Page 13 - aruba-today-20230804

BUSINESS Friday 4 august 2023
A13

Stock market today: Wall Street tumbles to its worst HEALTH

loss in months DOCTOR ON DUTY
Oranjestad

Hospital 7:00 pm / 10:00pm
By Stan Choe Tel. 527 4000
Associated Press
NEW YORK (AP) — Wall San Nicolas
Street tumbled to its worst Imsan 24 hours
drop in months on Wednes- Tel.524 8833
day as its torrid rally that Women in Difficulties
critics called overdone lost PHARMACY ON DUTY
more momentum. Oranjestad:
The S&P 500 sank 1.4% for its del Pueblo: tel. 582 1253
sharpest tumble since April. Centro Medico : tel. 584 5794
It was the second straight Women in Difficulties
loss for the index after it hit OTHER
a 16-month high last week. Dental Clinic 587 9850
The Dow Jones Industrial Blood Bank Aruba 587 0002
Average dropped 348 Urgent Care 586 0448
points, or 1%, while the Nas- Walk-In Doctor’s Clinic
daq composite fell 2.2%. +297 588 0539
Prices were mixed in the Women in Difficulties
bond market after Fitch EMERGENCY
Ratings cut the credit rat- Police 100
ing of the U.S. government. A currency trader gestures in front of the screens showing the Korea Composite Stock Price Index Oranjestad 527 3140
The repeated standoffs in (KOSPI), top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Noord 527 3200
Congress about whether Seoul, South Korea, Wednesday, Aug. 2, 2023. (AP Photo/Ahn Young-joon) Sta. Cruz 527 2900
to allow a default on the San Nicolas 584 5000
U.S. debt were just some sion, as hoped, and what’s even if it slowed slowed prehensive report from the Police Tipline 11141
Ambulancia
911
of the reasons for Fitch’s happening with corporate from the prior month. U.S. government will say. Fire Dept. 115
cut. The downgrade strikes profits. And reports on both A job market that remains Fed Chair Jerome Powell Red Cross 582 2219
at the core of the global those questions came in solid could keep a lid on has highlighted Friday’s
financial system because mixed on Wednesday. worries about a possible numbers as a big influence TAXI SERVICES
U.S. Treasurys are consid- That offered fodder for crit- recession. But investors also on the central bank’s next Taxi Tas 587 5900
Prof. Taxi
588 0035
ered some of the safest ics who say investors were fear a too-strong reading, move in September. q Taxi D.T.S. 587 2300
possible investments. too quick to buy the belief which could persuade the Taxi Serv. Aruba 583 3232
Fitch’s move follows a that a soft landing is surely Federal Reserve too much A1 Taxi Serv. 280 2828
similar one by Standard & ahead for the economy. upward pressure still exists Women in Difficulties
Poor’s in 2011, one that co- They’ve been saying Wall on inflation. Inflation has TRAVEL INFO
incided with a European Street rallied too much, too been cooling since last
debt crisis to help cause quickly this year. Analysts summer’s peak, and the Aruba Airport 524 2424
stocks and bonds around said some of Wednesday’s rising hope on Wall Street American Airlines 582 2700
588 0059
Avianca
the world to swing violent- selling could be investors had been that the Fed Jet Blue 588 2244
ly. So far, this most recent locking in profits made dur- won’t hike rates anymore Surinam 582 7896
downgrade has caused ing the S&P 500’s 19.5% run and could even begin cut- Women in Difficulties
less drama across markets. for the year through July. ting them next year. AID FOUNDATIONS
While the downgrade high- One report suggested hir- Wednesday’s stronger-
lights how much debt the ing in the private sector re- than-expected jobs report FAVI- Visually Impaired
U.S. government has and mains much stronger than from ADP could be a signal Tel. 582 5051
the big challenges it faces economists expected, of what Friday’s more com- Alcoholics Anonymous
in how to pay for Social Se- Tel. 736 2952
curity, Medicare and other Narcotics Anonymous
expenses, none of that is Tel. 583 8989
news for investors. Fundacion Contra Violencia
Relacional Tel. 583 5400
“Fitch’s downgrade is Centre for Diabetes
much ado about noth- Tel. 524 8888
ing,” said Brian Jacobsen, Child Abuse Prevention
chief economist at Annex Tel. 582 4433
Wealth Management. Quota Club Tel. 525 2672
“Yes, it’s good to call out Women in Difficulties
the fiscal situation, but General Info
when a country only issues Phone Directory Tel. 118
debt in its own currency,
the credit rating is irrel-
evant. Every investment
fund I’ve looked at speci-
fies that US Treasury secu-
rities are allowed invest-
ments, regardless of what a
credit rating agency might
think.” The big issues for
Wall Street remain whether
the economy can avoid facebook.com/arubatoday/
a long-predicted reces-