Page 3 - WEB 23 JAN 2016
P. 3
A24
BUSINESSSaturday 23 January 2016
Energy stocks lead broad rally as price of oil soars In December, US
rental home price
MARLEY JAY points before recouping day’s midday swoon. Friday on hopes for more
AP Markets Writer some of its loss. “It’s going to continue to economic stimulus from growth slowed
NEW YORK (AP) — U.S. Much of the volatility has be a struggle,” he said. the region’s central bank.
stocks made their big- been driven by wild swings “Everyone will be con- In Japan, the Nikkei 225 in- JOSH BOAK
gest gain in more than in the price of crude oil, vinced we’re heading for dex had its best day in four AP Economics Writer
a month on Friday as oil which many investors see recession, everyone will be months as investors hoped WASHINGTON (AP) —
prices surged, lifting ener- as a barometer for how convinced we’re in a bear the Bank of Japan will also Home rental price growth
gy stocks. Tech stocks also well the global economy market.” step in. turned tame in December
In energy trading, U.S. — a sign that a burst of
U.S. stocks made their biggest gain in more than a month on Friday as oil prices surged, lifting crude rose $2.66 to $32.19 new apartment construc-
energy stocks. Trader Gregory Rowe works on the floor of the New York Stock Exchange. a barrel in New York. Brent tion last year may be re-
crude, a benchmark for in- lieving cost pressures.
(AP Photo/Richard Drew) ternational oils, rose $2.93, Real estate data firm Zil-
or 10 percent, to $32.18 a low said Friday that me-
climbed as Apple jumped is doing. A sharp drop in On Friday the Dow Jones barrel in London. U.S. oil dian rent rose a seasonally
the most since August. oil prices over the last year industrial average rose climbed 21 percent over adjusted 3.3 percent from
Energy companies soared and a half has decimated 210.83 points, or 1.3 per- the last two days and it a year ago. The median
after the price of U.S. crude profits at oil companies, cent, to 16,093.51. The has recovered about half rent nationwide has held
jumped 9 percent. Oil pric- and many expect the Standard & Poor’s 500 in- its losses from earlier in the steady at $1,381 a month
es reached their lowest damage to continue as dex had its best day since year. since August, after having
level in 12 years earlier this global production of oil far early December, gaining Among energy stocks, previously surged dramati-
week, but they jumped the outstrips demand. 37.91 points, or 2 percent, pipeline operator Kinder cally above the pace of
last two days. As for market turbulence, to 1,906.90. The Nasdaq Morgan rose $1.46, or 10.5 wage growth. In several
The gain Friday, combined many expect more of that, composite index made its percent, to $15.34 after it major markets, median
with a smaller increase the too. biggest gain since Septem- jumped 16 percent Thurs- rents barely budged over
day before, gave the mar- Jim Paulsen, chief invest- ber, adding 119.12 points, day. Pipeline company the past year. Rents edged
ket its first weekly advance ment strategist for Wells or 2.7 percent, to 4,591.18. Williams Cos. added $3.70, up just 0.4 percent in Chi-
after three weeks of de- Capital Management, said For the week, the Dow rose or 23.1 percent, to $19.74. cago, 1.8 percent in Phila-
clines. It’s been a dismal he thinks the S&P 500 will 0.7 percent, the S&P 500 Devon Energy gained delphia, and 1.6 in St. Louis.
start to the year so far, and slide to around 1,800 be- climbed 2 percent and the $1.45, or 6 percent, to Even hot markets such as
on Wednesday the Dow fore a real recovery comes. Nasdaq increased 2.3 per- $25.63. Denver, Portland and San
Jones industrial average That’s below even the dark- cent. Goldman Sachs analyst Jose have retreated from
tumbled as much as 565 est moments from Wednes- European markets also rose Jeffrey Currie said energy annual gains that just two
prices have fallen so far months ago were in the
that the industry is mak- double digits.
ing real cuts in production. New construction has
“We are now at a price helped temper price
level that is creating real growth in many of these
fundamental change,” he markets. The government
said. reported Wednesday that
Apple, which has lost about the completion of multi-
a quarter of its value in the family housing — which
last six months, rose $5.12, includes apartments —
or 5.3 percent, to $101.42. surged 20.6 percent last
Microsoft gained $1.81, or year to 308,300 buildings.
4 percent, to $52.29. Face- “Builders and landlords
book added $3.78, or 4 have been saying they
percent. need to give up a bunch
France’s CAC 40 added more concessions now be-
3.1 percent and Germa- cause more units are avail-
ny’s DAX rose 2 percent. able,” said Svenja Gudell
Britain’s FTSE 100 climbed chief economist at Zillow,
2.2 percent.q adding that apartment
buildings in Denver and
Judge: Wal-Mart strikes protected under law Washington are even of-
fering free parking spaces
NEW YORK (AP) — A Nation- “disciplining or discharging tory. Mart spokesman Kory Lund- to entice potential renters.
al Labor Relations Board several associates because The decision, posted on berg said that it disagreed Rents had been appreciat-
judge has ruled that Wal- they were absent from the labor board’s website with the judge’s findings ing at double the pace of
Mart Stores Inc. unlawfully work while on strike.” late Thursday, arrived one and that it will pursue all of incomes for much of 2015.
disciplined workers who The judge also ordered day after the nation’s larg- its options to defend the But they’re now starting to
staged protests in May and Wal-Mart to hold a meet- est private employer an- company. pull closer together. Aver-
June of 2013 and ordered ing in 29 stores through- nounced raises for more It called its actions “legal age hourly earnings have
the retailer to reinstate 16 out the country to inform than 1.2 million U.S. hourly and justified.” risen 2.5 percent from a
former employees, as well employees of their right to workers, which is most of “We are focused on provid- year ago to $25.24, the La-
as give them back pay. strike, and to promise not to them. The Bentonville, Ar- ing our hard working asso- bor Department said ear-
Judge Geoffrey Carter threaten or discipline em- kansas, retailer said in Oc- ciates more opportunity for lier this month.
ruled that the employee ployees for doing so. tober that it would invest success and career growth In some cases, areas with
actions were protected The complaint was filed on $2.7 billion in its workforce by raising wages, providing less job growth have seen
under the National Labor behalf of the labor-backed over two years. new training, education lower rental price increas-
Relations Act and that Wal- group “Our Walmart,” In a statement e-mailed to and expanded benefit op- es. Annual job gains have
Mart violated labor laws by which called it a huge vic- The Associated Press, Wal- tions,” Lundberg wrote.q averaged almost 2 per-
cent nationally. q
