Page 25 - ARUBA TODAY

BUSINESS Wednesday 18 July 2018
A25

US stocks rise as retailers and smaller companies climb

By MARLEY JAY nicom said its business in
Associated Press North America decreased
NEW YORK (AP) — After a in the second quarter and
weak start, U.S. indexes are its U.K. business also shrank.
higher Tuesday as retail- The advertising conglomer-
ers and smaller companies ate lost 8 percent to $71.83
climb and investors ap- and Interpublic Group shed
plaud strong second-quar- 4.8 percent to $22.56.
ter results from health care FED COMMENT: Federal
products giant Johnson & Reserve Chairman Jerome
Johnson and financial ser- Powell is delivering a posi-
vices company Charles tive view of the economy
Schwab. Netflix is plunging and says he expects the
after the streaming video Fed to keep gradually rais-
company gained fewer ing interest rates. Powell is
subscribers than Wall Street testifying before Congress
had hoped in its latest on Tuesday and investors
quarter and also projected will look for clues about the
weak results over the next Fed’s approach toward
three months. raising interest rates. In a
KEEPING SCORE: The S&P statement released before
500 index rose 5 points, or his testimony began, Pow-
0.2 percent, to 2,803 as ell said the Fed believes the
of 11:20 a.m. Eastern time In this Dec. 21, 2016, file photo, the New York Stock Exchange is shown. economy will stay strong
after it dropped 9 points Associated Press and inflation will remain at
at the start of trading. The lower than analysts expect- SHOPPING, NOT DROP- cent to $1,838.40. around 2 percent for the
Dow Jones Industrial Aver- ed. Even with Tuesday’s PING: Retailers contributed INSURER GETS QUEASY: next few years.
age gained 15 points, or loss, the stock is up more to the market’s recovery as UnitedHealth, the largest EU-JAPAN DEAL: The Eu-
0.1 percent, to 25,079. The than 90 percent this year. PVH, the parent company U.S. health insurance com- ropean Union and Japan
Nasdaq composite picked BAND-AID: Johnson & of Tommy Hilfiger and other pany, once again beat signed a broad trade deal
up 12 points, or 0.2 percent, Johnson’s second-quarter brands, gained 2.2 per- expectations in the latest Tuesday that will elimi-
to 7,818. The Russell 2000 profit grew thanks to bet- cent to $151.29 and Ralph quarter and raised its an- nate nearly all tariffs. Their
index of smaller-company ter results from its prescrip- Lauren rose 2.2 percent to nual profit forecast. But the agreement covers a third
stocks rose 7 points, or 0.5 tion drug business, and it $132.78. Discount store op- company’s spending on of the global economy
percent, to 1,686. posted higher sales than erator Dollar tree added medical costs was higher and more than 600 million
ARE YOU STILL WATCHING? analysts expected. The 0.9 percent to $86.85 and than analysts expected, people. Prices of European
Netflix’s weak subscriber to- stock gained 4 percent Target gained 0.7 percent and the stock lost 3.4 per- wine and pork will fall for
tals have the stock on track to $129.73, which helped to $77.73. cent to $248.13. Japanese consumers. Jap-
for its biggest loss in two household goods compa- Amazon rose as it said sales Investors worried that other anese machinery parts, tea
years. It’s down 8.1 percent nies fare better than the in the first hours of its an- health insurers would have and fish will get cheaper for
to $367.51. The company rest of the market. nual Prime Day promotion similar problems. Humana Europe. The deal has been
has regularly beaten its Charles Schwab climbed improved compared to last slid 2.1 percent to $309.04 in the works for years and
own subscriber forecasts 3.8 percent to $53.02 af- year in spite of technical and Anthem gave up 1.3 contrasts with the more
but failed to do so in the ter it surpassed Wall Street problems. The company percent to $245.17. protectionist approach
second quarter and its forecasts in the latest quar- said it’s resolving those is- Advertising companies also of U.S. President Donald
third-quarter estimate was ter. sues. The stock rose 0.9 per- traded lower after Om- Trump.q

Lawmakers warn Trump tariffs threaten local newspapers

By KEVIN FREKING About a dozen members of home states are in danger hearing. The commission is cause of the imports from
Associated Press Congress warned Tuesday of cutting coverage, laying reviewing whether U.S. pro- Canada. The commission’s
WASHINGTON (AP) — that newspapers in their off workers or going out of ducers of certain ground- findings play a critical role
business if the United States wood paper products, in whether the Department
maintains recently im- including newsprint, have of Commerce makes the
posed tariffs on Canadian been materially injured be- tariffs permanent.q
newsprint.
The Trump administra-
tion ordered the tariffs in
response to a complaint
from a paper producer in
Washington state. It argues
that Canadian competitors
take advantage of govern-
ment subsidies to sell their
product at unfairly low pric-
es. About a dozen lawmak-
In this April 11, 2018, photo, production workers stack newspa- ers spoke out against mak-
pers onto a cart at the Janesville Gazette Printing & Distribution ing the tariffs permanent
plant in Janesville, Wis. during a United States Inter-
Associated Press national Trade Commission