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BUSINESS Saturday 20 January 2018
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US stocks close higher as market sets latest record high

was done,” said Tim Dreil- After an afternoon meet-
ing, regional investment ing with President Donald
director at U.S. Bank Private Trump, Senate Democratic
Wealth Management. “I leader Chuck Schumer said
don’t think it’s going to dis- the discussions would con-
rupt growth or make much tinue after having made
of an impact on GDP, for “some progress.”
example.” U.S. House lawmakers vot-
The S&P 500 index rose ed late Thursday for a stop-
12.27 points, or 0.4 percent, gap funding bill to keep
to 2,810.30. The Dow Jones federal agency doors open
industrial average gained until mid-February, but Sen-
53.91 points, or 0.2 percent, ate Democrats and some
to 26,071.72. The average Republicans threatened to
hit a new high on Wednes- block it.
day. Democrats want the bill
The Nasdaq added 40.33 to include protections for
points, or 0.6 percent, to younger immigrants who
7,336.38. The Russell 2000 were brought to the U.S. il-
index of smaller-compa- legally as children.
ny stocks picked up 20.90 Investors have driven stock
points, or 1.3 percent, to indexes higher on optimism
1,597.63. over the global economic
Traders Robert Arciero, left, Pat Casey, center, and John Panin work on the floor of the New York Bond prices fell. The yield on outlook and corporate
Stock Exchange. Investors shrugged off the potential for a federal government shutdown Friday, the 10-year Treasury rose to earnings, and the possibil-
driving U.S. stocks higher. 2.66 percent from 2.63 per- ity of a federal government
(AP Photo/Richard Drew) cent late Thursday. That’s shutdown did not dim that
By ALEX VEIGA the market bounced back highest level in more than the highest level since July enthusiasm Friday.
AP Business Writer from modest losses a day three years. 2014. The increase in yields Investors bid up shares in
Investors shrugged off the earlier. The S&P 500 has The market rally suggested weighed on bond-proxy clothing makers, restau-
potential for a federal gov- now posted a weekly gain that the possibility of a fed- stocks, such as utilities. Ex- rant chains, department
ernment shutdown Friday, in nine of the last 10 weeks. eral government shutdown elon declined 62 cents, or stores and other consumer-
driving U.S. stocks higher Retailers, banks and con- this weekend wasn’t worry- 1.6 percent, to $37.97. focused companies. Toy
and setting new milestones sumer goods companies ing traders. Despite an eleventh-hour maker Mattel led the pack,
for several of the indexes. accounted for much of the “Looking back to some of effort to reach an agree- climbing 91 cents, or 6 per-
The Standard & Poor’s 500 latest gains. the previous shutdowns, ment, Republicans and cent, to $16.14.
index, Nasdaq composite Energy stocks fell along they weren’t terribly ex- Democrats appeared no Banks and other financial
and Russell 2000 index of with crude oil prices. Utili- tended in nature and closer to averting a gov- stocks also rose. Synchrony
smaller-company stocks ties also declined as bond didn’t cause a lot of disrup- ernment shutdown before Financial gained $1.17, or
finished at record highs as yields edged up to their tion by the time everything a midnight Friday deadline. 3.1 percent, to $38.47.q

US oil output is booming and seen outpacing Saudis, Russia

PARIS (AP) — U.S. oil pro- The OPEC-Russia deal from the U.S. is meeting forecast to grow by 1.3 reducing spending on oil
duction is booming and worked for them: as prices growing demand as the million barrels a day, the because of the higher pric-
is forecast to top that of rose they made more mon- world economy expands same as the year before. es and switching to other
heavyweight Saudi Arabia ey despite pumping less at a strong pace. It’s not growing faster be- types of energy, like natural
and rival Russia this year, a crude, the IEA said. Russia is Global demand for oil is cause some consumers are gas.q
global energy agency said estimated to have earned
Friday. The International an extra $117 million a day
Energy Agency said in its and Saudi Arabia $100 mil-
monthly market report that lion daily by limiting their
U.S. oil production, which output and nudging up
has already risen to its high- prices. But the higher prices
est level in nearly 50 years, also brought back U.S. pro-
will push past 10 million bar- ducers, particularly in shale
rels a day in 2018 as higher oil, which requires higher
prices entice more produc- prices in order to break
ers to start pumping. even. U.S. production rose
“This year promises to be a last year to its highest since
record-setting one for the 1970 and is expected to
U.S.,” it said. keep growing, assuming
The price of crude has risen OPEC and Russia don’t de-
about 50 percent since cide to increase their own
June, with the U.S. bench- production — a decision of
mark now trading around which there is no sign, the
$63 a barrel, on evidence IEA says.
of strong global economic Even the hurricanes of last
growth and a pact among year didn’t hinder the U.S.
OPEC countries and Russia oil production boom.
to limit their production. For now, the extra crude