Page 24 - ARUBA TODAY

Tuesday 6 June 2017 BUSINESS
A24

US services firms
Stock indexes close lower, slide below record highs expanded at solid,

By ALEX VEIGA index dipped 2.97 points, major economic data and which eclipsed the $1,000 slow pace in May
AP Business Writer or 0.1 percent, to 2,436.10. relatively few company per share threshold for the
U.S. stocks closed slightly The Dow Jones industrial earnings releases. first time. The search giant’s
lower Monday, capping a average fell 22.25 points, Traders had their eye on stock added $7.76, or 0.8 By CHRIS S. RUGABER
mostly quiet day of trad- or 0.1 percent, to 21,184.04. geopolitical develop- percent, to $1,003.88. AP Economics Writer
ing that eased the market The Nasdaq composite in- ments, including the terror Herbalife was among the WASHINGTON (AP) — U.S.
back from record highs set dex lost 10.11 points, or 0.2 attacks in London over the day’s big movers. The services companies ex-
late last week. percent, to 6,295.68. weekend and the decision seller of supplements and panded at a slightly slower
Utilities and materials com- Small-company stocks fell by a Saudi-led coalition to weight-loss products slid 6.7 pace in May compared
panies posted some of more than the rest of the withdraw their diplomatic percent after it lowered its with the previous month,
second-quarter revenue a sign that modest eco-
and volume projections. nomic growth is likely to
The company noted that a continue.
switch to new sales tactics The Institute for Supply Man-
is affecting its business in agement, a trade group of
the U.S., and sales in Mex- purchasing managers, said
ico were weak. The stock Monday that its services
lost $4.93 to $68.99. index slipped last month
Forestar Group surged 12.7 to 56.9 from 57.5 in April.
percent after homebuilder Any reading above 50 in-
D.R. Horton offered to buy dicates expansion. Sales
a 75 percent stake in the and new orders grew more
real estate and natural slowly, while a measure of
resources developer for employment showed com-
$16.25 a share. Forestar panies stepped up hiring.
rose $1.80 to $16. D.R. Hor- Growth has likely picked
ton shed 50 cents, or 1.5 up in the April-June quarter
percent, to $33.29. after a sluggish start to the
Loxo Oncology vaulted 43 year.
percent after the drug de- Americans are spending
veloper received encour- a bit more, which boosts
aging results from an exper- services firms, such as re-
imental drug that targets a tailers, restaurants and ho-
rare genetic tumor abnor- tels. Economists forecast
Specialist Dilip Patel, right, works with traders on the floor of the New York Stock Exchange. U.S. mality. Loxo shares jumped growth will reach an an-
stocks closed slightly lower Monday, capping a mostly quiet day of trading that eased the market $21.14 to $70.12. nual pace of 3 percent, up
back from record highs set late last week. from just 1.2 percent in the
(AP Photo/Richard Drew) Several of the major over-
seas stock indexes closed January-March quarter.
lower. Last month’s reading is still
the biggest losses. Energy market. The Russell 2000 slid staff from Qatar over its Britain’s FTSE 100 slipped above the 2016 average
stocks led the gainers, even 8.94 points, or 0.6 percent, support for Islamist groups 0.3 percent as investors fo- of 54.9, several analysts
as crude oil prices declined. to 1,396.45. Three stocks and its relations with Iran. cused on the fallout from pointed out.
Technology companies fell for every two that rose Benchmark U.S. crude slid Saturday’s attack in Lon- “Not bad, not bad at all,”
and banks also bucked the on the New York Stock Ex- 26 cents, or 0.5 percent, to don, which killed seven Jennifer Lee, an economist
downward trend. Google change. close at $47.40 a barrel in people. at BMO Capital Markets,
parent Alphabet closed Encouraging economic New York. The attack comes ahead said. “Economic momen-
above $1,000 a share for data, low interest rates, Brent crude, used to price of Thursday’s general elec- tum has slowed a bit but
the first time. strong consumer confi- international oils, fell 48 tion. France’s CAC 40 fell the pace is still decent.”
The dip snapped a two- dence and solid company cents, or 1 percent, to 0.7 percent and the Ger- The report is likely to keep
day winning streak for earnings have helped keep close at $49.47 a barrel in man stock exchange was the Fed on track to lift inter-
stocks, which have been investors in a buying mood London. closed for a holiday. est rates at its meeting next
mostly pushing higher this this year, driving U.S. stocks Bond prices fell. The 10-year Qatar’s main stock index week, Lee added.
year. The major stock mar- higher. Treasury yield inched up tumbled 7.3 percent after A measure of new orders
ket indexes hit new highs “All these positives are to 2.18 percent from 2.19 Bahrain, Egypt, Saudi Ara- fell sharply, to 57.7 from
last Thursday and Friday. holding the market up here percent late Friday, when bia and the United Arab 63.2, a sign that sales may
“Equities are digesting the and are likely to help stocks it sank to its lowest level of Emirates announced they slow in the future. Still, that
gains from last week,” said grind higher for the rest of the year. would withdraw their dip- figure shows orders are still
Michael Baele, senior port- the year,” Baele said. Investors bid up shares of lomatic staff from Qatar. growing.
folio manager at U.S. Bank Even so, trading got off to a some technology compa- In Asia, Japan’s Nikkei 225 And a gauge of hiring
Private Wealth Manage- subdued start Monday and nies, giving the sector a ended flat, while Hong jumped to 57.8, from 51.4
ment. largely remained that way, slight gain. Among them: Kong’s Hang Seng fell 0.2 in the previous month. That
The Standard & Poor’s 500 reflecting a dearth of new Google’s parent Alphabet, percent. q suggests companies are
adding jobs at a healthy
Spain’s Repsol makes big gas find in Caribbean pace, despite last Friday’s
report, which showed em-
ployers added just 138,000
MADRID (AP) — Spanish en- equivalent to two years of Tobago. Repsol holds a 30 half of next year. jobs, below last year’s rate.
ergy company Repsol and Spanish demand. percent stake in the explo- The company says about Also Monday, the govern-
London-based BP say they Repsol says it is the largest ration consortium, with the 65 percent of its produc- ment said a measure of
have found a gas field in volume of gas it has discov- rest held by BP. tion and 75 percent of its workers’ productivity, or
the Caribbean containing ered in the last five years A Repsol statement Mon- reserves are gas, a key fuel output per hour, was flat in
an estimated two trillion and the most significant in day says drilling is expect- in the transition to a low- the first three months of the
cubic feet of natural gas — a decade for Trinidad and ed to begin in the second carbon economy.q year. q