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BUSINESS Tuesday 17 July 2018
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Stocks fall as oil prices drag energy companies lower

By MARLEY JAY dustries, soared after the
Associated Press Wall Street Journal report-
NEW YORK (AP) — U.S. stocks ed that private equity firms
are mostly lower Monday are interested in buying it.
as energy companies sink The stock climbed 10.6 per-
along with the price of oil. cent to $19.22, which gave
Banks are rising along with Arconic a market value of
interest rates, and Bank of about $9.3 billion.
America is climbing after When Arconic split from
a solid second-quarter re- former parent Alcoa in
port. Stocks finished at five- late 2016, investors saw it
month highs last week as as a faster-growing busi-
investors remained optimis- ness whose stock would
tic about the U.S. economy probably climb faster than
even as they worried about Alcoa's. That hasn't hap-
the trade war between the pened, as Alcoa stock has
U.S. and China. slowly risen after years of
KEEPING SCORE: The S&P struggles, and Arconic has
500 index lost 4 points, or fallen more than 40 per-
0.2 percent, to 2,796 as cent since mid-January.
of noon Eastern time. The AMAZON, AGAIN: Online
Dow Jones Industrial Aver- retail giant Amazon, al-
age rose 2 points to 25,022 ready trading at record
behind gains for Goldman In this May 17, 2018, file photo, an American flag hangs above the bell podium on the floor of highs, rose 0.9 percent to
Sachs, JPMorgan Chase, the New York Stock Exchange. $1,828.97 on the day of its
and Boeing. The Nasdaq Associated Press Prime Day promotion. The
composite fell 12 points, jumped 33 percent. Like Bond prices fell. The yield That wasn't a surprise, and company said the deals
or 0.2 percent, to 7,813. other big banks, it got a big on the 10-year Treasury the quarter ended before will last for 36 hours this
The Russell 2000 index of boost from the corporate note rose to 2.88 percent the U.S. and China formal- year, and Amazon is trying
smaller-company stocks tax cut that passed at the from 2.83 percent. High div- ly placed tariffs on billions to get more shoppers to
declined 10 points, or 0.6 end of 2017 and from high- idend companies like real of dollars in imports. But Whole Foods, the grocery
percent, to 1,676. er interest rates. Bank of estate investment trusts fell it adds to challenges for chain it bought last year.
ENERGY: Crude oil prices America has also been cut- as investors who wanted the world's second-largest Amazon is up 56 percent
sank on reports the U.S. ting expenses. Its profit and income bought bonds in- economy as the trade con- in 2018 and is responsible
will take a softer stance revenue were both better stead. flict heats up. for about 19 percent of the
on countries that import oil than analysts expected SINK-CLAIR: Tribune Me- China also said it filed a total return of the S&P 500
from Iran. Reuters reported and the stock rose 2.5 per- dia and Sinclair Broadcast World Trade Organization over that time, according
that Treasury Secretary Ste- cent to $29.26. Group both slumped after challenge to the tariff hike to S&P Dow Jones Indices.
ven Mnuchin said the U.S. Troubled German lender the Federal Communica- President Donald Trump DATA DUMPED: Alliance
will consider giving waivers Deutsche Bank jumped tions Commission said it has has proposed on $200 bil- Data Systems, which man-
to countries that can't im- 8 percent to $12.14 after concerns about Sinclair's lion in Chinese goods. ages loyalty and rewards
mediately stop buying Ira- it said its earnings will be plan to buy Tribune. Right- ALUMINUM SHINING: Ar- programs for retailers, fell
nian oil by early November. considerably higher than leaning TV station opera- conic, a company that 8.1 percent to $223.75 after
Last month the U.S. began expected. Deutsche Bank tor Sinclair has proposed makes aluminum parts for it said late and delinquent
pressuring countries to stop has taken three years of selling some of its own TV companies in the aero- payments increased in the
buying Iranian oil entirely losses based on high costs stations as part of the $3.9 space and automobile in- second quarter.q
and officials said there and big fines and penalties billion deal, but FCC Chair-
would be no exceptions. linked to past misconduct. man Ajit Pai said Sinclair
Benchmark U.S. crude fell It replaced its CEO in April. would continue to control
3.4 percent to $68.60 in New Banks were also helped by them in practice, which
York. Brent crude, used to an increase in interest rates would violate the law.
price international oils, fell after the Commerce De- Tribune Media plunged 15
3.5 percent to $72.66 a bar- partment said sales at re- percent to $32.80 and Sin-
rel in London. tailers and restaurants kept clair sank 5.2 percent to
Oil companies also skid- rising in June. That's a sign $31.23. Sinclair is already
ded. Exxon Mobil lost 1.2 shoppers are still willing to the largest operator of lo-
percent to $82.34 and Mar- spend even though wages cal TV stations in the U.S.
athon Oil retreated 6.3 per- are only growing slightly, CHINA GROWTH: The Chi-
cent to $20.12. and it's a hint the Federal nese government said eco-
BANK ON IT: Bank of Amer- Reserve will likely continue nomic growth slowed a bit
ica's second-quarter profits to raise interest rates. over the last three months.