Page 25 - ARUBA TODAY

BUSINESS Tuesday 22 May 2018
A25

Stocks jump as US and China

announce progress in trade talks

By MARLEY JAY while Beijing said it will buy 50.1 percent of the com-
AP Markets Writer more farm goods, energy bined company, and the
NEW YORK (AP) — Stocks and other products and deal will help it narrow its
are rising Monday after the services from U.S. compa- business down to the avia-
U.S. and China appeared nies. The two sides gave tion, health care and en-
to make major progress no indication of how much ergy industries.
in trade talks. The Chinese progress they had made Wabtec gained 4 percent
government says it will buy toward ending their dis- to $99 and GE rose 2.7 per-
more U.S. goods, includ- pute entirely and both said cent to $15.37.
ing energy and agricultur- hostilities could increase BANK ON IT: Fifth Third Ban-
al products, and Treasury again. corp is buying Chicago's
Secretary Steven Mnuchin Trade disputes have oc- MB Financial for about $4.7
says the U.S. postponed cupied a lot of investors' billion, mostly in stock. The
tariffs on up to $150 billion attention for the last two deal values MB at $54.20
in goods from China. Indus- months and stocks have per share, and its stock
trial companies and banks rallied on signs progress rose 13.2 percent to $49.40
are making some of the was being made, only to while Fifth Third tumbled 7.9
biggest gains and technol- fall back when the situation percent to $30.92.
ogy stocks are also climb- appeared to worsen. GET A ROOM: Invest-
ing. Investors applauded. ment manager Blackstone
KEEPING SCORE: The S&P Among industrials, Boe- agreed to buy LaSalle Ho-
500 index climbed 21 points, ing gained 3.5 percent to tel Properties for $33.50 a
or 0.8 percent, to 2,734 as $363.51 and construction share, or $3.7 billion in cash. Trader Frank O'Connell works on the floor of the New York Stock
of 1:30 p.m. Eastern time. equipment maker Cater- LaSalle jumped 5.6 percent Exchange, Monday, May 21, 2018.
The Dow Jones industrial pillar rose 2.6 percent to to $33.69 while Blackstone
average rose 299 points, $159.76. In the financial rose along with other finan- to $188 and Google's par- rel in London.
or 1.2 percent, to 25,014. sector, JPMorgan Chase cial firms and gained 1.9 ent company Alphabet BONDS: Bond prices edged
It climbed 371 points ear- rose 1.1 percent to $112.30 percent to $31.89. rose 1.7 percent $1,087.41 lower. The yield on the 10-
lier. The Nasdaq composite and Morgan Stanley add- CHIPS CLIMB: Chipmakers as technology companies year Treasury note rose to
gained 43 points, or 0.6 per- ed 1.2 percent to $54.56. rallied after Micron Tech- advanced. 3.07 percent from 3.06 per-
cent, to 7,398. The Russell RIDING THE RAILS: General nology raised its profit and CURRENCIES: The dollar cent.
2000 index of smaller-com- Electric's train engine divi- revenue forecasts for the rose to 111.05 yen from OVERSEAS: The British FTSE
pany stocks was on pace sion will combine with rail- fiscal third quarter. Micron 110.68 yen late Friday. The 100 gained 1 percent and
for another record close road equipment maker jumped 4.3 percent to euro dipped to $1.1772 France's CAC 40 rose 0.5
as it jumped 9 points, or 0.6 Westinghouse Air Brake $55.66 while Intel picked up from $1.1773. percent. The German mar-
percent, to 1,635. Technologies in deal worth 1.6 percent to $54.34 and OIL: Benchmark U.S. crude ket was closed for a holi-
TRADE TALKS: The U.S. and $11.1 billion as GE CEO Lam Research added 2 oil rose 1.2 percent to day. Japan's Nikkei 225 rose
China concluded two days John Flannery continues to percent to $199.33. $72.11 a barrel in New York. 0.3 percent. Hong Kong's
of trade negotiations with break off parts of the con- That contributed to a broad Brent crude, used to price Hang Seng gained 0.6 per-
an agreement not to im- glomerate. GE will get $2.9 rally in technology stocks. international oil, added 0.7 cent and South Korea's
pose tariffs on each other, billion in cash and will own Apple gained 0.9 percent percent to $79.03 per bar- Kospi added 0.2 percent.q