Page 25 - ARUBA TODAY

BUSINESS Friday 1 december 2017
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Dow Jones industrials breach 24,000 in broad market rally

By ALEX VEIGA nomic picture has pushed
PAUL WISEMAN the yield on the 10-year
AP Business Writers Treasury higher. It climbed
Wall Street finished No- Thursday to 2.41 percent
vember with a broad rally from 2.39 percent late
that gave the Dow Jones Wednesday.
industrial average its big- Investors are also enthu-
gest gain since March and siastic about the Republi-
pushed it past the 24,000 can tax bill moving through
mark for the first time. Congress. On Thursday,
Other market indicators Republican Sen. John Mc-
also reached milestones Cain, who derailed the
on Thursday. The Standard GOP effort to dismantle
& Poor’s 500 index, which the Obama health care
is widely followed by pro- law last summer, said he
fessional investors, had its would back the tax bill.
biggest monthly gain since The announcement was a
February. major boost for the legisla-
Technology stocks were re- tion, which would slash the
sponsible for much of the tax on corporate earnings
gain, following a sharp pull- to 20 percent from 35 per-
back the day before. cent, reduce the likely tax-
Investors were encour- A golden star tops the Christmas tree outside the New York Stock Exchange, Thursday, Nov. 30, es on foreign earnings and
aged by the latest batch 2017. Stocks powered to new highs on Wall Street, giving the Dow Jones industrials their biggest temporarily let companies
of economic data pointing gain since March and putting them past 24,000 for the first time. immediately deduct the
to a pickup in global and (AP Photo/Mary Altaffer) cost of investments from
domestic demand. But the to be legislated either at gains. at a 3.3 percent annual their taxes.Traders have
run-up in the market really the end of this year or early Stocks are being driven pace from July through also welcomed the Trump
kicked in after develop- next year.” higher by a healthy eco- September, the fastest administration’s bid to re-
ments in Washington gave The S&P 500 index climbed nomic backdrop and by in three years. Consumer duce regulations, espe-
traders fresh optimism that 21.51 points, or 0.8 per- the prospect that policy spending and incomes cially on financial firms,
the Republican-led effort cent, to 2,647.58. The Dow changes will fatten corpo- posted healthy gains in Oc- potentially boosting profits.
to forge a sweeping tax jumped 331.67 points, or rate profits. tober, the Labor Depart- The president’s pick to run
cut bill will succeed. 1.4 percent, to 24,272.35. The global economy is ment reported Thursday. the Consumer Financial
“A parade of data have The average was briefly up gathering momentum and American consumers, Protection Bureau, Mick
surprised to the upside and more than 387 points. a falling dollar has made whose spending accounts Mulvaney, is expected to
that’s helped underpin The Nasdaq added 49.58 American-made products for 70 percent of U.S. eco- go easier on banks than
the market’s tone,” said points, or 0.7 percent, to cheaper overseas, benefit- nomic output, are in the his predecessor, Richard
Quincy Krosby, chief mar- 6,873.97. ing U.S. corporations. sunniest mood since 2000, Cordray. Likewise, incom-
ket strategist at Prudential The Russell 2000 index of And recent economic their disposition brightened ing Federal Reserve chief
Financial. “But clearly the smaller-company stocks data have given investors by a healthy job market. Jerome Powell has said he
move toward tax reform, picked up 1.84 points, or more reason to feel bullish. The unemployment rate is believes regulators can roll
moving through the hur- 0.1 percent, to 1,544.14. The Commerce Depart- at a 17-year low 4.1 per- back some of the tougher
dles, has the market poised The major stock indexes ment reported this week cent. bank rules imposed after
for a tax reform package all ended November with that the U.S. economy grew The encouraging eco- the financial crisis.q
Aggressive cost-cutting helps Sears narrow loss; shares rise

NEW YORK (AP) — Sears and close stores as it loses tires. Sears Chief Financial decline it reported in the or $5.19 per share, in the
said Thursday that rev- ground in the market. In Officer Robert Riecker said same period a year ago. three months ending Oct.
enue and a key sales fig- October, it cut Whirlpool- in a prerecorded call that “The dramatic loss of cus- 28. q
ure plummeted in its most branded appliances from the concepts were “suc- tomers at existing stores
recent quarter as it closed its operations, curtailing a cessful” and that the com- continues apace,” said re-
stores, shut down pharma- business relationship that pany plans to open more tail analyst Neil Saunders of
cies at some Kmart loca- dates back more than 100 of them.Still, sales at estab- GlobalData, “and we be-
tions and lost shoppers to years.Sears said Thursday lished stores, a key mea- lieve that there is a danger
other retailers. that part of its turnaround sure of a retailer’s health, this trend could accelerate
But the struggling depart- plan is to open smaller plunged 15.3 percent dur- into the new year.”
ment store operator did stores. In June, it opened ing the third quarter. That’s The company reported a
have one bright spot: Its its first Sears Appliances & more than double the net loss of to $558 million,
third-quarter loss narrowed Mattresses store in Pharr,
from a year ago as it ag- Texas, which focuses on
gressively cut costs. That selling washing machines,
sent its shares up more than microwaves or bedding.
4 percent Thursday. Two more were recently
Sears has been cutting opened in Honolulu and
costs as it faces pension Camp Hill, Pennsylvania,
funding issues and lower the company said. For
sales. Competition from drivers, it opened three
Home Depot, Amazon. DieHard Auto Centers in
com and other retailers Texas and Michigan where
has been prompting the customers can get an oil
company to sell brands change or replace their