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BUSINESS Saturday 6 January 2018
A25

Tech stocks climb for fourth day as New Year rally continues

Keon said new technolo- slowed somewhat with the
gies may now be helping economy close to full em-
businesses in a bigger way. ployment, solid economic
“It’s possible that we’re on growth in both the U.S. and
the verge of a new produc- major countries overseas is
tivity revolution,” he said. still supporting more hiring.
“If we are, that’s good Apple gained $1.97, or
news for wages, it’s good 1.1 percent, to $175 and
news for profits, it’s good Alphabet, Google’s par-
news for economic growth, ent company, picked up
and it’s good news for the $14.53, or 1.3 percent, to
stock market.” $1,110.29. Chipmaker Xilinx
The Standard & Poor’s 500 jumped $3.66, or 5.2 per-
index gained 19.16 points, cent, to $74.15 and eBay
or 0.7 percent, to 2,743.15, added $1.12, or 2.9 per-
and rose 2.6 percent for cent, to $39.69. q
the week. The Dow Jones
industrial average added
220.74 points, or 0.9 per-
cent, to 25,295.87. The Nas-
daq composite rose 58.64
points, or 0.8 percent, to
7,136.56. The Russell 2000
Trader William McInerney, center, works at the New York Stock Exchange. index of smaller-company
(AP Photo/Mark Lennihan) stocks rose 4.29 point, or 0.3
By MARLEY JAY was a bit less than experts tivity are rising at about the percent, to 1,560.01.
AP Markets Writer expected, but still under- same rate, according to The Dow industrials closed
NEW YORK (AP) — After scored the continued Ed Keon, managing direc- above 25,000 points for the
another solid monthly jobs health of the economy. tor and portfolio manager first time Thursday and the
report, technology com- Wages grew and factory of QMA, a fund manager Nasdaq breached 7,000
panies again led the way managers received more owned by Prudential Finan- points earlier in the week.
as U.S. stocks rose for the new orders than in any cial. He said if that trend The last time stocks rose for
fourth day in a row to start month since 2004. continues, company profits at least four consecutive
2018. Health care and consum- should stay solid and infla- days to start a new year
They are on their longest er-focused companies also tion won’t be much of a risk was in 2010, when the S&P
new-year winning streak in rose, and the weaker dol- to the economy. 500 finished higher for six
eight years. lar gave industrial firms like Productivity growth has days in a row.
The Labor Department said Boeing and basic materials been weak in recent years, It rose 1.9 percent over that
employers added 148,000 makers a lift. but it jumped 3 percent in run.
jobs in December. That Wages and worker produc- the third quarter. While job growth has

A sad holiday tale from Barnes & Noble

By A. D’INNOCENZIO percent, to $953 million. account for half of holiday Shares of Barnes & Noble
AP Retail Writer The Seattle-based Amazon 2017 holiday sales growth. Inc. fell more than 14 per-
NEW YORK (AP) — Shares has also opened 13 physi- Barnes & Noble says trends cent, to $5.57 in afternoon
of Barnes & Noble are tum- cal bookstores so far. of improving sales leading trading.
bling after airing some ugly Consulting firm Bain & Co. into November began to That was the lowest point
holiday sales numbers. says that Amazon should fade by December. since 1994. q
The beleaguered booksell-
er said late Thursday that
comparable-store sales slid
6.4 percent during the cru-
cial nine-week period end-
ing Dec. 30.
Most retailers have
strengthened digital oper-
ations and their sales have
followed.
At Barnes & Noble, how-
ever, online sales dropped
4.5 percent.
Amazon.com is winning
over more people each
year to its Prime member-
ship program, at one point
handing out trial member-
ships to 4 million people
in one week this holiday.
That’s proven devastating
for Barnes & Noble, where
overall holiday sales fell 6.4