Page 25 - ARUBA TODAY

BUSINESS Thursday 8 February 2018
A25

US stocks drift higher after wobbling for much of the day

By MARLEY JAY DAX was up 1.6 percent
NEW YORK (AP) — Stocks while the British FTSE 100 in-
have spent the day bob- dex rose 1.9 percent. The
bing up and down and are CAC 40 in France picked
mostly higher in late trad- up 1.8 percent. Hong
ing Wednesday. Industrial Kong's Hang Seng fell 0.9
companies and banks are percent while Japan's Nik-
climb, while technology kei 225 stock average
companies are down and closed up 0.2 percent. The
energy firms are slumping Kospi in South Korea fell 2.3
along with oil prices. percent.
After a slightly lower open, While markets have stead-
stocks recovered within the ied somewhat, investors
first few minutes of trading, are still far more nervous
only to slip and briefly turn than they were just a few
lower. By mid-afternoon days ago. The VIX index,
they were higher again. which is called Wall Street's
The Standard & Poor's 500 "fear gauge" because it
index climbed 11 points, or measures how much vola-
0.4 percent, to 2,707 as of tility investors expect in the
3:30 p.m. Eastern time. The future, is currently at 25,
Dow Jones industrial aver- about double where it was
age added 237 points, or two weeks ago. It spiked The logo for Snap Inc. appears above a trading post on the floor of the New York Stock Exchange,
1 percent, to 25,150. It rose above 50 early Tuesday. Wednesday, Feb. 7, 2018.
as much as 381 points ear- "The markets had blind- (AP Photo/Richard Drew)
lier. The Nasdaq composite ers on," said Invesco Chief
fell 9 points, or 0.1 percent, Global Markets Strategist Labor Department said Fri- the stock market's fuel. And entirely. Bond prices edged
to 7,106. Two stocks rose for Kristina Hooper. "I thought day that workers' wages it can take a long time for lower. The yield on the 10-
every one that fell on the it was almost alarming that in January at their fastest workers to start spending year Treasury note rose to
New York Stock Exchange. markets weren't consider- pace in eight years. While more money after they 2.85 percent from 2.81 per-
After two steep plunges, ing that, for example, we that's good for the econ- get a raise, but higher pay cent. The price of gold fell
including its worst loss in six have a different (Federal omy, Hooper noted that starts hurting corporate $14.90, or 1.1 percent, to
and a half years, followed Reserve) in 2018 that could higher pay to workers can profits much faster. $1,314.60 an ounce and sil-
by gains Tuesday, the S&P be more hawkish." reduce corporate profits, There were few signs inves- ver lost 34 cents, or 2.1 per-
500 is down 5.8 percent Stocks tumbled after the and company profits are tors were avoiding stocks cent, to $16.24 an ounce.q
from its most recent record
high set on January 26. Tesla's losses grow on Model 3 delays
Wednesday's swing was sig-
nificant, but was dwarfed By DEE-ANN DURBIN $121 million in the same production next year. Wall Street's estimated
by the lurching moves the AP Auto Writer period a year ago. The Tesla lost $1.96 billion for loss of $3.15 per share, ac-
market has made over The day after Tesla and Palo Alto, California-based the full year, nearly three cording to analysts polled
the last few days. The Dow SpaceX CEO Elon Musk automaker is struggling to times its loss of $675 mil- by FactSet. The adjusted
plunged 1,175 points Mon- blasted his Tesla Roadster meet production targets lion in 2016. The company loss eliminates one-time
day, and on a wild day into space, his electric car for its first mass-market car, has never made a full-year expenses, including stock-
Tuesday, it dove to an early company's mounting losses the Model 3 sedan. It's also profit since it went public based compensation. Rev-
loss of 567 points and then brought him back to Earth spending heavily on future in 2010. Tesla's adjusted enue for the quarter was
wound up with a gain of again. vehicles, including a semi fourth-quarter loss, of $3.04 $3.3 billion, which was in line
567 points. Tesla Inc. posted a record that's supposed to go into per share, was ahead of with analysts' forecasts.q
Global markets mostly rose quarterly net loss of $675
and appeared calmer million in the fourth quar-
Wednesday. Germany's ter, up from a net loss of