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BUSINESS Wednesday 23 May 2018
A25

Gains for banks and energy companies take US stocks higher

By MARLEY JAY, AP Markets date to address the braking
Writer distance, and added that
NEW YORK (AP) — U.S. Consumer Reports tested
stocks are mostly higher an early production car.
Tuesday as gains for banks ENERGY: Benchmark U.S.
and energy companies crude gained 0.6 percent
mostly cancel out losses for to $72.65 per barrel in New
industrial companies and York. Brent crude, used to
retailers. Automakers are price international oils, rose
climbing after China said it 1.2 percent to $80.21 per
will reduce auto import du- barrel in London.
ties, another sign the two BONDS: Bond prices
powers are resolving some dipped. The yield on the
of their differences on 10-year Treasury note rose
trade. Chipmaker Micron to 3.08 percent from 3.06
Technology is surging after percent.
it said it will buy back $10 CURRENCY: The dollar de-
billion in stock. clined to 111.03 yen from
KEEPING SCORE: The S&P 111.11 yen. The euro rose to
500 index gained 4 points, $1.1784 from $1.1772.
or 0.2 percent, to 2,737 at OVERSEAS: The German
noon Eastern time. The Dow DAX, which was closed for
Jones industrial average a holiday Monday, jumped
lost 22 points, or 0.1 percent, FILE- In this May 17, 2018, file photo, an American flag hangs above the bell podium on the floor 0.9 percent and London's
to 24,990 as Boeing, Home of the New York Stock Exchange. FTSE 100 added 0.5 per-
Depot and UnitedHealth cent. France's CAC 40
all fell about 1 percent. The hopeful that the trade dis- son worked at Lowe's rival chipmaker's shares ral- rose 0.2 percent. Tokyo's
Nasdaq composite picked pute between the U.S. and Home Depot for 12 years lied Monday after it raised Nikkei 225 lost 0.2 percent.
up 9 points, or 0.1 percent, China will be resolved with- before he was hired by its forecasts for the third Markets in Hong Kong and
to 7,403. The Russell 2000 out major effects on the J.C. Penney, and he will quarter. Software maker South Korea were closed
index of smaller company global economy. Treasury replace Robert Niblock on Adobe Systems climbed for holidays.q
stocks rose 1 point, or 0.1 Secretary Steven Mnuchin July 2. Lowe's fell 0.8 per- 0.9 percent to $240.25 after
percent, to 1,639 after clos- said this week that the two cent to $86.73. it agreed to buy Magento
ing at record highs the last sides agreed not to place Rival Kohl's fell after re- Commerce for $1.68 billion
four days. tariffs on imported goods leasing its quarterly results. and said it will buy back an-
DRIVE ON: China said it will for now and that China While Kohl's posted a larger other $8 billion in stock.
reduce auto import duties agreed to buy more goods profit and better revenue STOPPING SHORT: Tesla lost
effective July 1 following made in the U.S. The U.S. than analysts had forecast, 3 percent to $275.92 after
pledges to buy more U.S. had proposed raising tariffs the company said much of Consumer Reports said the
goods and end restrictions on Chinese goods worth up the gain came because a company's Model 3 sedan
on foreign ownership in the to $150 billion, while China Mother's Day-related sale has longer emergency
industry. China is the world's targeted $50 billion in U.S. came earlier in the year, stopping distances than
biggest auto market by products. and while that helped the any other modern car it
number of vehicles sold. JALOPIES: Auto parts re- company in the fiscal sec- has tested. The magazine
Purchases of SUVs, sedans tailers Advance Auto Parts ond quarter, it will hurt its said the car has a substan-
and minivans totaled 24.7 and AutoZone reported sales in the third and fourth tially longer stopping dis-
million units in 2017, com- weaker sales than ana- quarters. Kohl's sank 7.2 tance from 60 miles an hour
pared with 17.2 million for lysts expected, and both percent to $60.74. than the average for luxury
the United States, the No. 2 stocks tumbled. AutoZone TECHNOLOGY: Micron compact sedans.
market. dropped 7.8 percent to jumped 7.1 percent to Tesla CEO Elon Musk said
General Motors climbed 1 $613.11 and Advance fell $59.41 after it announced on Twitter that the compa-
percent to $38.47 and Tata 4.2 percent to $114.16. the stock buyback. The ny will make a software up-
Motors of India advanced PENNEY DROPPED: J.C.
2.8 percent to $22.64. Fiat Penney fell 6 percent to
Chrysler gained 1.9 per- $2.35 as CEO Marvin Elli-
cent to $22.77. son leaves the department
TRADE HOPES: This week in- store to become the top
vestors have grown more executive at Lowe's. Elli-