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BUSINESS A25
Wednesday 3 January 2018
US stocks ring in 2018 with gains as technology leads again
By MARLEY JAY Stock trader John Panin works at the New York Stock Exchange, Tuesday, Jan. 2, 2018. year, including big box
AP Markets Writer (AP Photo/Mark Lennihan) and department stores,
NEW YORK (AP) — Technol- also fared well. Target rose
ogy and health care com- sell 2000 index, which con- to $181.42 and Apple Laboratories, which sells $2.38, or 3.9 percent, to
panies jumped Tuesday sists of smaller company climbed $3.03, or 1.8 per- medications, infant formu- $67.63 while Kohl’s picked
as U.S. stocks started the stocks, gained 14.50 points, cent, to $172.26. Chipmak- la and medical devices, up $2.12, or 3.9 percent, to
new year the same way or 0.9 percent, to 1,550.51, er Nvidia climbed $5.85, or picked up $1.72, or 3 per- $56.35.
they spent the last one: ris- also a new high. 3 percent, to $199.35. cent, to $58.79 and Baxter Early indications suggest
ing steadily and setting re- The Nasdaq had its best Drug and medical device International gained $2.53, shoppers had a busy holi-
cords. opening day since 2013 as companies led the health or 3.9 percent, to $67.17. day season and investors
Energy companies, which the big technology com- care sector higher. Retailers also rose. That in- will look for confirmation of
struggled in 2017, also panies that dominated in Hepatitis C and HIV drug cluded Amazon, which those reports in the weeks
climbed. 2017 got the new year off maker Gilead Sciences added $19.54, or 1.7 per- to come.
Asian markets rose after to a good start. Facebook gained $2.46, or 3.4 per- cent, to $1,189.01. Bond prices slid.
surveys in China and In- rose $4.96, or 2.8 percent, cent, to $74.10. Abbott Retailers that struggled last The yield on the 10-year
dia showed continued Treasury note rose to 2.46
manufacturing growth in percent from 2.41 percent.
the world’s most popu- The yield on 2-year note
lous countries. U.S. stocks rose to 1.92 percent from
followed suit as investors 1.89 percent.
snapped up shares of com- The increase in bond yields
panies that should ben- sent high-dividend stocks
efit from faster economic like utilities, household
growth, including tech- goods makers and real
nology, health care and estate companies lower.
materials companies, just Higher bond yields make
as they did last year. The those stocks less appeal-
Nasdaq composite busted ing to investors seeking in-
through another milestone come.
as it closed above 7,000 Investors bet that the mar-
points. kets will stay calm, too. The
“We’ll continue to see VIX, a measurement of
many of the themes from how much volatility inves-
last year play out,” said tors expect, moved sharply
Kate Warne, an investment lower.
strategist for Edward Jones. It’s been at historic lows
She said the global econ- since April.q
omy should keep growing
and businesses and con- Chinese manufacturing slows slightly in December
sumers around the world
will continue to spend BEIJING (AP) — Manufac- The survey found produc- Bureau of Statistics, said which expanded at a still-
more money. It helps that turing in China grew at a tion and new orders were the data showed a con- robust 6.8 percent annual
interest rates are low, and slightly slower pace in De- only slightly lower than tinued improvement in the pace in the third quarter.
governments in areas that cember than the previous in November but at 54 economic environment at The latest economic
reduced their spending month, a Chinese govern- and 53.4 showed steady home and abroad. growth rate is a tick low-
during the Great Recession ment survey showed this growth. The PMI is a widely watched er than the 6.9 percent
are becoming more willing week, following govern- Zhao Qinghe, a senior stat- indicator of essential parts growth in the previous
to spend. ment controls on bank istician with the National of China’s economy, three-month period.q
The Standard & Poor’s 500 lending. The National Bu-
index rose 22.18 points, or reau of Statistics reported
0.8 percent, to a record that the country’s manu-
2,695.79. The Dow Jones facturing purchasing man-
industrial average climbed agers’ index fell to 51.6
104.79 points, or 0.4 per- from 51.8 in November.
cent, to 24,824.01. The Nas- The index is based on a
daq composite jumped 100-point index on which
103.51 points, or 1.5 per- the 50 mark divides expan-
cent, to 7,006.90. The Rus- sion from contraction.
