Page 25 - ARUBA TODAY

BUSINESS Thursday 21 June 2018
A25

Tech companies lead US stocks higher as trade fears ease

By MARLEY JAY last 12 months.
Associated Press BITTER TASTE: Starbucks sank
NEW YORK (AP) — U.S. 8.5 percent to $52.54 after it
stocks are slightly higher forecast weak sales growth
Wednesday as global mar- in the latest quarter, and
kets let go of some of their investors were concerned
fears about the growing about its business in China.
trade dispute between the The company also said the
U.S. and China. Technolo- controversy that followed
gy companies are making the arrest of two black men
some of the largest gains. at a Philadelphia store tem-
Twenty-First Century Fox is porarily slowed its business.
jumping after it agreed to DIDN'T SEE IT COMING:
a new deal with Disney, Oracle lost 7.3 percent to
which will buy Fox's enter- $42.89. The software mak-
tainment businesses for er had a solid fiscal fourth
more than $70 billion. Me- quarter, but investors were
dia companies are rallying concerned about its fore-
as investors hope for more casts for the current quar-
deals. Walgreens rose after ter.
it was added to the Dow ENERGY: Oil futures climbed
Jones industrial average, ahead of Friday's OPEC
where it will replace Gen- This April 24, 2018, file shows photo a sign for a Wall Street in New York. The U.S. stock market opens meeting, where most ex-
eral Electric next week. at 9:30 a.m. EDT on Wednesday, June 20. perts think the group will
KEEPING SCORE: The S&P Associated Press increase production. As a
500 index rose 6 points, or accepted a new offer from a century and it will be re- investigating the company result of that view, crude
0.2 percent, to 2,768 as of Disney that values Fox's en- placed by Walgreens Boots over a $15 billion hit taken prices have dropped over
11:45 a.m. Eastern time. tertainment and interna- Alliance on Tuesday. GE to cover miscalculations the last few weeks. Bench-
The Dow was on track for tional businesses at more was part of the Dow when made within an insurance mark U.S. crude rose 1.1
its seventh loss in a row as than $70 billion in cash the index was created 1896 unit. Adjusted for inflation, percent to $65.81 a barrel
the trade turbulence con- and stock. Fox accepted and it's the last component GE was worth around $860 in New York. Brent crude,
tinued to hurt industrial a $52.4 billion bid from Dis- that remains an indepen- billion in mid-2000, but it's the international standard
and materials companies, ney in December before dent publicly traded com- worth $111 billion now, in- for oil prices, was little
which do a lot of businesses Comcast offered to buy pany. cluding a drop of more changed at $75.09 a barrel
outside the U.S. The 30-stock those businesses for $65 bil- GE is by far the least ex- than 50 percent over the in London.q
index slipped 52 points, or lion in cash. Some experts pensive Dow stock in terms
0.2 percent, to 24,647. The think Comcast will raise its of share price, which is
Nasdaq composite gained offer again. Fox surged 7.1 how the Dow is weighted.
56 points, or 0.7 percent, to percent to $47.87 while GE slipped 1.2 percent to
7,782, which put it on track Disney added 0.7 percent $12.79 Wednesday along
for a record high. The Rus- to $106.87. Comcast held as industrial companies
sell 2000 index of smaller- steady at $32.83. traded lower. Walgreens
company stocks added 11 Other media companies jumped 4.3 percent to
points, or 0.7 percent, to also rose. Viacom added $67.40.
1,705 after it closed at an- 2.4 percent to $30.03 and For years GE has been
other record high Tuesday. Netflix jumped 2.5 percent struggling in critical markets
The S&P fell as much as 1.1 to $415.15. and selling off businesses.
percent early Tuesday as DOW AND OUT: General It's also given some weak
trade tensions between the Electric is coming out of forecasts and early this
U.S. and China increased, the Dow Jones industrial year said the Securities and
but the benchmark index average after more than Exchange Commission was
wound up with a loss of just
11 points, or 0.4 percent.
While President Donald
Trump threatened to put
new tariffs on as much as
$400 billion in imports from
China and China threat-
ened to retaliate, investors
decided that many indus-
tries don't face a major
threat from the proposals
and that smaller, more U.S.-
focused companies are
likely to keep doing well.
Both countries plan to put
tariffs on about $50 billion in
imports in early July, which
still leaves them with sever-
al weeks to negotiate.
SEQUEL: Twenty-First Centu-
ry Fox jumped again after it