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BUSINESS Saturday 12 May 2018
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S&P 500 index has its best weekly gain since early March

By ALEX VEIGA much of the day as inves-
U.S. stock indexes ended tors waited for the Trump
mostly higher Friday as the administration to release
market closed out its big- details of its plan to control
gest weekly gain since drug prices. After Trump
March. began discussing the
Drug makers and other broad goals of his plan Fri-
health companies climbed day afternoon, health care
after investors sized up Pres- sector stocks mostly moved
ident Donald Trump's latest higher.
plans to rein in drug prices Regeneron Pharmaceuti-
and concluded any policy cals jumped 6.2 percent
changes didn't pose imme- to $306.94 and CVS Health
diate threats to health care gained 3.2 percent to
company profits. $64.41. Biogen added 3.1
"All of this will have to go percent to $282.39.
through a year-plus regula- "Trump had a choice to-
tory process, and none of day: To seek disruptive fun-
it will have immediate im- damental reform or to em-
pact," Terry Haines, macro brace more incremental
research analyst at Ever- steps," Haines wrote. "Trump
core ISI, wrote in a research chose the incremental over
note Friday. "Thus our mar- the disruptive, which is the
ket positive view today." decisive factor for markets Trader Fred DeMarco, left, and specialist Anthony Rinaldi work on the floor of the New York Stock
The health sector's gains today." Exchange, Friday, May 11, 2018.
outweighed losses in tech- Technology stocks, which
nology stocks, phone com- are up 10.8 percent this percent to $75.61 after the have reported results so far national oils, lost 35 cents
panies and banks. year, outgaining all other digital advertising platform this earnings season, and to close at $77.12. Oil fu-
All told, the S&P 500 index sectors in the S&P 500, were company raised its annual some 62 percent of those tures have remained near
added 4.65 points, or 0.2 among the biggest declin- forecasts after a strong first have delivered both earn- their highest level since
percent, to 2,727.72. The ers Friday. quarter. ings and revenue that ex- 2014 this week following
benchmark index had its Symantec slumped 33.1 Yelp fell 7.8 percent to ceeded financial analysts' the Trump administration's
best weekly gain since ear- percent to $19.52 after the $44.02 after the online re- expectations, according decision to re-impose sanc-
ly March with an increase security software company view portal gave an out- to S&P Global Market Intel- tions Iran, the world's fifth-
of 2.4 percent. revealed an internal inves- look for its current quarter ligence. biggest oil producer. Bond
The Dow Jones industrial av- tigation that could delay its fell short of analysts' expec- Walmart, Home Depot and prices fell. The yield on the
erage climbed 91.64 points, annual report. The compa- tations. other retailers are due to 10-year Treasury rose 2.97
or 0.4 percent, to 24,831.17. ny also said the matter has TiVo slid 1.2 percent to report quarterly results next percent from 2.96 percent
The Nasdaq composite fell been referred to the Secu- $13.88 after the digital week. late Thursday. The dollar fell
2.09 points, or 0.03 percent, rities and Exchange Com- video recording company "The market is looking for- to 109.30 yen from 109.37
to 7,402.88. The Russell 2000 mission. Symantec also took a bigger-than-expect- ward to the next ingredient yen on Thursday. The euro
index of smaller-company gave weak profit forecasts. ed loss and reported weak that's going to push it up or strengthened to $1.1945
stocks rose 3.08 points, or Chipmaker Nvidia reported revenue. down as you get through from $1.1927. Gold fell $1.60
0.2 percent, to 1,606.79. solid quarterly results, but Despite the rash of disap- earnings," Jeff Zipper, man- to $1,320.70 an ounce.
For the week, the Dow shed some of its recent pointing company report aging director at U.S. Bank Silver dropped 1 cent to
notched a gain of 2.3 per- gains, sliding 2.2 percent to cards, corporate earnings Private Wealth Manage- $16.75 an ounce. Copper
cent, while the Nasdaq fin- $254.53. have been a source of ment. was little changed at $3.11
ished 2.7 percent higher. Investors continued to key good news for investors in Benchmark U.S. crude oil fell a pound. In other energy
The Russell 2000 picked up in on the latest corporate recent weeks. 66 cents to settle at $70.70 futures trading, heating oil
a gain of 2.6 percent. earnings and outlooks. Roughly 90 percent of the a barrel in New York. Brent was little changed at $2.22
Trading was choppy for Trade Desk vaulted 43.4 companies in the S&P 500 crude, used to price inter- a gallon.q

Facebook shares bounce

back to pre-scandal level

Associated Press privacy breaches during on the revelation in March.
NEW YORK (AP) — While the run-up to the 2016 pres- On Thursday, Democrats
Facebook's practices lead- idential election in the U.S. on the House intelligence
ing up to the 2017 election Cambridge Analytica, committee released more
are still under scrutiny, Wall whose clients included than 3,500 Facebook ads
Street appears to have Donald Trump's presidential that were created or pro-
moved on for now. campaign, sought informa- moted by a Russian internet
Shares are trading around tion on Facebook users to agency. Despite the scan-
$186 Friday, surpassing pre- build psychological profiles dals, Facebook last month
vious levels before it was on a large portion of the reported that first-quarter In this April 10, 2018 file photo, Facebook CEO Mark Zucker-
revealed that the compa- U.S. electorate. revenue, mostly from ads, berg appears on a television screen on the floor of the New York
ny failed to prevent major Shares plunged 13 percent soared 49 percent.q Stock Exchange as he testifies in the Senate in Washington.