Page 25 - ARUBA TODAY

BUSINESS Wednesday 12 July 2017
A25

Energy companies lead US stock indexes mostly higher

By ALEX VEIGA market mostly bounced
AP Business Writer back from the stumble by
Another day of listless trad- the end of the day.
ing on Wall Street ended Mostly, investors appeared
Tuesday with the major to be taking a wait-and-
stock indexes closing out see approach ahead of
having shifted marginally the star of Yellen’s two-day
from the day before. appearance before Con-
Gains in energy and tech- gress.
nology companies were Starting Wednesday, trad-
canceled out by losses ers will be listening for clues
among banks, phone as to how aggressively the
companies and other sec- Fed will continue to raise
tors. rates and start to unwind its
A rebound in crude oil big bond-buying program.
prices helped lift energy The latest U.S. economic
stocks, which led the gain- reports, particularly for
ers. Banks posted the larg- jobs, have been upbeat.
est losses. “Our base case scenario
Investors were making for the rest of the year is
modest moves ahead of we’ll get one additional
Federal Reserve chair Ja- hike likely toward the end
net Yellen’s testimony be- of the year,” said Nadia
fore Congress on Wednes- Traders Kevin Walsh, left, and James Riley, right, work with specialist Philip Finale on the floor of the Lovell, U.S. equity strate-
day and Thursday, and the New York Stock Exchange. Another day of listless trading on Wall Street ended Tuesday with the gist at J.P. Morgan Private
release of the Fed’s Beige major stock indexes closing out having shifted marginally from the day before. Bank.
Book, an economic snap- (AP Photo/Richard Drew) Beyond the Fed, investors
shot used by the central were also looking ahead
bank to gauge U.S. eco- Nine of the 11 industry on, then veered sharply ment effort to aid his fa- to the next corporate
nomic trends. groups in the S&P’s 500 in- lower before midday as ther’s campaign. earnings reporting sea-
The market will key in on dex declined. More stocks news broke that President The news stoked investor son, which ramps up this
both as it tries to discern rose than fell on the New Donald Trump’s eldest son, worries over whether the week. PepsiCo served up
how Fed policy on interest York Stock Exchange. Donald Trump Jr., had re- headlines could lead to its results early Tuesday.
rates may play out this year Bond prices rose. The yield leased an email chain more political uncertainty Delta Air Lines, JPMorgan
and next, said Sameer Sa- on the 10-year Treasury from last year that shows in Washington and poten- Chase and Wells Fargo are
mana, global quantitative note fell to 2.36 percent the Trump scion discussing tially hold up tax cuts, reg- among the big companies
strategist for the Wells Far- from 2.38 percent late plans to hear damaging in- ulatory reform and other due to report their latest
go Investment Institute. Monday. formation on Hillary Clinton business-friendly policy ini- quarterly results this week.
“Any time you have those The major indexes got off from what was described tiatives that the market has
types of potentially mar- to an uneven start early to him as a Russian govern- been expecting. But the q
ket-moving events, espe-
cially with policy being
such a big focus right now, Qatar Petroleum, Total launch new venture for oil field
people are always a little
hesitant” to make big mar- DOHA, Qatar (AP) — Total field produces around gas field with Iran, which not been interrupted, de-
ket moves, Samana said. and Qatar Petroleum have 300,000 barrels of oil per last week signed a $5 billion spite a blockade by three
The Standard & Poor’s 500 inaugurated a new ven- day. agreement with France’s of its neighbors and Egypt
index fell 1.90 points, or 0.1 ture to develop the Gulf Qatar is the world’s larg- Total to develop a portion amid a diplomatic row.q
percent, to 2,425.53. The country’s expansive off- est liquefied gas exporter. of its side of the field.
Dow Jones industrial av- shore Al-Shaheen oil field It shares a vast underwater Qatar’s gas exports have
erage gained 0.55 points for the next 25 years.
to 21,409.07. The Nasdaq The joint venture, named
composite rose 16.91 the North Oil Company,
points, or 0.3 percent, to was formally inaugurated
6,193.30. The Russell 2000 Tuesday in Qatar’s capital,
index of smaller-company Doha. Total takes over ex-
stocks added 4.58 points, ploration of the field from
or 0.3 percent, to 1,413.05. Maersk Oil. The offshore