Page 25 - aruba-today-20180127

BUSINESS Saturday 27 January 2018
A25

Health care, tech and trade hopes lead another stock surge

The Commerce Depart- as those in the Russell 2000,
ment said the U.S. econo- which lagged other index-
my grew 2.6 percent in the es Friday.
fourth quarter. That was a Intel said its data center
bit less than analysts pre- business did well in the
dicted but still a solid result, fourth quarter and the
as Americans continued “Meltdown” and “Spec-
to shop and home con- tre” security flaws aren’t af-
struction increased. The fecting its sales. It forecast
economy grew 2.3 percent $65 billion in revenue this
in 2017 and experts think year, more than analysts
growth will speed up this expected. The stock add-
year, partly because of the ed $4.78, or 10.6 percent,
tax cut package signed to $50.08, its biggest gain
into law in December. since March 2009.q
The Standard & Poor’s
500 index climbed 33.62
points, or 1.2 percent, to
2,872.87, its biggest gain
since March 1. The Dow
Jones industrial average
added 223.92 points, or 0.8
percent, to 26,616.71. The
Trader Eric Schumacher, center, works on the floor of the New York Stock Exchange. U.S. stocks Nasdaq composite rose
powered to their biggest gain in almost nine months Friday as drugmakers and technology 94.61 points, or 1.3 percent,
companies surged. to 7,505.77. The Russell 2000
(AP Photo/Richard Drew) index of smaller-company
By MARLEY JAY fourth-quarter results reas- “He did talk about making stocks gained 6.39 points,
AP Markets Writer sured investors that security sure trade deals are fair, or 0.4 percent, to 1,608.06.
NEW YORK (AP) — U.S. flaws recently discovered in but I just thought it was a Already at record highs, the
stocks powered to their its processors aren’t dam- completely different tone S&P 500 is up 7.5 percent in
biggest gain in almost nine aging its sales. Wynn Re- today,” said JJ Kinahan, January and on track for
months Friday as drug- sorts tumbled following nu- chief investment strategist its largest monthly increase
makers and technology merous allegations of sexu- for TD Ameritrade. “I think since October 2015.
companies surged. Inves- al assault and harassment the market really took a Technology and industrial
tors were cheered that by Steve Wynn, the casino lot of positives away from companies made hefty
President Donald Trump operator’s chairman, CEO that.” gains, as did Amazon and
appeared to take a more and biggest shareholder. On Wednesday and Thurs- other retailers, and banks
positive tone on interna- Speaking at the World Eco- day, comments from Trump rose along with interest
tional trade. nomic Forum in Davos, Pres- as well as Treasury Secre- rates. Those companies
AbbVie boosted biotech- ident Donald Trump said tary Steven Mnuchin and tend to benefit from more
nology companies with a Friday that leaders should Commerce Secretary Wil- global trade and faster
strong fourth quarter and a prioritize their own coun- bur Ross contributed to economic growth. Many
greater annual profit fore- tries, but that his administra- swings in stock prices and of them are helped by a
cast, while Pfizer and other tion isn’t opposed to inter- the dollar as investors tried weaker dollar, and the U.S.
drugmakers also made big national cooperation and to parse the remarks for currency declined again
gains. Intel had its best day that continued growth for indications of administra- Friday. The weaker dollar
in almost nine years after its the U.S. economy is good tion’s stances on the dollar raises costs for more U.S.-
for the rest of the world. and international trade. focused companies such

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