Page 25 - ARUBA TODAY

BUSINESS A25
Tuesday 9 January 2018

Stocks erase morning losses, continuing strong start to year

Stock trader Chris Lotito studies a computer screen at the New record levels. 0.1 percent, to 25,283.00, The yield on the 10-year
“We’re getting a bit tired the Nasdaq composite Treasury dipped to 2.47
hearing ourselves talking rose 20.83, or 0.3 percent, percent from 2.48 percent
about the solid econom- to 7,157.39 and the Russell late Friday.
ic backdrop and strong 2000 index of small-cap On the losing end for
earnings growth, but that stocks gained 1.80, or 0.1 stocks was GoPro, which
is the backdrop,” said Jon percent, to 1,561.81. plunged after it said its rev-
Adams, senior investment One of the biggest gains enue fell sharply last quar-
strategist for BMO Global in the S&P 500 came from ter. The company had to
Asset Management. Kohl’s, which jumped after slash prices on cameras to
He is optimistic that stocks it raised its earnings fore- drive more sales, and it re-
can continue to rise from cast for the year. The re- ported preliminary fourth-
their record levels due to tailer said its sales climbed quarter revenue that fell
the trends, even though nearly 7 percent in No- far short of Wall Street’s
the market is more expen- vember and December expectations.q
sive than it usually is relative from a year earlier, and
York Stock Exchange. The stock market’s perfect start to the to corporate profits. “Ev- its new profit forecast eas-
eryone is talking about the ily topped Wall Street’s ex-
year rolled on, and the Standard & Poor’s 500 index shook off a synchronized economic pectations.
growth” around the world, Kohl’s rose $2.54, or 4.7 per-
bit of weakness on Monday to tick further into record territory. he said, “but it’s some- cent, to $56.90.
thing we haven’t seen for High-dividend stocks were
(AP Photo/Mark Lennihan) 10 years.” The S&P 500 rose also strong, with utilities up
4.56 points, or 0.2 percent, 0.9 percent for the biggest
By STAN CHOE appeared to be on pace to 2,747.71. The last time gain of the 11 sectors that
the index led off a year with make up the S&P 500. They
AP Business Writer for its first down day of the more consecutive gains got help from falling Trea-
was in 2010, when it had six. sury yields, which make div-
NEW YORK (AP) — The stock year. But accelerating The Dow Jones industrial idends more attractive for
average slipped 12.87, or investors seeking income.
market’s perfect start to gains for dividend-paying

the year rolled on, and the and technology stocks

Standard & Poor’s 500 in- helped offset losses in the

dex shook off a bit of weak- health care industry, and

ness on Monday to tick fur- the S&P 500 eked out a fifth

ther into record territory. straight gain.

Stocks had dipped in early Other U.S. indexes edged

trading, and the S&P 500 higher or held close to their

Kohl’s joins holiday party, shows staying power

open at least a year rose ness. It anticipates same-
3.4 percent for the nine-
week period that ended stores sales gains in the high
Dec. 30. That’s compared
with a 0.8 percent decline single digit percentages for
a year earlier.
Retail was the best per- the fourth quarter.
forming sector on the Stan-
dard & Poor’s index in early Falling unemployment
trading. Lululemon Athlet-
ica upgraded its revenue and consumer confidence
and earnings expectations
for the fourth quarter, say- have led to more traffic for
ing that sales accelerated
across all parts of its busi- some retailers, but not all.

Beleaguered department

store chain Bon-Ton Stores

Inc. said Monday that rev-

enue at stores opened at

Shoppers walk to a Kohl’s retail store in Salem, N.H. Kohl’s said least a year fell 2.9 percent
its holiday sales surged 6.9 percent from the prior-year period,
another sign that the retail industry experienced healthy growth for the nine-week period
during the critical shopping season.
ended Dec. 30. q
(AP Photo/Charles Krupa)

By A. D’INNOCENZIO consin, boosted its earn-
ings expectations for the
M. CHAPMAN entire year, sending shares
up sharply in early trading.
AP Retail Writers The numbers from Kohl’s
buoyed the entire retail
NEW YORK (AP) — Kohl’s sector, which was already
elevated following a simi-
put up strong sales numbers larly strong showing by J.C.
Penney and Macy’s.
throughout November and Kohl’s stood out, however,
thanks to the rising volume
December, joining other of online sales and its ability
to drive traffic to stores.
traditional department Macy’s last week reported
that sales at established
stores in a much needed stores rose 1 percent in No-
vember and December,
holiday rally. compared with a 2.7 per-
cent drop a year ago. Rev-
Comparable-store and enue at J.C. Penney stores

total sales surged 6.9 per-

cent during the critical

end-of-year shopping pe-

riod, Kohl’s said Monday,

providing more evidence

that department stores are

learning to better compete

against Amazon.com.

Kohl’s, based in

Menomonee Falls, Wis-