Page 25 - ARUBA TODAY

BUSINESS Tuesday 14 November 2017
A25

Consumer goods firms lead US stocks slightly higher

By ALEX VEIGA million to buy a European
AP Business Writer division of ETF Securities.
The major U.S. stock index- Shares in WisdomTree shed
es capped a day of mostly 66 cents to $11.28.
subdued trading with slight General Electric tumbled
gains Monday. 7.2 percent after the com-
Consumer and household pany said it would slash its
goods companies led the dividend in half to 12 cents
market higher, offsetting per share, starting next
losses by industrial and en- month. The company also
ergy stocks. released annual profit pro-
A batch of corporate deal jections that were well be-
news also helped put in- low what Wall Street had
vestors in a buying mood. been expecting.
Mattel soared nearly 21 Chairman and CEO John
percent on a report that Flannery, speaking to in-
Hasbro offered to buy the vestors gathered in Bos-
rival toymaker. ton, said the cost-cutting
General Electric slumped maneuver was part of the
about 7 percent after cut- measures GE will undertake
ting its dividend and re- to make the company sim-
leasing a weak forecast for pler and stronger. The stock
next year. was the biggest decliner in
The Standard & Poor’s 500 Trader Michael Smyth, center, works on the floor of the New York Stock Exchange. The major U.S. the S&P 500, losing $1.47 to
index rose 2.54 points, or 0.1 stock indexes capped a day of mostly subdued trading with slight gains Monday. $19.02. GE is down just un-
percent, to 2,584.84. The (AP Photo/Richard Drew) der 40 percent this year.
Dow Jones industrial aver- “They’re maybe showing rose $2.37, or 2.3 percent, Traders also sent shares The slide in GE weighed on
age gained 17.49 points, a little bit of skepticism in to $106.49. in Qualcomm 3 percent the industrials sector. GE
or 0.1 percent, to 23,439.70. the bull market that’s more While trading was mostly higher after the company accounts for about 8 per-
The Nasdaq composite than eight years old,” she subdued, investors bid up rejected an unsolicited cent of the sector’s market
added 6.66 points, or 0.1 said. “Maybe they’re feel- shares in companies at the takeover offer from Broad- capitalization.
percent, to 6,757.60. ing a little bit squeamish af- center of merger-related com worth $103 billion, or Traders also had their eye
The Russell 2000 index of ter last week.” news. $70 a share. Qualcomm on the latest company
smaller-company stocks The stock market snapped Toymaker Mattel soared said the proposal was sig- earnings Monday.
dipped 0.21 points, or 0.01 an eight-week string of 20.7 percent following a re- nificantly undervalued and Tyson Foods rose 2 percent
percent, to 1,475.07. More gains last week. port that rival Hasbro made that a tie-up between the after the meat producer
stocks fell than rose on the The major stock indexes an offer to buy the com- massive chipmakers would posted a larger profit and
New York Stock Exchange. opened lower on Mon- pany. Mattel was the big- face substantial regula- greater sales than analysts
Bond prices were little day and then wavered gest gainer in the S&P 500, tory resistance. Shares in had expected. The stock
changed. The yield on the between small gains and climbing $3.02 to $17.64. Qualcomm added $1.92 added $1.45 to $75.59.
10-year Treasury note held losses. By midmorning they Hasbro added $5.39, or 5.9 to $66.49. Broadcom rose 5 Energy futures closed most-
at 2.40 percent. had inched back up into percent, to $96.84. cents to $265.01. ly lower. Benchmark U.S.
The gains in consumer positive territory, hovering Mall owner GGP jumped Some corporate deals crude rose 2 cents to settle
stocks and utilities, which just above their Friday clos- 8.3 percent after Brookfield failed to put investors in a at $56.76 per barrel on the
also rose, suggest that in- ing levels for the rest of the Property Partners offered buying mood. New York Mercantile Ex-
vestors were looking for day. Consumer and house- to buy the rest of the com- WisdomTree Investments change. Brent crude, used
yield, said Lindsey Bell, in- hold goods companies pany for $14 billion, or $23 fell 5.5 percent after the to price international oils,
vestment strategist at CFRA were among the big gain- a share. Shares in GGP rose asset management com- slipped 36 cents to close at
Research. ers Monday. J. M. Smucker $1.85 to $24.05. pany said it will pay $611 $63.16 a barrel in London.q