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BUSINESS Saturday 23 June 2018
A25

Surging oil prices and energy companies send stocks higher

By MARLEY JAY ership CarMax advanced
Associated Press 13.9 percent to $80.92 after
NEW YORK (AP) — U.S. its first-quarter results sur-
stocks are rising Friday to passed analysts’ expecta-
wrap up a turbulent week tions.
as energy companies Open source software
climb along with the price maker Red Hat dropped
of oil. Oil producers in OPEC 12.4 percent to $145.12 af-
agreed to produce more ter it cut its sales forecasts
oil, a step investors have due to the strengthening
expected for the last few dollar. Other technology
weeks. The European Union companies also declined.
is following through on its The industry has been lead-
promise to put import taxes ing the market for more
on $3.4 billion in U.S. goods than a year, but it makes
including bourbon, peanut more of its sales outside
butter and orange juice in the U.S. than any other ma-
response to U.S. tariffs on jor S&P 500 sector. Micron
steel and aluminum. Presi- Technology fell 3.7 percent
dent Donald Trump threat- to $57.23 and Nvidia lost 1.9
ened to put a 20 percent percent to $252.23.
tax on cars imported from METALS: Gold slid 0.3 per-
Europe. cent to $1,270.70 an ounce.
KEEPING SCORE: The S&P This Jan. 4, 2018, file photo shows the interior of the New York Stock Exchange. Silver added 0.8 percent to
500 index added 13 points, Associated Press $16.46 an ounce. Copper
or 0.5 percent, to 2,763 as most 1 million barrels per biggest one-day gain since politicians. edged up 0.2 percent to
of 2 p.m. Eastern time. The day. Increased production OPEC agreed to cut pro- EU authorities had said the $3.03 a pound.
Dow Jones Industrial Aver- means lower prices, but in- duction in November 2016. move was coming in re- BONDS: Bond prices inched
age was on track to break vestors expected that out- Brent crude, the standard sponse to the U.S. import lower. The yield on the 10-
an eight-day losing streak come after several weeks for international oil prices, duties. On Twitter, Trump year Treasury note rose to
as it gained 190 points, or of reports that those coun- rose 2.9 percent to $75.16 a threatened to impose a 20 2.91 percent from 2.90 per-
0.8 percent, to 24,651. The tries would agree to pro- barrel in London. percent tax on cars import- cent.
Dow is down 1.8 percent duce more oil. The move Chevron jumped 2.6 per- ed from the EU if barriers CURRENCIES: The dollar rose
this week, with Boeing off undoes part of a cut in cent to $125.80 and Exxon to trade are not removed to 109.94 yen from 109.90
5.3 percent and Caterpil- production that OPEC and Mobil picked up 2.3 per- soon. He had previously or- yen. The euro advanced to
lar down 6.4 percent. Both other producers including cent to $81.56. Marathon dered the U.S. Trade Repre- $1.1660 from $1.1617.
companies are having their Russia instituted at the be- Oil surged 8.2 percent to sentative to look into pos- OVERSEAS: The CAC 40 in
worst week since March. ginning of 2017. Oil prices $21.56. sible tariffs or quotas on im- France climbed 1.3 per-
Makers of chemicals and hit a three-year high of TARIFFS: The European ported cars and car parts. cent and Britain’s FTSE 100
other basic materials have about $72 a barrel in May Union is enforcing tariffs That jolted car compa- gained 1.7 percent. In Ger-
also lost ground and tech- and have declined since on $3.4 billion in U.S. prod- nies. In Germany, shares of many the DAX rose 0.5 per-
nology companies have then as reports suggested ucts as of Friday in retalia- BMW lost 1.1 percent and cent.
slipped. The Nasdaq com- an increase in production tion for duties the Trump Daimler sank 0.3 percent. Some Asian markets gained
posite rose 2 points to 7,714. was coming. However it’s administration has put on Daimler fell more than 4 following heavy losses on
The Russell 2000 index of not clear if some members European steel and alu- percent Thursday after it previous days but finished
smaller-company stocks will be able to ramp up pro- minum. The taxes are on said Chinese tariffs on U.S. lower than a week ago.
gained 1 point, or 0.1 per- duction, and some experts American products includ- cars would contribute to a Hong Kong’s Hang Seng in-
cent, to 1,690. said the increase may be ing bourbon, peanut butter decline in its earnings this dex edged up 0.2 percent
OIL: Oil prices and energy smaller than advertised. and orange juice, and the year. Ford and Toyota also while Japan’s Nikkei 225
companies rallied as the U.S. crude climbed 4.8 per- choices appear designed dipped while Peugeot and lost 0.8 percent. The South
countries of OPEC agreed cent to $68.67 a barrel in to create political pressure General Motors rose. Korean Kospi advanced
to boost production by al- New York. It’s on track for its on Trump and senior U.S. EARNINGS: Used car deal- 0.8 percent.q

EU imposes tariffs on US peanuts,

motorcycles and whiskey

Associated Press European steel and alumi- because it has put tariffs
BRUSSELS (AP) — The Euro- num. The EU trade commis- on a very important input
pean Union started enforc- sioner has acknowledged which very often it doesn’t
ing tariffs Friday on Ameri- that the EU targeted some produce itself,” he said.
can imports like bourbon, iconic American items “The EU perhaps will find a
peanut butter and orange to put political pressure few disgruntled consumers
juice, part of a growing on U.S. President Donald who have to pay more for
global trade rift that’s likely Trump and senior U.S. poli- their Harley Davidsons, but
to intensify over the next ticians. European Commis- that is not a big loss for us.”
few weeks. The EU tariffs sion spokesman Alexander The spat is part of a wider In this Wednesday, June 20, 2018, photo, Catoctin Creek Distillery
on $3.4 billion worth of U.S. Winterstein said the EU’s tussle over global trade. whiskey is on display in the tasting room in Purcellville, Va.
products are in retaliation response is proportionate In two weeks, the United Associated Press
for duties the Trump admin- and reasonable. “I think the States will start taxing $34 Beijing has vowed to im- own tariffs on U.S. soybeans
istration has imposed on United States is losing more billion in Chinese goods. mediately retaliate with its and other farm products.q