Page 5 - ARUBA TODAY

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U.S. NEWS Wednesday 23 May 2018
Gains for banks and

energy companies take

US stocks higher

By MARLEY JAY, AP Markets cent to $22.77.
Writer TRADE HOPES: This week in-
NEW YORK (AP) — U.S. vestors have grown more
stocks are mostly higher hopeful that the trade dis-
Tuesday as gains for banks pute between the U.S. and
and energy companies China will be resolved with-
mostly cancel out losses for out major effects on the
industrial companies and global economy. Treasury
retailers. Automakers are Secretary Steven Mnuchin FILE- In this May 17, 2018, file photo, an American flag hangs
climbing after China said it said this week that the two above the bell podium on the floor of the New York Stock Ex-
will reduce auto import du- sides agreed not to place change.
ties, another sign the two tariffs on imported goods Associated Press
powers are resolving some for now and that China Commerce for $1.68 billion to $72.65 per barrel in New
of their differences on agreed to buy more goods and said it will buy back York. Brent crude, used to
trade. Chipmaker Micron made in the U.S. The U.S. another $8 billion in stock. price international oils, rose
Technology is surging after had proposed raising tariffs STOPPING SHORT: Tesla lost 1.2 percent to $80.21 per
it said it will buy back $10 on Chinese goods worth up 3 percent to $275.92 after barrel in London.
billion in stock. to $150 billion, while China Consumer Reports said the BONDS: Bond prices
KEEPING SCORE: The S&P targeted $50 billion in U.S. company’s Model 3 sedan dipped. The yield on the
500 index gained 4 points, products. has longer emergency 10-year Treasury note rose
or 0.2 percent, to 2,737 JALOPIES: Auto parts re- stopping distances than to 3.08 percent from 3.06
at noon Eastern time. The tailers Advance Auto Parts any other modern car it percent.
Dow Jones industrial aver- and AutoZone reported has tested. The magazine CURRENCY: The dollar de-
age lost 22 points, or 0.1 weaker sales than ana- said the car has a substan- clined to 111.03 yen from
percent, to 24,990 as Boe- lysts expected, and both tially longer stopping dis- 111.11 yen. The euro rose to
ing, Home Depot and Unit- stocks tumbled. AutoZone tance from 60 miles an hour $1.1784 from $1.1772.
edHealth all fell about 1 dropped 7.8 percent to than the average for luxury OVERSEAS: The German
percent. The Nasdaq com- $613.11 and Advance fell compact sedans. DAX, which was closed for
posite picked up 9 points, 4.2 percent to $114.16. Tesla CEO Elon Musk said a holiday Monday, jumped
or 0.1 percent, to 7,403. PENNEY DROPPED: J.C. on Twitter that the compa- 0.9 percent and London’s
The Russell 2000 index of Penney fell 6 percent to ny will make a software up- FTSE 100 added 0.5 per-
smaller company stocks $2.35 as CEO Marvin Elli- date to address the braking cent. France’s CAC 40
rose 1 point, or 0.1 percent, son leaves the department distance, and added that rose 0.2 percent. Tokyo’s
to 1,639 after closing at store to become the top Consumer Reports tested Nikkei 225 lost 0.2 percent.
record highs the last four executive at Lowe’s. Elli- an early production car. Markets in Hong Kong and
days. son worked at Lowe’s rival ENERGY: Benchmark U.S. South Korea were closed
DRIVE ON: China said it will Home Depot for 12 years crude gained 0.6 percent for holidays.q
reduce auto import duties before he was hired by
effective July 1 following J.C. Penney, and he will
pledges to buy more U.S. replace Robert Niblock on
goods and end restrictions July 2. Lowe’s fell 0.8 per-
on foreign ownership in cent to $86.73.
the industry. China is the Rival Kohl’s fell after re-
world’s biggest auto mar- leasing its quarterly results.
ket by number of vehicles While Kohl’s posted a larger
sold. Purchases of SUVs, se- profit and better revenue
dans and minivans totaled than analysts had forecast,
24.7 million units in 2017, the company said much of
compared with 17.2 million the gain came because a
for the United States, the Mother’s Day-related sale
No. 2 market. came earlier in the year,
General Motors climbed 1 and while that helped the
percent to $38.47 and Tata company in the fiscal sec-
Motors of India advanced ond quarter, it will hurt its
2.8 percent to $22.64. Fiat sales in the third and fourth
Chrysler gained 1.9 per- quarters. Kohl’s sank 7.2
percent to $60.74.
TECHNOLOGY: Micron
jumped 7.1 percent to
$59.41 after it announced
the stock buyback. The
chipmaker’s shares ral-
lied Monday after it raised
its forecasts for the third
quarter. Software maker
Adobe Systems climbed
0.9 percent to $240.25 after
it agreed to buy Magento