Page 25 - ARUBA TODAY

BUSINESS Friday 9 June 2017
A25

Modest gains, led by banks, push US stock indexes higher

By ALEX VEIGA The Standard & Poor’s Russell 2000 index climbed the investigation into Rus- role in the 2016 election
AP Business Writer 500 index gained 0.65 18.94 points, or 1.4 percent, sian meddling into the U.S. and its ties to the Trump
Financial companies led points, or 0.03 percent, to to 1,415.61. presidential election. campaign.
U.S. stock indexes higher 2,433.79. The Dow Jones in- Bond prices fell. The 10- In his testimony, Comey’s Stock indexes barely
Thursday, nudging the Nas- budged throughout the
daq composite index to a hearing, the public portion
record high. of which wrapped around
The latest gains came as midday.
the stock market contin- “Today did not turn into a
ued to trade mostly in a market event, nor did it ac-
narrow range in the ab- celerate the path toward
sence of major new eco- further progress on the leg-
nomic data and ahead islative and administrative
of next week’s meeting agenda,” Northey said.
of Federal Reserve policy- Investors have been look-
makers. ing for more progress out
Speculation that the Fed of the White House on
will raise interest rates its agenda to cut taxes,
helped boost financial increase infrastructure
stocks for the second spending and implement
day in a row. Higher in- other business-friendly poli-
terest rates allow banks cies.
and credit card issuers to The Republican-led House
charge more for loans, took steps Thursday to ad-
which boosts profits. vance Trump’s pledge to
Utilities and consumer ease regulations on busi-
goods companies were nesses by taking a vote on
among the biggest de- Stock traders at the New York Stock Exchange watch former FBI Director James Comey on a legislation that would undo
cliners. Energy stocks also television monitor, Thursday, June 8, 2017, as he testifies before a congressional committee in the stricter banking rules
fell as crude oil prices de- Washington. that took effect after the
clined. (AP Photo/Mark Lennihan) devastating 2008 financial
“(Today) is a continuation dustrial average rose 8.84 year Treasury yield rose to first public statements since crisis.
of fairly muted market ac- points, or 0.04 percent, to 2.19 percent from 2.18 per- his May 9 dismissal, he told That helped lift bank stocks.
tion,” Bill Northey, chief 21,182.53. Both indexes re- cent late Wednesday. Congress that President Goldman Sachs Group
investment officer at U.S. main slightly below their Stocks wavered between Donald Trump’s adminis- picked up $2.98, or 1.4 per-
Bank Wealth Manage- record highs set last Friday. small gains and losses tration spread “lies” about cent, to $218.76. JPMorgan
ment. “We’ve been in a The Nasdaq added 24.38 through much of the day him and the FBI after his Chase added $1.04, or 1.2
very low volatility period of points, or 0.4 percent, to as investors tuned in to abrupt firing in May. Com- percent, to $84.95.
time. We’re also a bit be- 6,321.76. Small-company watch former FBI Director ey also asserted that Trump Regions Financial gained
tween material economic stocks fared better than James Comey testify be- fired him to interfere with 44 cents, or 3.2 percent, to
events.” the rest of the market. The fore Congress as part of his investigation of Russia’s $14.03. q

JPMorgan Chase COO Matt Zames to leave

NEW YORK (AP) — Matt at the company, had been booked through the Lon-
Zames, a top executive JPMorgan’s chief operat- don office of JPMorgan’s
at JPMorgan Chase once ing officer for the last five chief investment office.
seen as a potential succes- years. Before he took the Dimon did not say why
sor to CEO Jamie Dimon, COO role in 2012, Zames is leaving the com-
will be leaving the compa- Zames was in the bank’s pany. Zames’ responsi-
ny in the next few weeks. investing division and was bilities will be split among
Dimon made the an- tasked with cleaning up other executives on JPM-
nouncement Thursday in a the business after the Lon- organ’s executive commit-
memo to employees. don Whale trading scandal tee, Dimon said.q
Zames, a 13-year veteran in which huge losses were