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BUSINESSThursday 25 February 2016
Stocks erase an early loss and manage modest gains
Trader Michael Milano works on the floor of the New York Stock Exchange. The stock market re- percent, to 4,542.61. lysts say. Bank stocks are
versed steep declines and ended slightly higher on Wednesday, thanks in part to a pickup in the Stocks had been dramati- often a proxy for how well
price of crude oil. cally lower earlier in the an economy is expected
day, with the Dow down to do, since loans can
(AP Photo/Richard Drew) as much as 265 points. sour during an economic
However as oil prices re- slowdown. While oil rose
KEN SWEET Indexes continue to be The Dow Jones industrial covered through the day, on Tuesday, the pressure
AP Business Writer weighed down by bank average rose 53.21 points, so did energy stocks and on the commodity prices
NEW YORK (AP) — The stock stocks, which remain under or 0.3 percent, to 16,484.99. the broader market. After seems to be ever down-
market reversed steep de- pressure due to economic The Standard & Poor’s 500 being down nearly 4 per- ward.
clines and ended slightly unease and worries about index rose 8.53 points, or cent earlier, oil closed up While oil rose 1 percent
higher on Wednesday, the amount of loans on 0.4 percent, to 1,929.80 28 cents, or 1 percent, to Wednesday, crude fell 4
thanks in part to a pickup their books to struggling oil and the Nasdaq compos- $32.15 a barrel. The ener- percent the day before
in the price of crude oil. and gas companies. ite rose 39.02 points, or 0.9 gy component of the S&P after Saudi Arabia’s oil min-
500, which had been down ister, Ali Al-Naimi, told a
roughly 2 percent, closed meeting of energy leaders
up 1 percent. in Houston that production
“As goes oil, so goes every- cuts aimed at supporting
thing,” said Ian Winer, co- falling crude prices won’t
head of equities trading at work. He said that the mar-
Wedbush Securities. ket should instead let some
The market’s only place of operators go out of busi-
weakness by the end of ness.
trading was the financial “Fundamentally, there’s
sector. Bank stocks had nothing that shows the U.S.
some of the biggest losses, economy is faltering here.
and the financial services But people continue to be
component of the S&P 500 worried about low com-
lost 0.8 percent. modity prices and there is
Despite substantial gains general unease that has
in recent days, many in- lingered from how the mar-
vestors remain hesitant to kets started this year,” said
commit more money to David Kelly, chief invest-
the market and don’t need ment strategist at J.P. Mor-
much reason to sell, ana- gan Funds.q
China’s top phone maker Xiaomi unveils new flagship handset
JOSEPH WILSON biggest domestic market “This is basically ahead of “You’re looking at a third ($305).
Associated Press for handsets. the pack in many ways to a half of the price that They will go on sale in Chi-
BARCELONA, Spain (AP) Staying with Xiaomi’s strat- when it comes to flag- you would expect to pay na on March 1. In India
— China’s leading smart- egy of undercutting global ship devices,” Hugo Barra, for another flagship device and “other countries” they
phone maker, Xiaomi, un- giants like Samsung and Xiaomi’s vice president of with similar capabilities.” will be available soon, the
veiled Wednesday its new Apple, the Mi 5 aims to international operations, The Mi 5 comes in three company said, without
flagship device, the Mi 5, provide speedy processing told The Associated Press versions. The Mi 5 Pro, with revealing launch dates.
which it hopes will strength- and light weight at a rela- after presenting the Mi 5 on more memory and a ce- Xiaomi does not sell in the
en its hold on the world’s tively low cost. the sidelines of the Mobile ramic body, will cost 2,699 U.S. or Europe.
World Congress trade show yuan ($413). The cheapest Founded in 2010, Xiaomi
in Barcelona. version will cost 1,999 yuan led China in smartphone
sales in 2015, shipping 64.9
million smartphones, or
about 15 percent of the
market, according to re-
search firm IDC.
It has some of the lowest
prices in the world. In Chi-
na last year, the average
price of a Xiaomi phone
was $141, according to
IDC.
The Mi 5 Pro has 128 GB of
flash memory, 4 GB of RAM
memory.
TAll models include Qual-
comm’s new Snapdragon
820 processor, a 16 mega-
pixel camera and a 5.15-
inch screen with front fin-
gerprint sensor. They will be
available in black, white
and gold.q
