Page 25 - ARUBA TODAY

BUSINESS Friday 22 September 2017
A25
US stocks slide, first decline for the market this week

By ALEX VEIGA without specific plans,”
AP Business Writer said JJ Kinahan, chief strat-
A slide in technology com- egist for TD Ameritrade. “As
panies weighed on U.S. those details start to be-
stocks Thursday, pulling the come more clarified, you
market lower for the first may see a bigger reaction
time this week and erasing from the market.”
modest gains from a day Investors continued to ro-
earlier. tate out of technology
Supermarket operators, stocks. Despite the pull-
beverage companies and back, the sector remains
other consumer-focused up about 25 percent this
stocks also declined. Indus- year, well ahead of all
trial companies and banks other sectors in the S&P
led the gainers. Trading 500. Chipmaker Nvidia slid
was mostly subdued as in- $5.08, or 2.7 percent, to
vestors sized up the latest $180.76. Video game pub-
company earnings and lisher Electronic Arts fell
deal news. $2.32, or 1.9 percent, to
The Standard & Poor’s 500 $118.02.
index lost 7.64 points, or 0.3 Beverage, food and super-
percent, to 2,500.60. The market companies closed
Dow Jones industrials fell lower. Kroger dropped 58 Trader John Panin, center, works on the floor of the New York Stock Exchange. A slide in technol-
53.36 points, or 0.2 percent, cents, or 2.8 percent, to ogy companies weighed on U.S. stocks Thursday, pulling the market lower for the first time this
to 22,359.23. $20.22. Dr. Pepper Snapple week and erasing modest gains from a day earlier.
Both indexes posted re- Group gave up $2.18, or (AP Photo/Richard Drew
cord highs on Wednesday. 2.4 percent, to $89.50.
The Nasdaq composite lost Health care stocks also boost Thursday. Citizens Fi- ed 8.2 percent after the to settle at $50.55 a barrel
33.35 points, or 0.5 percent, declined. Allergan shares nancial Group picked up company announced a on the New York Mercan-
to 6,422.69. shed $7.34, or 3.5 percent, 48 cents, or 1.3 percent, to $2.5 billion share buyback tile Exchange. Brent crude,
The Russell 2000 index of to $202.66. $36.27. authorization that runs used to price international
smaller-company stocks “Harry Potter” publisher Traders welcomed news through the end of next oils, gained 14 cents, or 0.2
gave up 1.24 points, or 0.1 Scholastic fell 7.1 percent that Calgon Carbon year. The stock added percent, to $56.43 a barrel
percent, to 1,444.18. after reporting a disap- agreed to be acquired by $3.68 to $48.49. in London. Heating oil add-
The stock market was com- pointing quarter. The stock Kurary, a Japanese com- Bond prices fell. The yield ed 1 cent to $1.82 a gallon.
ing off modest gains on shed $2.72 to $35.79. pany, for $1.1 billion. Shares on the 10-year Treasury Wholesale gasoline slipped
Wednesday following the Industrial stocks got a in the maker of water and note rose to 2.28 percent 1 cent to $1.64 a gallon.
latest policy update from strong lift as investors bid up air filtration systems soared from 2.27 percent late Natural gas declined 15
the Federal Reserve. The shares in airlines and other $8.20, or 62.1 percent, to Wednesday. cents, or 4.8 percent, to
central bank indicated big companies. American $21.40. The dollar rose to 112.55 $2.95 per 1,000 cubic feet.
that it remains on course to Airlines added 87 cents, Separately, Ash Grove Ce- yen from 112.38 yen on In metals trading, gold
raise interest rates on sever- or 1.9 percent, to $46.29. ment jumped 82.5 percent Wednesday. The euro fell $21.60 to $1,294.80 an
al occasions over the com- General Electric gained after saying it would be climbed to $1.1934 from ounce. Silver lost 32 cents
ing year. 43 cents, or 1.8 percent, to bought by CRH. Ash Grove $1.1885. to $17.02 an ounce. Cop-
“The talk yesterday was still $24.75. added $235 to $520. Benchmark U.S. crude fell per slid 3 cents to $2.94 a
very much in generalities, Financial stocks also got a Anadarko Petroleum vault- 14 cents, or 0.3 percent, pound. q
Surging stock market powers US wealth to $96.2 trillion

By CHRIS S. RUGABER ly fuels economic growth. Saez and Gabriel Zucman nating earnings. last year, Census said.
AP Economics Writer Consumer spending ac- of the University of Califor- But the same report also That’s up from 21.9 percent
WASHINGTON (AP) — A counts for about 70 per- nia-Berkeley. showed income inequality two years earlier. The mid-
healthy gain in the stock cent of U.S. economic ac- Meanwhile, housing is the is worsening. dle one-fifth of households
market and steadily in- tivity. main wealth accumulation The wealthiest 5 percent of earned 14.2 percent, down
creasing home prices But the increases in wealth vehicle for the middle class. U.S. households received slightly from 14.3 percent in
boosted Americans’ house- aren’t widely shared, which Home prices have climbed 22.6 percent of all income 2014. q
hold wealth this spring, a many economists worry sharply since 2012, but in
trend that likely adds to the limits its economic benefit. much of the country they
nation’s inequality. Wealthier Americans are still trail pre-recession levels.
The Federal Reserve said less likely to spend addi- Total household wealth in-
Thursday Americans’ net tional income and wealth cludes checking and sav-
worth rose 1.8 percent to gains. ings accounts, and sub-
$96.2 trillion in the April- Roughly 10 percent of tracts mortgages and other
June quarter. Stock port- Americans own 80 percent debt.
folios and mutual funds of the nation’s stock market The Fed’s data comes after
jumped $1.1 trillion. Home value. And the wealthiest 1 the Census Bureau report-
values climbed $600 billion. percent held 42 percent of ed last week that middle
The solid gain in wealth the nation’s wealth in 2012, class families enjoyed solid
could make many Ameri- the latest data available, income gains in 2016 for
cans more confident and according to research by the second straight year,
spend more, which typical- economists Emmanuel after seven years of stag-