Page 25 - aruba-today-20180407

BUSINESS Saturday 7 april 2018
A25

Stocks dive as U.S. proposes more China tariffs; Dow falls 572

By MARLEY JAY "The process itself seems to U.S. crude dropped $1.48,
NEW YORK (AP) — Stocks be quite chaotic," she said. or 2.3 percent, to $62.06
ended the week the way "We're not quite sure what a barrel in New York while
they began it: tumbling as the long-term strategy is." Brent crude, used to price
investors worry that tariffs The Dow Jones industrial international oils, lost $1.22,
and harsh words between average dropped 572.46 or 1.8 percent, to $67.11
the U.S. and China will points, or 2.3 percent, to per barrel in London. Oil
touch off a trade war that 23,932.76. It fell as much as prices fell almost 5 per-
derails the global econ- 767 points. cent this week as investors
omy. That came with the The S&P 500, which many wondered if an increase in
U.S. considering duties on index funds track, lost 58.37 trade tensions will reduce
an additional $100 billion points, or 2.2 percent, to demand for oil by slowing
in goods imported from 2,604.47. The Nasdaq com- down the global economy.
China. posite slid 161.44 points, or Bond prices rose, sending
The stock market changed 2.3 percent, to 6,915.11. yields lower. The yield on
direction again and again The Russell 2000 index of Specialists Robert Tuccillo, left, and Matthew Greiner work at the 10-year Treasury fell to
this week as investors tried smaller-company stocks their post on the floor of the New York Stock Exchange, Friday, 2.77 percent from 2.83 per-
to get a sense of whether dipped 29.63 points, or 1.9 April 6, 2018. cent. The lower yields mean
the trade dispute between percent, to 1,513.30. Associated Press banks can’t make as much
the world's two largest President Donald Trump's money from lending, and
economies will escalate. administration spent the the U.S. announced plans points separating its lowest that sent bank stocks lower.
Technology companies, past few days reassuring to put tariffs on $50 billion point Monday afternoon In other energy trading,
banks, industrial and health investors that it's not rush- in goods imported from from its high late Thursday. wholesale gasoline dipped
care stocks sank. The mar- ing into a trade war, and China, and the Chinese It fell 0.7 percent for the 3 cents to $1.95 a gallon.
ket didn't get any help from China's government has government responded week. Heating oil lost 2 cents to
a March jobs report that done the same. But late with measures of equal The government reported $1.96 a gallon. Natural gas
was weaker than expect- Thursday, Trump ordered size. Stocks plunged on that U.S. employers added rose 3 cents to $2.70 per
ed. the U.S. Trade Represen- Monday, but they rallied 103,000 jobs in March, a 1,000 cubic feet.
With administration of- tative to consider placing over the next few days as weaker pace than the last Gold rose $7.60 to $1,336.10
ficials sounding concilia- more tariffs on Chinese im- officials from both coun- few months. The Labor De- an ounce. Silver edged up
tory one day and hostile ports. China said it would tries said they were open partment also said fewer 1 cent to $16.36 an ounce.
the next and the president "counterattack with great to talks and that the tariffs jobs were added in January Copper fell 2 cents to $3.06
frequently quick to fire off strength" if that happens. might never go into effect. and February that it initially a pound.
another tweet, investors Stocks dipped further after The Dow average, which estimated. The unemploy- The dollar fell to 106.85
simply don't know what the Trump criticized the World contains numerous multi- ment rate remained low yen from 107.12 yen. The
U.S. wants to achieve in its Trade Organization on Twit- national companies includ- and the job market looks euro rose to $1.2285 from
talks with China, said Ka- ter Friday morning and the ing industrial powerhouses fundamentally healthy, $1.2256. Germany’s DAX
tie Nixon, chief investment losses worsened in the af- Boeing and Caterpillar, but it's possible some em- was down 0.5 percent
officer for Northern Trust ternoon. swung dramatically this ployers are struggling to while France’s CAC-40 fell
Wealth Management. At the start of the week, week, with almost 1,300 find workers. Benchmark 0.3 percent lower. q

9 West files for Chapter

11 bankruptcy protection

NEW YORK (AP) — Nine Authentic Brands Group for this year of companies with
West Holdings Inc. has filed the Nine West and Bando- poor credit ratings or liquid-
for bankruptcy protection, lino brands. ity, weak credit and what it
the latest retailer to do so Nine West joins the many calls challenged competi-
as it attempts to restructure retailers that have sought tive positions.
its debt and refocus on its bankruptcy protection, Many retailers face similar
more successful products. closed stores or plan to go challenges, including big This Nov. 25, 2011, file photo shows people shopping for shoes at
The shoe chain said Friday out of business entirely as debt loads. Toys R Us, for in- Nine West on Black Friday at Dadeland Mall, in Miami.
the bankruptcy filing was more people shop online. stance, was weighed down Associated Press
made to ease the sale of Claire's and Bon-Ton filed by $5 billion in debt that
its Nine West and Bando- for bankruptcy earlier this hurt its attempts to com- positioned for the future," 11 process.
lino footwear and hand- year, after several dozen pete as shoppers moved to he said in a statement. Authentic Brands Group
bag business, and so it can others did so last year. That Amazon. Nine West has received LLC, backed by private eq-
focus more on its growing includes Toys R Us, which Nine West Holdings CEO $300 million in financing uity and investment groups,
businesses, which include has now started liquidation Ralph Schipani called the and has a restructuring has well-known names
One Jeanswear Group, The sales. bankruptcy filing the "right agreement with parties such as Frye, Juicy Couture
Jewelry Group, the Kasper Owned by private equity step to address our two di- that hold or control the vast and Jones New York. The
Group and Anne Klein. firm Sycamore Partners vergent business profiles." majority of its secured and intellectual property corpo-
Nine West said it has a since 2014, Nine West was "Once we complete the unsecured term debt. The ration also manages licens-
"stalking horse" agreement among about two dozen reorganization process, our company said the financ- ing and merchandising for
— an effort by a bankrupt distressed retailers that company will have mean- ing will give it the cash it celebrity brands including
company to determine the Moody's Investors Service ingfully reduced debt and needs to maintain its op- Elvis Presley, Marilyn Mon-
market for its assets — with put on a watch list earlier interest costs and be well- erations during its Chapter roe and Muhammad Ali.q