Page 25 - ARUBA TODAY

BUSINESS Friday 1 June 2018
A25

Stocks dip as US imposes steel, aluminum tariffs; GM surges

By MARLEY JAY to finish higher this month. increase the cost of the
Associated Press The S&P 500 is up 2.5 per- metals they use to make
NEW YORK (AP) — U.S. cent in May while the Nas- their products, and tariffs
stocks are down Thursday daq has jumped almost 6 in Europe or other markets
after the Trump administra- percent and the Russell has could hurt their sales.
tion announced that it will advanced nearly 7 per- GM = GET MONEY: GM
impose tariffs on steel and cent. said SoftBank is taking a 20
aluminum imported from STEEL OR NO STEEL: Presi- percent stake in the GM
Europe, Canada and Mex- dent Donald Trump's ad- Cruise automated division,
ico. ministration said tariffs on which values that business
That's helping U.S. steel and steel and aluminum import- at about $11 billion. GM it-
aluminum companies, but ed from Europe, Canada self will invest another $1.1
hurting big machinery mak- and Mexico will go into ef- billion in it to speed up
ers like Boeing and Cater- fect Friday after failing to large-scale deployment of
pillar. Mexico announced win concessions in talks. It self-driving robotaxis next
tariffs on some U.S. goods in proposed the tariffs earlier year. General Motors stock Traders George Ettinger, right, and Sal Suarino work on the floor
response. this year but delayed them jumped 10.1 percent to of the New York Stock Exchange, Thursday, May 31, 2018.
The European Union has to make time for negotia- $41.65. Associated Press
said it could put duties on tions. CONSUMER SPENDING: The
products including peanut U.S. Steel jumped 3.8 per- Commerce Department pushed the bank to take lost 0.3 percent.
butter and orange juice, cent to $37.68 and Nu- said Americans boosted fewer risks and requires it to The FTSE MIB in Italy fell 0.4
and household goods mak- cor gained 1.6 percent to their spending by 0.6 per- get Fed approval before it percent after a big gain on
ers are suffering losses. $65.10. Aluminum producer cent in April while a gauge hires or fires senior manag- Wednesday.
General Motors is surging Century Aluminum gained of inflation remained at the ers in the U.S. The stock lost In Spain, the IBEX 35
after SoftBank of Japan 4.3 percent to $17.89. Federal Reserve's optimal 7.4 percent to $10.71. slumped 1.5 percent on
said it will invest $2.25 billion Mexico said it would penal- level for a second straight ENERGY: U.S. crude oil reports conservative Prime
in GM's autonomous car ize U.S. imports including month. Consumer spend- slipped 0.9 percent to Minister Mariano Rajoy is
business. pork bellies, apples, grapes, ing was a bit weak in the $67.57 a barrel in New York. closer to being ousted after
KEEPING SCORE: The S&P cheeses and flat steel. first quarter of this year and Brent crude, used to price almost eight years in pow-
500 index lost 5 points, or The EU has said it will put experts are predicting a re- international oils, rose 1 per- er. Rajoy faces a no-confi-
0.2 percent, to 2,719 as of duties on imports from the bound from April to June. cent to $78.52 per barrel in dence vote and the lower
11:45 a.m. Eastern time. The U.S. including orange juice However discount retail- London. house is debating whether
Dow Jones industrial aver- and peanut butter. ers Dollar Tree and Dollar BONDS: Bond prices edged to replace him with the
age fell 151 points, or 0.6 Consumer goods makers General both stumbled higher. leader of the Socialist op-
percent, to 24,514. took some of the worst loss- after they said inclement The yield on the 10-year position.
The Nasdaq composite es on Thursday, as Jif maker weather hurt their business Treasury note fell to 2.84 Asian stocks rose following
gained 24 points, or 0.3 per- Smucker lost 1.7 percent to in the first quarter of the percent from 2.85 percent. big gains in the U.S. the day
cent, to 7,464 as technol- $106.79. Consumer goods year. Their results fell short Banks and financial com- before.
ogy companies like Alpha- giant Procter & Gamble of Wall Street projections panies traded lower. JPM- Japan's Nikkei 225 index
bet and Facebook bucked lost 1.9 percent to $73.44. and Dollar Tree cut its profit organ Chase declined 1.1 gained 0.8 percent and
the market's decline and The EU has also said it could forecast for the year. percent to $107.20 and Hong Kong's Hang Seng
made gains. The put tariffs on motorcycles, Dollar Tree fell 11.8 percent Goldman Sachs lost 1.7 index jumped 1.4 percent.
Russell 2000 index, which is Levi's jeans and Kentucky to $84.98 and Dollar Gen- percent to $225.30. South Korea's Kospi ad-
made up of smaller com- bourbon. Harley-Davidson eral gave up 8.5 percent to CURRENCIES: The dollar fell vanced 0.6 percent.
panies that tend to do lost 1.4 percent to $41.39. $88.35. to 108.70 yen from 108.85 Contributing to those gains,
more business in the U.S., STOCK IMPACT: Boeing DEUTSCHE BANK: Deutsche yen. The euro slid to $1.1649 a survey showed Chinese
slipped 3 points, or 0.2 per- dropped 1.2 percent to Bank skidded after the Wall from $1.1654. factory activity grew at its
cent, to 1,644. It closed at $353.92 and Caterpillar Street Journal reported OVERSEAS: The DAX in Ger- fastest rate in eight months
a record high Wednesday. fell 1.5 percent to $153.15. that the Federal Reserve many lost 1.7 percent and on stronger demand.q
Despite the old Wall Street Farm equipment maker determined the bank's U.S. France's CAC 40 fell 0.7
saying "Sell in May and go Deere fell 2.4 percent to business is in "troubled con- percent.
away," stocks are on track $151.34. The tariffs could dition," a designation that The British FTSE 100 index
US home sales fell 2.5 percent in April

By JOSH BOAK Home sales have dropped a home. in April, down from 39 days
Associated Press 1.4 percent over the past Homes lasted a median of a year ago. q
WASHINGTON (AP) — year, largely because the just 26 days on the market
U.S. sales of existing homes number of sales listings has
tumbled 2.5 percent in declined 6.3 percent.
April — with the costs of The relatively healthy job
buying a home jumping market has bolstered de-
and would-be buyers fac- mand to purchase homes.
ing a persistent shortage of But the inventory shortage,
properties on the market. rising prices and higher
The National Association of mortgage costs are weigh-
Realtors said Thursday that ing on the real estate mar-
homes sold last month at a ket.
seasonally adjusted annual The dearth of homes for
pace of 5.46 million, down sale and climbing mort-
from 5.60 million in Febru- gage rates have amplified
ary. the competition for buying