Page 11 - aruba-today-20201205

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business Saturday 5 december 2020

More record highs for stocks as hopes grow for economic aid

By STAN CHOE and Congress out of its paralysis was the fifth straight month
ALEX VEIGA AP and deliver more support of slowing growth.
Business Writers for the economy. Economists called the num-
Wall Street closed out a “In a twist of irony, the bad bers disappointing and evi-
solid week for stocks Friday jobs number is positive for dence that the worsening
with more record highs as markets today,” said Keith pandemic will likely destroy
traders took a discouraging Buchanan, portfolio man- more jobs and income for
jobs report as a sign that ager at Globalt Invest- the economy in the coming
Congress will finally move ments. “The market is telling months, which are shaping
to deliver more aid for the us today that if the labor up to be a bleak winter.
pandemic-stricken econo- market continues to show But markets quickly firmed
my. slowing momentum, it’s amid hopes that the dour
The S&P 500 rose 0.9%, much more likely the pow- data could spur some ac-
notching its third all-time ers that be in D.C. agree to tion from Congress, which
high this week. The Dow something that’s material.” has dithered for months
Jones Industrial Average, The S&P 500 rose 32.40 after much of its last round The New York Stock Exchange is seen in New York, Monday,
Nasdaq composite and points to 3,699.12. The of financial support for the Nov. 23, 2020.
Russell 2000 index of smaller benchmark index climbed economy expired during Associated Press
companies also closed at 1.7% for the week, it’s sec- the summer.
record highs. ond consecutive weekly “Overall, today’s report Leader Mitch McConnell more COVID-19 vaccines
The gains were broad, with gain. The Dow picked up is beckoning lawmakers spoke on the phone about help start a slow return to
about 81% of the compa- 248.74 points, or 0.8%, to to act on additional fiscal a possible deal on Thurs- more normal conditions.
nies in the S&P 500 moving 30,218.26. The Nasdaq stimulus measures in order day, and lawmakers from Such hopes helped stocks
higher. Gains in technolo- picked up 87.05 points, or to bridge the output gap both parties have been muscle 10.8% higher in No-
gy, health care and energy 0.7%, to 12,464.23. in the economy until a vac- voicing support for a bipar- vember, though the mo-
stocks helped lift the mar- Stocks of smaller compa- cine is deployed, and the tisan deal. The glimmers of mentum has slowed a bit
ket, outweighing losses in nies, which have recently longer they hold out the progress follow months of recently as the pandemic
utilities and companies that helped lead the market af- wider the gap may be- cajoling and pleading by accelerates at a troubling
rely on consumer spending. ter lagging earlier this year, come,” said Charlie Ripley, economists and investors, rate.
Treasury yields rose, a sign outgained the broader senior investment strategist who say such aid is essen- Energy companies were
of growing confidence in market Friday. The Russell for Allianz Investment Man- tial. Many obstacles re- some of Friday’s best per-
the economic outlook. 2000 climbed 43.75 points, agement. main, though. formers, as oil prices climb
Hopes remain deeply root- or 2.4%, to 1,892.45, more Democrats and Republi- The hope in markets is that fi- further out of the hole they
ed on Wall Street that one than double the gain for cans have been making nancial support from Wash- plunged into during the
or more coronavirus vac- the big stocks in the S&P on-and-off progress on ington could help carry the spring following a collapse
cines are coming to rescue 500. talks for another round of economy through a dark in demand. Diamondback
the global economy next Stocks seemed headed for support for the economy, winter. Surging coronavirus Energy jumped 12.7%, and
year. But efforts to contain a downbeat day early Fri- including aid for laid-off counts, hospitalizations and Occidental Petroleum
a surge in new virus cases day as traders weighed the workers and industries hit deaths are pushing govern- gained 13.4% for the two
has stoked worries about disappointing jobs report. hard by the pandemic. ments around the world to biggest gains in the S&P
more economic pain for Treasury yields sank, and Momentum has seemed bring back varying degrees 500. Both stocks remain
companies and consum- U.S. stock futures wobbled to swing back to “on” this of restrictions on businesses. down by about 50% for the
ers. after the data showed em- week after Democrats sig- They’re also scaring con- year, though.
That’s why Friday’s much ployers added just 245,000 naled willingness to accept sumers away from stores, The yield on the 10-year
weaker-than-expected jobs last month, half of what a smaller package than restaurants and other nor- Treasury shook off an initial
jobs report perversely economists were expect- they were earlier demand- mal economic activity. stumble following the re-
helped lift stocks. Investors ing. The report marked a ing. Hopefully, the economy will lease of the jobs report to
are betting the report may sharp step down from Oc- House Speaker Nancy Pe- be able to stand more on its rise to 0.97%, up from 0.91%
be bad enough to help kick tober’s gain of 610,000 and losi and Senate Majority own next year after one or late Thursday. q

New Jersey utility buys 25% of wind farm off Atlantic City

By WAYNE PARRY a productive first step into structing complex energy
Associated Press this forward-leaning indus- projects,” he said. “We’re
ATLANTIC CITY, N.J. (AP) — try, bringing with it new excited to partner with
New Jersey’s largest utility skills, jobs and carbon-free PSEG due to their extensive
bought a 25% stake in an energy,” Ralph Izzo, PSEG’s knowledge of the market
offshore wind farm Friday president and CEO, said in and previous track record,
to be built off the coast a statement. “This invest- and we’re looking forward
of Atlantic City in a move ment in offshore wind en- to providing enough clean
to bring local knowledge ergy is well-aligned with energy for 500,000 New
to an energy project that our company’s long-term Jersey homes.”
would power half a million clean energy strategy.” Ocean Wind was selected
homes. New Nissan Motor Co. logo is displayed at the global The move made sense for by New Jersey to be its first
Newark-based Public headquarters of Nissan Motor Co.,. in Yokohama near Tokyo, both companies, said Da- offshore wind farm as part
Service Enterprise Group Wednesday, July 22, 2020. vid Hardy, CEO of a North of the state’s plan to add
agreed to buy 25% of the Associated Press American arm of the Dan- 7,500 megawatts offshore
1,100-megawatt Ocean not announced. Orsted details. ish company. wind generating capacity
Wind project from Orsted would not divulge it, and “As New Jersey’s first off- “Our two organizations by 2035. The state hopes
North America. PSEG did not immediately shore wind project, Ocean have unmatched exper- to use only clean energy
The purchase price was responded to a request for Wind will lead the way for tise and experience con- by 2050.q