Page 25 - ARUBA TODAY

BUSINESS Thursday 28 June 2018
A25

US stock indexes turn mixed; oil continues to surge

By STAN CHOE
Associated Press
NEW YORK (AP) — The surg-
ing price of oil lifted energy
stocks on Wednesday, but
other areas of the market
were more subdued and
U.S. indexes were mixed in
early afternoon trading.
Investors are still gauging
how worried to be about
the prospect of a global
trade war. Asian stocks
slumped early in the day
due to the concerns, only
for European stocks to flip
from losses to gains on signs
that the Trump administra-
tion was taking a less com-
bative stance in talks with
China. U.S. stocks opened
higher, but the gains evap-
orated as the day pro-
gressed.
KEEPING SCORE: The S&P
500 was down 0.2 percent
at 2,716, as of 1:30 p.m.
Eastern time, erasing an
earlier gain of as much as
0.8 percent.
The Dow Jones Industrial
Average fell 11 points, or In this May 10, 2018, file photo, stock screens are shown at the New York Stock Exchange.
0.1 percent, to 24,271, and Associated Press
the Nasdaq composite fell company, rose 3.3 percent after accounting for the ef- which closed earlier, mostly edged up to 110.22 Japa-
58 points, or 0.7 percent, to $65.07. fects of inflation. That is put- fell. Japan’s Nikkei 225 lost nese yen from 110.13 yen
to 7,504. More stocks fell TRADE WORRIES: Stocks ting pressure on stock pric- 0.3 percent, and South late Tuesday. The euro fell
on the New York Stock Ex- have swung in recent es, and he expects this bull Korea’s Kospi sank 0.4 per- to $1.1586 from $1.1650,
change than rose. weeks as talks have grown market that began in 2009 cent. and the British pound
ENERGIZED STOCKS: The more and less heated to end by the first quarter FILLING UP: Conagra Brands dropped to $1.3145 from
price of crude jumped af- about trade between the of 2020. recorded the biggest loss $1.3232.
ter a report showed that United States and its part- CHINESE BEARS: The tough among stocks in the S&P YIELDS: The yield on the
U.S. oil inventories dropped ners, particularly China. talk on trade between the 500 after it agreed to buy 10-year Treasury dropped
more sharply last week. U.S. stocks rose at the open world’s two largest econo- Pinnacle Foods, the com- to 2.83 percent from 2.88
Crude’s price had already of trading after the Trump mies has hit Chinese stocks pany behind Duncan Hines percent late Tuesday. The
been rising on reports that administration indicated it’s particularly hard, and Chi- and Hungry-Man, in a deal two-year yield fell to 2.49
the Trump administration is shifting away from a plan to na’s Shanghai Composite that would create a frozen- percent from 2.53 percent,
pushing other countries to impose limits on Chinese in- index continued to plum- food giant. The cash-and- and the 30-year sank to
stop importing oil from Iran. vestment in U.S. technology met with a 1 .1 percent stock bid is valued at more 2.98 percent from 3.02 per-
That helped drive energy companies and high-tech drop on Wednesday. It’s than $8 billion, not includ- cent.
stocks in the S&P 500 up exports to China. Instead, down more than 20 per- ing Pinnacle Foods’ debt. COMMODITIES: Benchmark
1.6 percent. That was more the administration is calling cent from its late January Conagra also reported U.S. crude rose $2.18, or 3.1
than double the gain for on Congress to enhance level. “To a large extent, stronger earnings for the percent, to $72.71. Brent
any of the other 10 sectors an existing review process. the Chinese market is one latest quarter than analysts crude, the international
that make up the index. Investors took it as a sign of driven by speculation,” said expected. Its shares never- standard, rose $1.45 to
Concho Resources, a com- a softer stance after esca- Jingyi Pan, a market strat- theless dropped 7 percent $77.59 per barrel.
pany that looks for oil and lating rounds of tough talk, egist at IG in Singapore. to $35.56. Gold slipped $3.50 to
gas in New Mexico and but the gains disappeared “With sentiment rolling over CURRENCIES: The dollar $1,256.40 per ounce.q
west Texas, jumped 4.7 in the afternoon. itself of late, particularly
percent to $137.90. Helm- “Trade is the hot topic du over the escalating trade
erich & Payne, an oil drilling jour, and it’s having an im- tensions that seem to have
pact on the market” said no end, it should be of little
Barry Bannister, head of surprise to find the market
institutional equity strategy crumbling.”
at Stifel. It’s only adding to MARKETS ABROAD: Euro-
pressures that have been pean stocks erased ear-
mounting on the market, lier losses to climb. France’s
which he sees dropping CAC 40 gained 0.9 per-
over the next three months. cent, Germany’s DAX rose
Interest rates are rising, but 0.3 percent and the FTSE
more importantly to Ban- 100 in London added 1.1
nister, so have interest rates percent. Asian markets,