Page 25 - ARUBA TODAY

BUSINESS Thursday 8 March 2018
A25

Stocks wobble as Trump's top economic adviser departs

much as 349 points. Industrial companies like proposed tariffs on U.S. ex-
Cohn, the director of the Caterpillar and Boeing ports including motorcycles
National Economic Coun- whipsawed on the news. and bourbon. Jack Daniel's
cil, was known to disagree Technology and health maker Brown-Forman sank
with the tariff plan, which care companies ended after CEO Paul Varga said
has also drawn criticism higher, while energy com- his company "could be an
from Republicans in Con- panies fell with oil prices. unfortunate and unintend-
gress as well as from much The Standard & Poor's 500 ed victim" of more hostile
of corporate America. index fell as much as 1 per- trade. Varga said the com-
"He was seen as a key pro- cent during the day but pany has been selling more
ponent of free trade to finished with a loss of just lower-priced liquors in Eu-
balance some of the other 1.32 points, less than 0.1 rope, a strategy that leaves
more protectionist-type ad- percent, at 2,726.80. The it more vulnerable to higher
visers in the administration," Dow Jones industrial aver- costs. The company also
said Keith Parker, U.S. Equity age declined 82.76 points, forecast a smaller-than-ex-
Frederick Reimer, center, works with fellow traders on the floor of Strategist for UBS. Cohn was or 0.3 percent, to 24,801.36. pected annual profit and
the New York Stock Exchange. Stocks ended mixed as investors
reacted to the departure of former Goldman Sachs executive also considered one of the The Nasdaq composite its stock dropped $3.15,
Gary Cohn from the Trump administration. architects of last year's cor- gained 24.64 points, or 0.3 or 5.6 percent, to $52.89.
(AP Photo/Richard Drew) porate tax cut. percent, to 7,396.65. The Motorcycle maker Harley-
The market bounced back Russell 2000 index of small- Davidson slid 43 cents, or 1
By MARLEY JAY Stocks fell in the morning late in the afternoon after er-company stocks added percent, to $43.90.
NEW YORK (AP) — "What as investors reacted to the the White House said some 12.33 points, or 0.8 percent, Discount retailer Dollar
does it mean for trade?" departure of Gary Cohn, a countries, including Can- to 1,574.53. It's fared better Tree’s fourth quarter results
That question continued to former Goldman Sachs ex- ada and Mexico, might than the S&P and Dow over disappointed investors,
guide Wall Street Wednes- ecutive who was seen as be granted exemptions to the last week as the com- and so did its forecasts for
day, leading stocks to a a proponent of free trade. the tariffs. That suggested panies on that index are the current year. It tumbled
mixed finish after President The losses deepened after a lighter touch that won't far more U.S.-focused and $15.11, or 14.5 percent, to
Donald Trump's top eco- Trump suggested on Twit- affect the global economy would stand to lose less $89.25.q
nomic adviser resigned ter that the U.S. may im- and corporate profits as from a flare-up in global
after opposing the admin- pose penalties on China as much as a broader tariff trade tensions.
istration's planned tariffs on part of intellectual property would, and wouldn't result In response to the planned
imports of steel and alumi- disputes. The Dow Jones in as much retaliation from steel and aluminum tariffs,
num. industrial average fell as other countries. the European Union has
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US consumer borrowing growth slows to $13.9B $9000
18 weeks remain 10
accelerated
By MARTIN CRUTSINGER veal strength in consumer low and retail sales exclud- by a moderate 2.3 per- studio Week 8 room #1404
AP Economics Writer spending, which accounts ing autos posted only a tiny cent. But many analysts $8500
WASHINGTON (AP) — for 70 percent of economic advance. believe growth this year 26 weeks remain 10 acclerated
American consumers in- activity. The overall economy, as will be stronger, stemming call:630-1307
creased their borrowing at The January advance was measured by the gross do- from the $1.5 trillion tax cut johnnypaesch@gmail.com
a slower pace in January, in line with expectations. mestic product, grew at passed by Congress in De- _______________________________209186
as the category that cov- Economists had expected a moderate pace of 2.5 cember and $300 billion Tropicana Resort and Casino
ers credit cards recorded a slowdown given that percent in the October- in increased government
the smallest increase in auto sales in January de- December quarter. For spending over the next two 1 Br WK 7 room #5559
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three years. celerated to a five-month 2017, the economy grew years.q
January's gain of $13.9 bil- Price : $8000 Each
lion followed a $19.2 billion Divi Links Golf
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a November surge of $30.9 28 weeks remain $8,500 each
billion, the Federal Reserve call:630-1307
reported Wednesday. johnnypaesch@gmail.com
In January, borrowing in ________________________________209186
the credit card category La Cabana BRC
edged up $701 million. 1 Br WK 11 and 12
That followed an increase room #414 a
of $6.1 billion in Decem- Best View Pool/ocean
ber and was the smallest $17,000 Both
monthly advance since a call:630-1307
gain of $605 million in Feb- johnnypaesch@gmail.com
ruary 2015. Borrowing in the _______________________________209186
category that covers auto Divi Dutch Village
loans and student loans 1 Br Wk 8 room #94 $8500
rose by $13.2 billion in Janu- Pool/view 26 weeks remain
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$13.1 billion increase in De- studio WK 6 room #5508
cember. 23 weeks remain $8000
Consumer borrowing is a call:630-1307
key metric that can re- johnnypaesch@gmail.com
________________________________209186