Page 25 - ARUBA TODAY

BUSINESS Friday 20 OctOber 2017
A25

Last-minute rebound lifts S&P 500, Dow edge to new highs

By ALEX VEIGA Healthcare led the sector,
AP Business Writer vaulting $4.43, or 10.9 per-
A last-minute surge nudged cent, to $45.08. Gilead Sci-
U.S. stock indexes mostly ences rose $1.58, or 2 per-
higher Thursday, barely ex- cent, to $81.59. A subsidiary
tending the market’s win- of the drugmaker received
ning streak and milestone- approval this week to sell a
setting run. The Standard & new treatment for a form
Poor’s 500 index and Dow of blood cancer. Medical
Jones industrial average equipment maker Danaher
closed higher for the fifth jumped 4.7 percent after
straight day, each posting it reported earnings that
new highs. The other index- beat financial analysts’ es-
es finished slightly lower as timates and raised its out-
investors continued to pore look. The stock added $4.05
through the latest batch of to $90.10. Verizon Commu-
company earnings. nications’ latest quarterly
Technology companies results also impressed trad-
weighed on the market ers. The company said its
all day, but gains in health wireless unit gained more
care stocks helped offset mobile phone users than
some of those losses. expected in its latest quar-
“You have a lot of risk as- ter. Its stock rose 56 cents,
sets, especially equities, Specialist Radowan Khan, left, and trader Edward McCarthy work on the floor of the New York or 1.2 percent, to $49.21.
having done pretty well,” Stock Exchange, Thursday, Oct. 19, 2017. A last-minute surge nudged U.S. stock indexes mostly Adobe Systems surged 12.2
said Sameer Samana, higher Thursday, barely extending the market’s winning streak and milestone-setting run. percent after the software
global quantitative strate- (AP Photo/Richard Drew) maker issued a strong profit
gist for Wells Fargo Invest- that performance.” to 23,163.04. The Nasdaq gave up 3.10 points, or 0.2 forecast for 2018. The stock
ment Institute. “Some peo- The S&P 500 index rose 0.84 composite slid 19.15 points, percent, to 1,502.04. Slight- was the biggest riser in S&P
ple are viewing now as a points, or 0.03 percent, to or 0.3 percent, to 6,605.07. ly more stocks rose than 500, climbing $18.73 to
pretty good time to make 2,562.10. The Dow added The Russell 2000 index of declined on the New York $171.73.Other technology
sure they lock in some of 5.44 points, or 0.02 percent, smaller-company stocks Stock Exchange. Envision stocks didn’t fare as well.q

Google parent leads $1B Lyft investment, deepening Uber rift

amid management up- market while expanding mo is suing Uber in federal
heaval and allegations into more cities across the court, alleging that its for-
of rampant sexual harass- U.S. Its drivers’ cars can mer ally recruited some of
ment that culminated in now be summoned by 95 its top engineers as part of
the departure of co-found- percent of the U.S. popula- an elaborate scheme to
er Travis Kalanick. tion, up from 54 percent at steal its trade secrets.
Uber lured away Expedia’s the beginning of this year. The high-profile legal battle
CEO, Dara Khosrowshahi, “While we’ve made great is scheduled to go to trial
to replace Kalanick and progress towards our vision, in early December and,
clean up the mess. we’re most excited about if Waymo prevails, could
Lyft has seized on Uber’s what lies ahead,” Lyft Presi- cost Uber billions of dollars
turmoil as an opportunity to dent John Zimmer said in a in damages and derail its
gain ground on its rival in the statement. Google’s self- efforts to build its own fleet
rapidly growing ride-hailing driving car spin-off Way- of self-driving cars.q

This photo shows a smartphone displaying the Lyft app, in
Detroit. Google’s parent company, Alphabet Inc., is throwing
its financial support behind ride-hailing service Lyft, deepening
its rift with market leader Uber. Google was an early investor in
Uber, but now a self-driving car company that it created is suing
Uber for alleged theft of trade secrets.
(AP Photo/Paul Sancya)
By MICHAEL LIEDTKE pany at $11 billion.
AP Technology Writer The investment announced
SAN FRANCISCO (AP) — Thursday is being made
Google’s parent company through Alphabet’s Capi-
is throwing its financial sup- talG venture capital arm.
port behind ride-hailing ser- Lyft is still far smaller and
vice Lyft, deepening its rift worth far less than Uber,
with market leader Uber. another privately held
Alphabet Inc., which gets company based in San
most of its money from Francisco whose investors
Google’s digital ad net- have valued it at nearly
work, is leading a $1 billion $70 billion.
investment in Lyft that val- But Uber has been en-
ues the privately held com- meshed in internal strife