Page 25 - ARUBA TODAY

BUSINESS Thursday 31 May 2018
A25

US stocks jump as Italian worries ease; oil prices climb

By MARLEY JAY would become a refer- EARNINGS: Wall Street
Associated Press endum on whether Italy, continued to pore over
NEW YORK (AP) — U.S. the third-largest economy quarterly results from re-
stocks are climbing in Europe, would stay in tailers.
Wednesday morning, the euro. On Wednesday, Dick's Sporting Goods
recovering most of the premier-designate Carlo soared 23.9 percent to
ground they lost the day Cottarelli said there were $37.78 after it raised its an-
before, as investors hope "new possibilities" to form nual profit forecast. Its first-
Italy might be able to a government. quarter report was better
avoid a new round of Italy's FTSE MIB stock index than expected thanks in
elections. Banks are rising climbed 1.5 percent after part to strong online sales.
along with bond yields a 2.7 percent drop a day Printer and PC maker HP
after outsize losses a day earlier. also raised its profit projec-
ago and energy compa- Prices for Italian govern- tions after its earnings and
nies are breaking out of a ment bonds also rose, sales surpassed analyst
five-day losing streak as oil sending yields down fol- estimates. HP climbed 3 In this April 24, 2018, file photo, a sign for a Wall Street building
prices rise. Smaller com- lowing a huge surge the percent to $21.94. Watch- is shown in New York.
panies are surging after day before. maker Movado Group Associated Press
they suffered only modest BONDS: Bond prices fell. rallied 15.7 percent to
losses the day before. The yield on the 10-year $48.83. ing more oil soon. Those ALL'S WELLCARE: WellCare
KEEPING SCORE: The Treasury note rose to 2.84 Clothing company Chi- countries cut production will pay $2.5 billion to be-
S&P 500 index gained 25 percent from 2.79 per- co's FAS plunged 20.7 at the start of 2017, which come the biggest Medic-
points, or 1 percent, to cent. percent to $7.92 after its helped take U.S. crude aid coverage provider in
2,715 as of 11 a.m. East- Interest rates rose and profit fell short of expec- from about $50 a barrel Michigan and Illinois and
ern time. It lost 1.2 percent bank stocks recovered tations and luxury retailer in late 2016 to more than add a pharmacy benefits
Tuesday. The Dow Jones some of their losses from Michael Kors dropped 12 $70 this month. They had management business,
industrial average rose 209 the previous day. When percent to $60 following agreed to keep produc- following the lead of com-
points, or 0.9 percent, to rates rise, banks can a disappointing forecast tion at its current levels un- petitors like UnitedHealth
24,570. The Nasdaq com- make more money on for the year. Shoe retailer til the end of this year, but and Cigna.
posite added 60 points, or mortgages and other DSW gave up some of its upheaval in Venezuela Pharmacy benefit man-
0.8 percent, to 7,457. The types of loans. JPMorgan gains from earlier in the and new sanctions on Iran agers run prescription
Russell 2000 index leaped Chase gained 1.3 per- year as it lost 9.8 percent could change their plans. drug coverage and insur-
23 points, or 1.5 percent, cent to $107.27 and Bank to $23.52. SURVEY SAYS: Payroll pro- ers have been building
to 1,647, which put the in- of America picked up 1.4 ENERGY: Energy compa- cessor ADP said private or buy them to improve
dex on pace for another percent to $53.69. Both nies rose as U.S. crude oil U.S. businesses added how they share patient
record close. stocks fell about 4 percent climbed 1.6 percent to 178,000 jobs in May. That's data and manage care.
The Russell fared far better Tuesday. $67.81 per barrel in New a solid number even They're also trying to gain
than the rest of the market EUROPE: The euro rose York. Brent crude, used though it's not as many better control of prescrip-
on Tuesday and has done to $1.1606 from $1.1531 to price international oils, jobs as they added over tion drug costs.
better than other indexes a day earlier, which was added 1.6 percent to the winter. ADP reported The stock rose 2.8 percent
in recent weeks. It closed its lowest level in almost $76.67 a barrel in London. strong hiring in the con- to $227.30.
at an all-time high on May a year. The dollar rose to Exxon Mobil jumped 2.9 struction, education and ASIA: Japan's Nikkei 225
21. 108.88 yen from 108.24 percent to $80.70 and health care fields as well stock index dropped 1.5
ITALY IN FOCUS: Stocks in yen. Chevron rallied 2.2 per- as professional and busi- percent and the Kospi
the U.S. and Europe sank Germany's DAX climbed cent to $124.09. ness services. The federal of South Korea dropped
Tuesday as investors wor- 0.4 percent while the FTSE Oil prices fell 7.6 percent in government will release a 2. The Hang Seng in
ried that Italy would have 100 index in Britain rose 0.2 the last week following re- jobs report Friday that also Hong Kong slipped 1.4
new elections in a few percent. The CAC 40 in ports OPEC countries and includes hiring by govern- percent.q
months and that the vote France lost 0.6 percent. Russia might start produc- ment agencies.

Survey: US businesses add a solid

178,000 jobs in May

By CHRISTOPHER RUGABER The figures suggest compa- jobs, according to a survey
Associated Press nies continue to hire at a by data provider FactSet.
WASHINGTON (AP) — U.S. healthy pace but may be ADP compiles hiring data
businesses added 178,000 pulling back as the num- from millions of compa-
jobs in May, according to a ber of people who can't nies that are clients of its
survey, a solid total but be- find jobs dwindles, making payroll services. Its figures
low the average monthly it harder to find new em- frequently diverge from
gains accumulated over ployees. From November the government's report.
the winter. through March, monthly For example, last month
Payroll processor ADP said job gains averaged well ADP said 204,000 jobs were
Wednesday that hiring over 200,000. added in April, but the La-
was strong in construc- The report arrives two days bor Department's report
tion, education and health before the government re- said the total was 164,000.
care, and professional and leases the official monthly On Wednesday, ADP re-
business services, which in- employment figures. Econ- vised April's figure signifi-
cludes accounting, engi- omists forecast that Fri- cantly lower, to 163,000,
neering and legal services. day's jobs report will show very close to the govern-
Retailers cut jobs. employers added 190,000 ment's estimate.iq