gains add to the mar- and we're starting to see it $110.74. Viacom tumbled 4.9 per- on the 10-year Treasury
ket's solid run this month. priced out of equity valua- Investors continued to bid cent to $28.74 after CBS rose to 2.99 percent from
The S&P 500, the bench- tions now." up shares in health care sued its controlling share- 2.97 percent late Friday.q
mark for the broader stock U.S. companies that would companies. CVS Health
market, had its best weekly stand to benefit from an gained 3.7 percent to
gain since early March last
week.
The indexes got off to a
strong start Monday, as in-
vestors hoped for reduced
trade tensions between
the U.S. and China after
President Donald Trump
tweeted over the weekend
that he would help Chinese
telecommunications com-
pany ZTE get "back into
business."
ZTE's Hong Kong-traded
shares have been suspend-
ed since U.S. authorities
banned it last month for
seven years from importing
U.S. components in a case
involving illegal exports to
North Korea and Iran. But