Page 25 - ARUBA TODAY

BUSINESS Wednesday 25 OctOber 2017
A25

Banks, Caterpillar and industrial companies boost US stocks

By MARLEY JAY demand for oil and gas
AP Markets Writer machinery in North Ameri-
NEW YORK (AP) — Con- ca and construction equip-
struction and mining equip- ment in China. Its stock
ment maker Caterpillar and gained $6.56, or 5 percent,
Post-it note maker 3M led a to $138.24, and it’s up 49
rally in industrial companies percent in 2017. 3M, best
Tuesday after they made known for Post-it notes, said
strong third-quarter reports. its industrial, electronics and
Other U.S. stocks finished energy and health care
the day with smaller gains. businesses all got stronger
Caterpillar and 3M both and it expects a larger an-
raised their forecasts for the nual profit. It added $13.10,
rest of the year after they or 5.9 percent, to $234.65.
did better than analysts Caterpillar and 3M are two
had expected, and their of the biggest winners in the
stocks jumped. Dow average this year. The
Combined the two com- top gainer is aerospace
panies were responsible for company Boeing, which
almost all of the 167-point rose $3.68, or 1.4 percent,
gain in the Dow Jones in- to $266, giving it a 71-per-
dustrial average, which cent jump since the start of
sent the 30-stock index to BlueStar Indexes Israel Founder & Chief Investment Officer Steven Schoenfeld, front row right, gives the year.
a record high. Bond yields a thumbs-up as he rings the New York Stock Exchange opening bell, Tuesday, Oct. 24, 2017, to Bond prices continued to
and interest rates rose, celebrate their recent listing. fall. The yield on the 10-
which helped banks, and (AP Photo/Richard Drew) year Treasury note rose to
technology companies as well as other companies reaction helped Caterpil- The Nasdaq composite 2.42 percent from 2.37 per-
climbed as well. Investors that make construction lar in the third quarter and climbed 11.60 points, or 0.2 cent and reached its high-
applauded reports from and mining equipment, he said investors have high percent, to 6,598.43. The est level in five months. That
McDonald’s and General are benefiting from gains in expectations for other ma- Russell 2000 index of small- helped banks, as higher
Motors while health care metals and oil prices over chinery makers. er-company stocks added interest rates boost their
companies including drug- the last year to year-and- The Standard & Poor’s 500 2.93 points, or 0.2 percent, profits on lending. Bank of
makers stumbled. House- a-half. index gained 4.15 points, or to 1,500.42. America gained 52 cents,
hold goods makers also “There’s now a catch-up to 0.2 percent, to 2,569.13. The Caterpillar’s revenue from or 1.9 percent, to $27.68
declined. not only meet the demand Dow Jones industrial aver- construction equipment and JPMorgan Chase rose
UBS analyst Steven Fisher but also replenish invento- age jumped 167.80 points, climbed, and the compa- $1.58, or 1.6 percent, to
said he thinks Caterpillar, ries,” he said. That delayed or 0.7 percent, to 23,441.76. ny said it’s getting strong $100.92. q

Sears-Whirlpool curtail relationship after 100 years

NEW YORK (AP) — Sears slice of the territory it domi- Kenmore products and the company told Sears in
will no longer sell Whirlpool- nated for decades. In the other brands like LG, Sam- May that it would no longer
branded appliances, cur- U.S., consumers buy most sung, GE, Frigidaire, Elec- supply branded products
tailing a business relation- of their small appliances, trolux and Bosch. because it could not reach
ship that dates back more from Walmart, according Whirlpool’s CEO Marc Bitzer terms that were “accept-
than 100 years. In a note to market research firm told investors Tuesday that able to both parties.” q
sent to its stores last week, TraQline. Amazon comes in
Sears said that Whirlpool second, with Sears placing
was making demands that fourth behind Target.
would’ve made it difficult The change to the Sears-
to sell those name-brand Whirlpool partnership is ef-
appliances at a competi- fective immediately and
tive price. Sears has been Sears is also pulling from its
ravaged by new compe- floor products from Whirl-
tition for years, from stores pool subsidiaries like May-
like Home Depot and also tag, KitchenAid and Jenn-
from Amazon.com and Air. Sears said that it would
other online retailers. It’s sell off the remainder of
been closing stores as its Whirlpool inventory. Its
competitors take a bigger stores will now only sell its