Page 25 - ARUBA TODAY

BUSINESS Tuesday 26 sepTember 2017
A25
A rare tumble for tech stocks pulls US indexes lower

By STAN CHOE nities elsewhere, or as they
AP Business Writer see someone else heading
NEW YORK (AP) — Technol- for the gates — it’s a bit of
ogy stocks slammed into a self-fulfilling prophecy,”
reverse on Monday, and he said, where investors
the losses overshadowed look to sell their tech stocks
gains in other areas of the before everyone else does.
market to send broad U.S. As investors moved out of
indexes lower. tech stocks on Monday,
Treasury bond prices and some money flowed into
gold rose, meanwhile, as areas of the market that
investors looked for safer haven’t done as well.En-
places for their money fol- ergy stocks, which have
lowing the latest escala- been the worst perform-
tion in the heated rheto- ers in the S&P 500 this year,
ric between the United had the day’s strongest
States and North Korea. gains. Marathon Oil gained
Stock markets around the 3.1 percent, for example,
world were mixed after the and Noble Energy rose 2.7
leader of Europe’s larg- percent.
est economy retained her They rose with the price of
position, though her po- Traders Christopher Lotito, left, and Jeffrey Vazquez work on the floor of the New York Stock Ex- oil, which has been hold-
litical strength may have change, Thursday, Sept. 14, 2017. U.S. stocks are falling Thursday morning after finishing at record ing above $50 per barrel in
weakened.The Standard & highs the last two days. recent days after spending
Poor’s 500 index dropped (AP Photo/Richard Drew) most of the summer below
5.56 points, or 0.2 percent, tered around the tech- for tech this year has been means that they’re look that level. Benchmark U.S.
to 2,496.66. The Dow Jones nology sector, and tech notable given how much more expensive than the crude rose $1.56 to settle
industrial average fell 53.50 stocks in the S&P 500 lost better it’s done than the rest of the market, relative at $52.22, and Brent crude,
points, or 0.2 percent, to 1.4 percent. That’s more rest of the market. Tech to corporate profits. the international standard,
22,296.09, and the Nasdaq than three times the loss stocks in the S&P 500 have “There have been a lot of jumped $2.16 to $59.02 a
composite dropped 56.33, of any of the other 10 sec- jumped 23 percent in 2017, dollars trafficking in these barrel.Genuine Parts had
or 0.9 percent, to 6,370.59. tors that make up the in- double the S&P 500’s gain. areas that have been win- the biggest gain in the S&P
Smaller stocks held up bet- dex, and the losses were They’ve been so success- ners the last year or so,” said 500 after it said it would
ter than the rest of the mar- broad: Facebook fell 4.5 ful that many hedge funds Nate Thooft, senior portfolio buy Alliance Automotive
ket, and the small-cap Rus- percent, Nvidia lost 4.5 per- and other investors have manager at Manulife Asset Group, a European dis-
sell 2000 index rose 1.18, or cent and video-game de- bought them in hopes of Management. tributor of auto parts, tools
0.1 percent, to 1,451.96. veloper Electronic Arts lost riding the tide higher. But “As people get scared — and workshop equipment.
The day’s action was cen- 3.6 percent.Any stumble tech stocks’ success also as they see better opportu- q
‘We will listen’: New Uber CEO apologizes for past mistakes

sion of London’s transport meet with him,” Khan said 3.5 million users and 40,000
authority but will do so of Khosrowshahi. drivers.
“with the knowledge that Uber has struggled with a Uber didn’t report serious
we must also change,” series of scandals this year, criminal offenses, including
he said in an open letter ranging from accusations a sexual assault, to London
to Londoners published of sexism to suggestions police, authorities said, and
by the Evening Standard that it used software to failed to conduct proper
newspaper. hide information from regu- background checks on its
“We won’t be perfect, but lators. Khosrowshahi took drivers.
we will listen to you,” Khos- over as CEO this month The regulator also cited
rowshahi. after co-founder Travis Ka- Uber’s use of a phony app
“We will look to be long- lanick was ousted following to deceive regulators in the
term partners with the cit- complaints about his man- U.S.
ies we serve; and we will agement style. Some Uber supporters say
run our business with humil- Transport for London said the critique is a smoke-
The Uber website is displayed on a phone in London, Friday,
Sept. 22, 2017. The new CEO of Uber apologized for past mis- ity, integrity and passion.” Friday that it wouldn’t re- screen for a politically mo-
takes on Monday in a public attempt to show London authori- Mayor Sadiq Khan wel- new Uber’s license be- tivated decision that was
ties that the company, known for aggressive tactics, is willing to comed Khosrowshahi’s cause the company isn’t designed to appease Lon-
change to retain its right to operate in the city. apology and said he was “fit and proper” to oper- don taxi drivers, not protect
(AP Photo/Kirsty Wigglesworth) pleased to see the com- ate in the city, where it has public safety. q
By DANICA KIRKA the city. pany acknowledge the
TOM KRISHER Days after London’s trans- issues it faced in London.
Associated Press port authorities decided Transport for London said
LONDON (AP) — not to renew Uber’s license last week it wouldn’t re-
The new CEO of Uber apol- to operate, citing a lack new Uber’s license when it
ogized for past mistakes of corporate responsibility, expires Sept. 30. Uber can
on Monday in a public at- CEO Dara Khosrowshahi continue operating while it
tempt to show London au- acknowledged that the pursues an appeal.
thorities that the company, company “has got things “Even though there is a
known for aggressive tac- wrong” during its global ex- legal process in place, I
tics, is willing to change to pansion. have asked TfL to make
retain its right to operate in Uber will appeal the deci- themselves available to