Page 25 - ARUBA TODAY

BUSINESS Friday 13 July 2018
A25

Technology rebound sets Nasdaq on course for record high

By MARLEY JAY cent as investors worried
Associated Press that the trade conflict will
NEW YORK (AP) — Technol- hurt the global economy.
ogy companies are soaring They also expect oil sup-
Thursday as investors re- plies to increase after Libya
main optimistic about the announced that it will start
sector even though much exporting oil again.
of the market has been Wholesale gasoline added
shaken by fears about the 0.5 percent to $2.07 a gal-
trade war with China. The lon. Heating oil rose 1.1 per-
Nasdaq composite is on cent to $2.12 a gallon. Nat-
track for an all-time high. ural gas fell 1.1 percent to
Industrial companies are $2.80 per 1,000 cubic feet.
also bouncing back as the TAKEOUT? Shares of Papa
market recovers most of its John's International jumped
losses from a day ago. Soft- 13 percent to $54.62 after
ware maker CA is jumping the company said founder
after chipmaker Broadcom John Schnatter resigned as
agreed to buy it for $18.9 chairman. The move came
billion. after Schnatter confirmed
KEEPING SCORE: The S&P a report that he had used a
500 index gained 20 points, racial slur on during a con-
or 0.7 percent, to 2,794 as of ference call in May.
2:38 p.m. Eastern time. The Investors speculated that
Dow Jones Industrial Aver- Specialist Michael O'Mara, left, and trader Christopher Fuchs work on the floor of the New York his departure makes it
age rose 190 points, or 0.8 Stock Exchange, Thursday, July 12, 2018. more likely Papa John's will
percent, to 24,891. The Nas- Associated Press be sold. Stifel analyst Chris-
daq composite advanced on $18 billion in debt to pay French President Emmanu- istration released a list of topher Cull said Wall Street
93 points, or 1.2 percent, to for CA, lost 15.2 percent to el Macro said NATO spend- $200 billion in imports from has viewed the company
7,809. The tech-heavy in- $206.51. ing plans haven't changed, China that it could hit with as a potential sale target
dex is on track to beat the Other technology compa- as several years ago mem- a 10 percent tax. China for some time. But since
all-time high it reached on nies also climbed. Apple bers set a long term goal of said it would retaliate if the Schnatter is still is largest
June 20. rose 1.6 percent to $190.88 spending 2 percent of their tariffs take effect, and the shareholder, Cull doesn't
The Russell 2000 index of and Microsoft gained 2.2 gross domestic product on dispute could impair global think that will happen.
smaller-company stocks percent to $104.19. Intel defense. Trump tweeted economic growth. Schnatter owns about 29
added 5 points, or 0.3 per- rebounded 1.8 percent to about a 4 percent target, Stock indexes overseas re- percent of the company's
cent, to 1,688. $52.14. which is more than the U.S. covered a piece of their stock, and the value of his
The S&P 500 fell 0.7 percent GAINERS: Johnson & John- currently spends. losses Thursday. In Paris, the stake jumped by $59 million
Wednesday as new trade son rose 1 percent to Lockheed Martin gained French CAC 40 climbed 1 to Thursday to about $516
threats between the U.S. $127.52 and Merck picked 2 percent to $312.78 and percent. Germany's DAX million in total.
and China led to big losses up 1.3 percent to $62.71 as Raytheon rose 1.6 percent added 0.6 percent and the METALS: Gold rose 0.2 per-
for industrial, energy and health care companies ad- to $197.05. Britain FTSE 100 rose 0.8 per- cent to $1,246.60 an ounce.
materials companies. In- vanced. Among industrials, EXPENSIVE SUBSCRIPTION: cent. Silver gained 1 percent to
dustrials regained most of manufacturer Honeywell The merry-go-round of po- Tokyo's Nikkei 225 gained $15.98 an ounce. Copper
their losses Thursday while rose 2 percent to $147.39. tential media deals contin- 1.2 percent and Hong rose 1.2 percent to $2.78
basic materials makers DEFENSE SPENDING: De- ued as Comcast offered Kong's Hang Seng gained a pound after it fell to an
were only a little higher and fense contractors rose af- to buy European pay-TV 0.7 percent. Seoul's Kospi 11-month low on Wednes-
energy companies didn't ter President Donald Trump company Sky for $34 billion added 0.2 percent. day.
move much. continued to criticize oth- just a day after Twenty-First ENERGY: Benchmark U.S. BONDS: Bond prices ticked
CHIP SHOPPING: CA ac- er NATO members at the Century Fox increased its crude dipped 0.1 percent higher. The yield on the 10-
cepted an offer from group's summit in Brussels. own offer for Sky. to $70.33 a barrel in New year Treasury note fell to
Broadcom worth $18.9 bil- He said European countries Fox already owns 39 per- York while Brent crude, 2.85 percent from 2.86 per-
lion, or $44.50 per share. Its should raise their defense cent of Sky. While Fox and used to price international cent.
stock rocketed 18.1 per- spending and suggested in Comcast tangle over Sky, oils, rose 0.9 percent to CURRENCY: The dollar
cent to $43.93 while Broad- a tweet that U.S. should do Comcast and Disney are $74.08 per barrel in London. rose to 112.47 yen after it
com, which plans to take the same. trying to buy Fox itself. Fox U.S. crude dropped 5 per- jumped to 112.04 yen a day
recently accepted a $71 cent Wednesday and Brent ago. The euro edged up to
billion offer from Disney, nosedived almost 7 per- $1.1677 from $1.1674.q
and the New York Times re-
ported Thursday that Com-
cast will end its pursuit of
Fox and focus on Sky.
Sky's stock rose 3.4 per-
cent in London. In the U.S.,
Comcast rose 1.8 percent
to $34.39 and Fox fell 0.5
percent to $47.54. Dis-
ney gained 0.3 percent to
$108.39.
TRADE PAIN: Stocks around
the world slumped Wednes-
day after the Trump admin-