Page 25 - ARUBA TODAY

BUSINESS Saturday 21 december 2019
A25

Stocks climb as S&P 500 closes in on 10th winning week in 11

By STAN CHOE stocks have climbed in the
Associated Press seven-day stretch roughly
NEW YORK (AP) — U.S. three quarters of the time.
stock indexes pushed high- MARKETS ABROAD: Europe-
er again on Friday, and the an stocks were mostly high-
S&P 500 was on track to er. France's CAC 40 index
close out its 10th winning rose 0.7% and Germany's
week in the last 11. DAX climbed 0.7%. The FTSE
Trading could be lumpy Fri- 100 in London was virtu-
day, with contracts set to ally flat. Japan's Nikkei 225
expire for futures and op- slipped 0.2%. South Korea's
tions on indexes and stocks Kospi and Hong Kong's
in what's known as a "qua- Hang Seng both rose 0.3%.
druple witching day." But YIELDS: The 10-year Treasury
momentum for stocks has yield rose to 1.9 2 % from
been clearly upward for 1.91% late Thursday. The
months, and the market two-year yield climbed to
is heading into what's his- 1.6 1 % from 1.60%, and the
torically been a seasonally 30-year yield rose to 2.3 5 %
good period. from 2.34%.
Rising optimism around a GOOD VOYAGE: Carnival
"Phase 1" trade deal an- jumped 8.5 % for the big-
nounced a week ago be- gest gain in the S&P 500
tween the United States In this Dec. 13, 2019, file photo trader John Panin works on the floor of the New York Stock Ex- after it reported stronger
and China has helped push change. earnings for the latest quar-
stock indexes to records. Associated Press ter than analysts expected.
Fears about a possible re- The cruise ship operator
cession have also faded three months. Treasury been the main pillar for the the third quarter. Much of also gave a profit forecast
since the summer after the yields edged higher, while economy recently, even as the growth from that July- for the upcoming quarter
Federal Reserve cut inter- crude oil and gold prices CEOs turned cautious amid through-September quar- that topped analysts' fore-
est rates three times, and dipped. all the uncertainty cre- ter came from stronger casts.
the central bank appears KEEPING SCORE: The S&P ated by President Donald consumer spending. CLUNKER: CarMax dropped
set to keep them low for a 500 was up 0.5% as of 11 Trump's trade wars. Con- SANTA CALLING: Stocks 5.2 % for one of the largest
long time. a.m. Eastern time, and the sumer spending rose 0.4% have traditionally climbed losses in the S&P 500 after it
More data arrived on Fri- gains were broad. Roughly last month from October, in the last five days of each reported weaker earnings
day showing U.S. house- two stocks rose for every the strongest growth in four calendar year, plus the first for the latest quarter than
holds continue to spend one that fell on the New months, according to the two of the new year. It's analysts expected.
amid a healthy job mar- York Stock Exchange. latest data from the Com- happened often enough COMMODITIES: Benchmark
ket. That is making up for The Dow Jones Industrial merce Department. The that traders call it the "San- U.S. crude oil slipped 84
hesitance by businesses to Average climbed 98 points, increase in spending came ta rally", and it's brought an cents to $60.34 per bar-
spend, and it's helping to or 0.3%, to 27,475, and the as incomes rose 0.5% from average gain of 1.3% for rel. Brent crude, the inter-
keep the economy grow- Nasdaq composite added a month earlier. A sepa- the S&P 500 since 1969, ac- national standard, fell 46
ing at a moderate pace. 0.3%. rate report confirmed the cording to the Stock Trad- cents to $66.08 per barrel.
The S&P 500 is on pace for ECONOMIC SIGNS: Spend- economy grew at a mod- er's Almanac. Gold dipped 40 cents to
its best week in more than ing by U.S. households has erate annual rate of 2.1% in Over the last 50 years, $1,484.00 per ounce.q

Nike’s sales get boost from direct-to-consumer strategy

By ALEXANDRA OLSON price helped offset cost in- app and stores. The com-
Associated Press creases related to tariffs. pany launched a subscrip-
NEW YORK (AP) — Nike's Earnings per share rose tion service for children's
quarterly results again to 70 cents, beating ex- shoes last summer. Last
beat Wall Street expec- pectations of 58 cents per month, it announced it
tations, as its online sales share, according to Zacks. will stop selling its sneakers
grew and customers It was Nike's first earnings and athletic gear directly
shrugged off a series of reporting since announc- to Amazon, ending a two-
corporate scandals. ing that CEO Mark Parker year-old pilot program
The company's revenues will step down early next with the world's largest on-
grew to $10.33 billion in the year. He will be replaced line retailer. Selling sneak-
second quarter ending by board member John ers directly to its customers
Nov. 30, up 10% from the Donahoe, who formerly gives Nike information on
same period last year. An- ran e-commerce compa- its shoppers that can help
alysts had been expecting ny eBay and was tapped it design shoes in colors or
$10.1 billion in revenue, In this Nov. 29, 2019, file photo Nike clothes are displayed at a to push forward Nike's digi- sizes it knows they want.
according to Zacks Invest- Kohl's store in Colma, Calif. Associated Press tal transformation. Nike said its operating ex-
ment Research. The Beaverton, Oregon- penses rose 9% to $2.44
Nike's North America sales, the same period last year. Its net income rose 32% to based company has fo- billion as the company
however, disappointed Analyst had anticipated $1.12 billion. Strong sales, a cused on building up its di- invested in its NIKE Di-
slightly at $3.98 billion, up sales closer to $4 billion, lower tax rate and a focus rect-to-consumer business rect business and global
5% from $3.78 billion during according to FactSet. on selling more shoes at full through its own website, operations.q