Page 25 - ARUBA TODAY

BUSINESS Friday 18 May 2018
A25

US stock indexes higher in afternoon trading; oil rising

By ALEX VEIGA ners jumped 6.9 percent helped pull technology
U.S. stock indexes edged to $41.07 after it agreed to sector stocks lower.
higher in midday trad- be acquired by oil pipeline WORRISOME OUTLOOK:
ing Thursday as investors company Williams Cos. in J.C. Penney slumped 10.7
weighed the latest batch an all-stock deal they val- percent to $2.74 after the
of company earnings ued at $10.5 billion. struggling department
and deal news. Energy BEEFING UP: Kroger rose 1.6 store chain said it might
and industrial companies percent to $25.35 after the take a loss in 2018 as it cut
climbed, offsetting losses supermarket operator said its annual forecast.
in utilities and real estate it's increasing its investment BURGER BLAHS: Shares in
companies. Small-compa- in the British online grocer Jack in the Box fell 7.5 per-
ny stocks were faring better Ocado as it fends off Ama- cent to $84.50 after the
than the rest of the market. zon.com and other online burger chain reported dis-
The price of crude oil rose. threats to traditional gro- appointing results in its fis-
KEEPING SCORE: The S&P cers. The subscription rights cal second quarter. Traders Gregory Rowe, left, and Peter Tuchman work on the floor
500 index rose 4 points, or agreement will give Kroger NOT WELL: Wells Fargo fell of the New York Stock Exchange, Thursday, May 17, 2018.
0.2 percent, to 2,727 as of access to Ocado's online 1.7 percent to $54.09 after Associated Press
12:17 p.m. Eastern Time. The ordering, automated fulfill- the Wall Street Journal re-
Dow Jones industrial aver- ment and home delivery ported that some employ- level since November 2014. $1.1799 from $1.1802.
age gained 12 points, or technology in the U.S. ees in its business banking The rise in oil prices gave MARKETS OVERSEAS: In
0.1 percent, to 24,781. The A GOOD LOOK: Dillard's division improperly altered energy stocks a boost. Europe, Germany's DAX
Nasdaq composite added climbed 5.7 percent to information on documents Valero Energy gained 4.9 gained 0.9 percent, while
10 points, or 0.1 percent, to $76.13 after the depart- related to corporate cus- percent to $120.63. France's CAC 40 rose 1
7,409. The Russell 2000 index ment store chain's latest tomers. BOND YIELDS: Bond prices percent. Britain's FTSE 100
of smaller-company stocks quarterly results beat Wall ENERGY: Benchmark U.S. were little changed. The added 0.7 percent. Ma-
picked up 9 points, or 0.6 Street's expectations. crude oil rose 16 cents, or yield on the 10-year Trea- jor indexes in Asia finished
percent, to 1,625, a day af- SWITCH OFF: Cisco slid 3.1 0.2 percent, to $71.65 a sury held steady at 3.10 mostly lower. Japan's Nikkei
ter it closed at an all-time percent to $43.78 after the barrel in New York. Brent percent. 225 index added 0.5 per-
high. Two stocks rose for ev- seller of routers, switches crude, used to price inter- CURRENCIES: The dollar cent. Hong Kong's Hang
ery one that fell on the New and software's latest quar- national oil, rose 63 cents, rose to 110.73 yen from Seng fell 0.5 percent. The
York Stock Exchange. terly results disappointed or 0.8 percent, to $79.92 a 110.25 yen on Wednesday. Kospi in South Korea slid 0.5
SLICK DEAL: Williams Part- investors. The slide in Cisco barrel in London, its highest The euro weakened to percent.q

US average mortgage rates at 7-year highs; 30-year 4.61 pct.

el. Mortgage buyer Fred- ruary, a trend that could gage rates, Freddie Mac
die Mac said Thursday the accelerate growth in the surveys lenders across the
average rate on 30-year, April-June quarter. country between Monday
fixed-rate mortgages was Despite higher borrowing and Wednesday each
4.61 percent, up from 4.55 costs and home prices, de- week.
percent last week. The new mand for home purchases The average doesn't in-
average rate was the high- has grown so far in the clude extra fees, known
est since May 19, 2011. By spring buying season, as as points, which most bor-
contrast, the 30-year rate the economic outlook has rowers must pay to get the
averaged 4.02 percent a continued to improve and lowest rates. The fee on 30-
year ago. bolstered consumer confi- year fixed-rate mortgages
The average rate on 15- dence. fell to 0.4 point from 0.5
year, fixed-rate loans Still, "inflationary pressures point last week. The fee for
climbed to 4.08 percent and the prospect of (mort- 15-year mortgages was un-
from 4.01 percent last gage) rates approaching 5 changed at 0.4 point.
week. percent could begin to hit The average rate for five-
The latest indications of a the psyche of some pro- year adjustable-rate mort-
strong economy and rising spective buyers," said Fred- gages jumped to 3.82 per-
commodity prices — gaso- die Mac chief economist cent from 3.77 percent last
line is at a four-year high — Sam Khater. week. The fee remained at
lifted yields on bonds and To calculate average mort- 0.3 percent.q
mortgage rates followed
suit.
U.S. retail sales rose at a
solid pace in April, ac-
cording to a government
This April 23, 2018, file photo shows a sold sign in front of a home
in Jackson, Miss. On Thursday, May 17, Freddie Mac reports on report issued Tuesday, a
the week’s average U.S. mortgage rates. sign that consumers may
Associated Press be rebounding from weak
spending earlier this year
Associated Press years amid the peak home and driving stronger eco-
WASHINGTON (AP) — Long- buying season. nomic growth. Consumer
term U.S. mortgage rates The benchmark 30-year spending has rebounded in
jumped this week, marking rate pushed toward the the past two months after
their highest levels in seven significant 5 percent lev- a weak January and Feb-