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BUSINESS A25
Saturday 20 January 2018
US stocks close higher as market sets latest record high
Traders Robert Arciero, left, Pat Casey, center, and John Panin work on the floor of the New York was done,” said Tim Dreil- After an afternoon meet-
Stock Exchange. Investors shrugged off the potential for a federal government shutdown Friday, ing, regional investment ing with President Donald
driving U.S. stocks higher. director at U.S. Bank Private Trump, Senate Democratic
Wealth Management. “I leader Chuck Schumer said
(AP Photo/Richard Drew) don’t think it’s going to dis- the discussions would con-
rupt growth or make much tinue after having made
By ALEX VEIGA the market bounced back highest level in more than of an impact on GDP, for “some progress.”
AP Business Writer from modest losses a day three years. example.” U.S. House lawmakers vot-
Investors shrugged off the earlier. The S&P 500 has The market rally suggested The S&P 500 index rose ed late Thursday for a stop-
potential for a federal gov- now posted a weekly gain that the possibility of a fed- 12.27 points, or 0.4 percent, gap funding bill to keep
ernment shutdown Friday, in nine of the last 10 weeks. eral government shutdown to 2,810.30. The Dow Jones federal agency doors open
driving U.S. stocks higher Retailers, banks and con- this weekend wasn’t worry- industrial average gained until mid-February, but Sen-
and setting new milestones sumer goods companies ing traders. 53.91 points, or 0.2 percent, ate Democrats and some
for several of the indexes. accounted for much of the “Looking back to some of to 26,071.72. The average Republicans threatened to
The Standard & Poor’s 500 latest gains. the previous shutdowns, hit a new high on Wednes- block it.
index, Nasdaq composite Energy stocks fell along they weren’t terribly ex- day. Democrats want the bill
and Russell 2000 index of with crude oil prices. Utili- tended in nature and The Nasdaq added 40.33 to include protections for
smaller-company stocks ties also declined as bond didn’t cause a lot of disrup- points, or 0.6 percent, to younger immigrants who
finished at record highs as yields edged up to their tion by the time everything 7,336.38. The Russell 2000 were brought to the U.S. il-
index of smaller-compa- legally as children.
ny stocks picked up 20.90 Investors have driven stock
points, or 1.3 percent, to indexes higher on optimism
1,597.63. over the global economic
Bond prices fell. The yield on outlook and corporate
the 10-year Treasury rose to earnings, and the possibil-
2.66 percent from 2.63 per- ity of a federal government
cent late Thursday. That’s shutdown did not dim that
the highest level since July enthusiasm Friday.
2014. The increase in yields Investors bid up shares in
weighed on bond-proxy clothing makers, restau-
stocks, such as utilities. Ex- rant chains, department
elon declined 62 cents, or stores and other consumer-
1.6 percent, to $37.97. focused companies. Toy
Despite an eleventh-hour maker Mattel led the pack,
effort to reach an agree- climbing 91 cents, or 6 per-
ment, Republicans and cent, to $16.14.
Democrats appeared no Banks and other financial
closer to averting a gov- stocks also rose. Synchrony
ernment shutdown before Financial gained $1.17, or
a midnight Friday deadline. 3.1 percent, to $38.47.q
US oil output is booming and seen outpacing Saudis, Russia
PARIS (AP) — U.S. oil pro- The OPEC-Russia deal from the U.S. is meeting forecast to grow by 1.3 reducing spending on oil
duction is booming and worked for them: as prices growing demand as the million barrels a day, the because of the higher pric-
is forecast to top that of rose they made more mon- world economy expands same as the year before. es and switching to other
heavyweight Saudi Arabia ey despite pumping less at a strong pace. It’s not growing faster be- types of energy, like natural
and rival Russia this year, a crude, the IEA said. Russia is Global demand for oil is cause some consumers are gas.q
global energy agency said estimated to have earned
Friday. The International an extra $117 million a day
Energy Agency said in its and Saudi Arabia $100 mil-
monthly market report that lion daily by limiting their
U.S. oil production, which output and nudging up
has already risen to its high- prices. But the higher prices
est level in nearly 50 years, also brought back U.S. pro-
will push past 10 million bar- ducers, particularly in shale
rels a day in 2018 as higher oil, which requires higher
prices entice more produc- prices in order to break
ers to start pumping. even. U.S. production rose
“This year promises to be a last year to its highest since
record-setting one for the 1970 and is expected to
U.S.,” it said. keep growing, assuming
The price of crude has risen OPEC and Russia don’t de-
about 50 percent since cide to increase their own
June, with the U.S. bench- production — a decision of
mark now trading around which there is no sign, the
$63 a barrel, on evidence IEA says.
of strong global economic Even the hurricanes of last
growth and a pact among year didn’t hinder the U.S.
OPEC countries and Russia oil production boom.
to limit their production. For now, the extra crude
