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A24 business
Tuesday 13 February 2018

Stocks power higher after a dreadful week; Dow jumps 410

likelihood that interest rates days for stocks to plunge
will keep rising and inflation 10 percent from their latest
will increase. Inflation and peak, which was reached
higher wages can cut into on January 26. A drop of
company profits, and high- that size is known on Wall
er interest rates slow down Street as a market “cor-
economic growth. rection.” According to LPL
“The catalyst behind this Financial, it was the swiftest
bull market up until may- move from a record high to
be the last year or so has a correction in the history
just been the ability of this of the S&P 500. The index
economy to grow, even if rose 1.5 percent Friday but
it’s very sluggishly (...) with- still wound up with its worst
out creating any negative weekly loss in more than
consequences for the fi- two years. Despite the two-
nancial markets,” he said. day recovery, the S&P 500
Paulsen said the consumer is down 7.5 percent from its
prices report Wednesday or record high, and investors
the February employment expect far more volatility in
report due next month the stock market than they
could both have major ef- did two weeks ago.
fects on the market. That comes after a remark-
A television screen on the floor of the New York Stock Exchange, Monday, Feb. 12, 2018, headlines
the Dow Jones industrial average. Stocks are surging on Wall Street as the market claws back The Standard & Poor’s 500, ably calm year for stocks:
some of its massive losses from last week. The Dow Jones industrials climbed 400 points. the benchmark for many there were only eight days
(AP Photo/Richard Drew) index funds, gained 36.45 in 2017 where the S&P 500
By MARLEY JAY ogy companies, while in- turned higher. All of that points, or 1.4 percent, to rose or fell at least 1 per-
AP Markets Writer dustrial companies, banks, helped stocks build on the 2,656. The Dow climbed cent. But it’s happened six
NEW YORK (AP) — Stocks and consumer-focused market’s gains from late Fri- 410.37 points, or 1.7 per- times in the last seven trad-
powered higher Monday, companies like retailers day. cent, to 24,601.27. It had ing days, and eight times
sending the Dow Jones also rose. Some market watchers say risen as much as 574 earli- since the market’s peak
industrial average up Netflix and Amazon surged the recent bout of turbu- er, led by big gains for Boe- Jan. 26. That includes sev-
410 points, as the market again as stocks that led lence may not be over. Jim ing and Apple. The Nas- eral drops that were far
clawed back more of its the market higher in 2017 Paulsen, chief investment daq composite advanced larger than anything the
massive losses from the pre- recovered more of the strategist for the Leuthold 107.47 points, or 1.6 per- market endured last year.
vious two weeks. ground they lost recently. Group, said he thinks stocks cent, to 6,981.96. The Rus- Other gainers in the tech-
Apple jumped 4 percent Energy companies got and bonds will fall further sell 2000 index of smaller- nology industry included
and led a rally in technol- some relief as oil prices as investors consider the company stocks rose 13.15 Cisco Systems, which rose
points, or 0.9 percent, to $1.07, or 2.7 percent, to
1,490.98. It took just nine $40.60. q

Amazon plans to lay off small

number of workers in Seattle

By JOSEPH PISANI ters, and an even smaller
AP Retail Writer proportion of its 566,000
NEW YORK (AP) — After a employees worldwide.
ramp-up of hiring last year, In a statement, Amazon.
Amazon says it will cut a com Inc. says it is still hiring
“small” number of positions aggressively in some areas
at its Seattle headquarters. and will consider those af-
The company did not give fected for other roles.
an exact number, but The Amazon’s headcount grew
Seattle Times, citing a per- rapidly last year, up 66 per-
son familiar with the cuts, cent from 2016. Some was
says they affect a few hun- because of its acquisition
dred people. That would of Whole Foods and its
be a small percentage of 89,000 jobs, but Amazon
the 40,000 people Amazon also says it hired 130,000
employs at its headquar- people last year.q