Page 23 - ARUBA TODAY 28 AUG,2015

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BUSINESSFriday 28 August 2015

Wall Street sharply higher as Chinese market surges STREET BRIEFS

ALEX VEIGA logged its biggest gain in The Dow Jones industrial Financial markets have Port operator DP
AP Business Writer eight weeks. They also wel- average climbed 369.26 been volatile since China World half-yearly
Investors were in a buying comed a report indicat- points, or 2.3 percent, to decided to weaken its cur- profits gains 22%
mood again on Thursday, ing that the U.S. economy 16,654.77. The index has re- rency earlier this month, a
driving U.S. stocks higher expanded in the second couped almost 1,000 points move investors interpreted DUBAI, United Arab Emir-
for the second straight day quarter at a much faster in the last two days. That’s as an attempt to bolster a ates (AP) — Dubai-based
as they took advantage of pace than previously esti- more than half of its loss- sagging economy. international port operator
this month’s heavy sell-off. mated. es during a sharp six-day But on Thursday the news DP World says its net profits
The rally came a day after But mostly it was the op- slump. out of China was more for the first half of the year
the stock market delivered portunity to pick up beaten The S&P 500 index gained positive. The Shanghai reached $405 million, up
Composite Index rose 5.3 22 percent compared to
Specialist Charles Boeddinghaus, center, works on the floor of the New York Stock Exchange percent, its first gain in six the same period last year.
Thursday, Aug. 27, 2015. Investors were in a buying mood again on Thursday, driving U.S. stocks days. The index is rebound- The company said in a
higher for the second straight day as they took advantage of this month’s heavy sell-off. ing from losses that trig- statement Thursday that
gered worldwide selling half-yearly revenue was up
(AP Photo/Richard Drew) and wiped nearly 23 per- 14.5 percent at $1.9 billion,
cent off its value over the compared to $1.66 billion a
its biggest gain in almost down shares that drove 47.15 points, or 2.4 per- past week. year ago. DP World attrib-
four years, ending a steep the rebound. By Tuesday’s cent, to 1,987.66. The Nas- Traders are also jittery uted some of that growth
six-day slump that was trig- close, the Standard & daq composite rose 115.17 about the outlook for inter- to its $2.6 billion acquisi-
gered by concerns about Poor’s 500 index had tum- points, or 2.5 percent, to est rates. The Federal Re- tion of Dubai government-
the health of the Chinese bled more than 10 percent 4,812.71. serve has signaled it could linked free-trade zone op-
economy. from the all-time high that it Thursday’s market action raise its key interest rate for erator Economic Zones
Energy stocks surged as set in May. pushed the three indexes the first time in nearly a de- World. The company ex-
the price of U.S. oil jumped “Asset prices sold off so into positive territory for cade later this year. pects “moderate” growth
more than 10 percent, clos- much and so drastically, the week and nudged the William Dudley, president rates for the second half of
ing back above $40 a bar- people went in and did Nasdaq out of the red for of the New York Federal Re- the year. DP World, which
rel. start to bottom-fish,” said the year. The tech-heavy serve Bank, said Wednes- trades on the Nasdaq
Investors were encour- David Lyon, global invest- index is now up 1.6 percent day that the case for a U.S. Dubai, ranks among the
aged by a rebound in the ment specialist at J.P. Mor- for the year, while the Dow interest rate hike in Septem- world’s largest port opera-
Chinese stock market as gan Private Bank in San and the S&P 500 are still ber is “less compelling” giv- tors, with business at more
the nation’s main index Francisco. lower. en China’s troubles, weak than 65 marine terminals
oil prices and emerging globally. The government-
markets weakness. backed firm recorded $675
Stocks picked up early on million in profit attributable
Thursday as investors react- to its owners for last year.
ed to the rebound in the
Chinese stock market and Christmas gifts:
European stock indexes. Wal-Mart holiday
The Commerce Depart- Layaway is early
ment provided a surprise
boost, reporting that the NEW YORK (AP) — Wal-Mart
economy, as measured by is giving customers a head
gross domestic product, start on holiday shopping,
expanded at an annual launching its annual lay-
rate of 3.7 percent in the away program two weeks
April-June quarter. That’s earlier than last year. It’s
a much bigger rebound in the latest sign of retailers
growth during the spring getting more aggressive
that previously estimated, about grabbing holiday
and the strongest growth shoppers early. Stores have
since last summer.q offered holiday discounts
earlier as they battle com-
Oil jumps 10% for biggest one-day gain since 2009 petition from online retail-
ers. Shoppers at Wal-Mart
The Associated Press when oil gained 11 per- long-term rally in oil prices. tember through Decem- can put their items on hold
NEW YORK (AP) — Oil cent. Brent crude rose 10.3 “One up day in a sea of ber. The average price for starting Friday. Each item
soared more than 10 per- percent to $47.56 a barrel consistent summer selling a gallon of regular gasoline must cost $10 or more,
cent Thursday, its biggest in London. does not make for an im- Thursday was $2.53, down down from the $15 limit last
one-day gain since March Oil had fallen to a 6 ½ year minent recovery in crude 90 cents from a year ago, year. All items held must be
2009, lifted by resurgent low because of a global oil, or in gasoline,” said Tom according to OPIS and worth a total of $50. Cus-
global stock markets and supply glut and worries Kloza, global head of en- AAA. Oil was also boosted tomers will have more time
a report showing the U.S. about the health of Chi- ergy analysis at Oil Price In- by positive U.S. economic to pay for their items this
economy grew faster than na’s economy. Analysts formation Service. news. A government report year, 90 days instead of the
previously reported in the viewed Thursday’s gain as U.S. consumers can still ex- showed that the U.S. econ- 60 days they were given
second quarter. a reaction to the rebound pect to see sharply lower omy grew 3.7 percent in last year. Wal-Mart Stores
U.S. oil rose $3.96, or 10.3 in China’s main stock in- gasoline prices in the fall. the second quarter, signifi- Inc., based in Bentonville,
percent, to $42.56 in New dex, which rose the most Kloza said OPIS sees pump cantly better than the ini- Arkansas, says it will start to
York. That is the biggest in eight weeks, and don’t prices falling 12 cents to 17 tial estimate of 2.3 percent offer exclusive “Star Wars:
gain since March 12, 2009, see anything pointing to a cents a month from Sep- growth.q The Force Awakens” toys
starting Sept. 4.q