Page 25 - ARUBA TODAY

BUSINESS Friday 16 June 2017
A25

Skidding tech and retail companies take US stocks lower

By MARLEY JAY 7.49 points, or 0.5 percent,
AP Markets Writer to 1,410.08.
NEW YORK (AP) — U.S. Technology companies,
stocks fell Thursday as which have done far bet-
technology firms and small ter than the rest of the mar-
companies skidded. Inves- ket this year, continued to
tors bought high-dividend slide. Apple gave up 87
stocks, which pulled the cents to $144.29 and Al-
market away from steeper phabet, Google’s parent
losses. company, sank $7.75 to
Stocks dropped in early $960.18. Symantec shed 68
trading as investors react- cents, Nike declined $1.76,
ed to rising interest rates in or 3.2 percent, to $52.90
the U.S. while the Bank of after the company said it
England came unexpect- will eliminate 1,400 jobs, or
edly close to raising U.K. in- about 2 percent of its staff
terest rates for the first time positions, and reduce the
in 10 years. Smaller, more number of sneaker styles
domestically-oriented it sells by about a quarter.
companies fell as investors Amazon dipped $12.30, or
wondered if the expand- 1.3 percent, to $964.17.
ing special counsel inves- Grocery chain Kroger took
tigation in Washington will its biggest one-day loss
affect President Donald Traders Michael Conlon, Peter Tuchman and Gregory Rowe, left to right, work on the floor of the since 1999. The company
Trump’s proposed agenda New York Stock Exchange, Thursday, June 15, 2017. U.S. stocks fell Thursday as technology firms cut its annual profit outlook
and small companies skidded. Investors bought high-dividend stocks, which pulled the market
of cuts in taxes and regula- away from steeper losses. as it deals with growing
tions. (AP Photo/Richard Drew) competition from discount
“Investors are getting a chain Aldi and from Lidl,
bit antsy waiting for these retailer Nike and toy maker The Standard & Poor’s 500 to 21,359.90 after it closed a German chain opening
pro-growth policies,” said Mattel both fell. But industri- index lost 5.46 points, or 0.2 at a record high Wednes- its first locations in the U.S.
Karyn Cavanaugh of Voya al companies rose on new percent, to 2,432.46. It fell day. The Nasdaq compos- Kroger’s stock plunged
Investment Strategies. signs U.S. manufacturing as much as 19 points in the ite dropped 29.39 points, $5.72, or 18.9 percent, to
Elsewhere, technology has steadied, and utilities morning. The Dow Jones or 0.5 percent, to 6,165.50. $24.56. q
companies continued their and real estate companies industrial average dipped The Russell 2000 index of
recent slump, while shoe did well. 14.66 points, or 0.1 percent, small-company stocks fell

US factory output fell 0.4%. in May on car sales

By CHRIS S. RUGABER in the past year. developers are building prepare for the production
AP Economics Writer Overall industrial produc- more homes, lifting output of new models.
WASHINGTON (AP) — U.S. tion, which includes min- of construction supplies. Other recent reports also
factory output fell last ing and utilities, was un- Yet Americans are buy- suggest the economy is ex-
month as manufacturers changed in May. Mining ing fewer cars, after sales periencing the same mod-
cranked out fewer cars, activity posted a large reached record levels last est growth pace of about 2
computers and semicon- gain for the second straight year. They have now fall- percent that has persisted
ductors, a sign that eco- month, rising 1.6 percent. en for five straight months. since the recession ended
nomic growth remains slug- Much of that increase has Automakers responded by eight years ago.
gish. been driven by greater oil slicing output 2 percent in Sales at retail stores and
Factory production slipped and gas drilling. Utility pro- May. General Motors said restaurants fell in May by
0.4 percent in May, after duction rose 0.4 percent. Wednesday that it would the most in 16 months, the
a big 1.1 percent gain the U.S. manufacturing has extend a summer shutdown Commerce Department
previous month, the Fed- shown some signs of life this in at least two Midwestern said Wednesday, as Ameri-
eral Reserve said Thursday. year after almost no growth factories to five weeks from cans sharply cut back
Manufacturing output has in 2015 and 2016. Busi- the traditional two weeks. their spending on elec-
largely been flat since Feb- nesses are investing more Automakers typically close tronics and at department
ruary, but is up 1.4 percent in industrial machinery and factories in the summer to stores.q