Page 25 - ARUBA TODAY

BUSINESS Tuesday 8 augusT 2017
A25

Tech firms drive US stock indexes to new highs

points, or 0.5 percent, to “What you want to see is
6,383.77. The Russell 2000 a broad range of stocks
index of smaller-compa- pushing the market higher,
ny stocks picked up 1.85 and what we’re seeing
points, or 0.1 percent, to are fewer stocks pushing
1,414.17. the market higher,” Krosby
Bond prices rose. The yield said. “That’s not necessarily
on the 10-year Treasury a prescription for a major
note fell to 2.26 percent pullback, but it’s something
from 2.27 percent late Fri- to watch. Statistically, Au-
day. gust and September tend
Positive economic data to be the least-hospitable
and strong company earn- period for the market.”
ings have helped nudge Technology companies
the stock market mostly lead the market’s gainers
higher in recent weeks. Monday. Lam Research
Heading into Monday, rose $5.79, or 3.9 percent,
about 82 percent of S&P to $155.84. KLA-Tencor rose
500 companies had re- $3.18, or 3.6 percent, to
ported quarterly results, $92.01.
with roughly 52 percent Energy stocks were on the
Select Energy Services Chairman & CEO John Schmitz, foreground right, and company executives having posted better-than- other end of the spectrum.
and guests celebrate their IPO as they ring the New York Stock Exchange opening bell, Monday, expected earnings and Pioneer Natural Resources
Aug. 7, 2017. revenue, according to S&P fell $5.70, or 4.2 percent,
(AP Photo/Richard Drew) Global Market Intelligence. to $129.64, while Newfield
Of those, technology com- Exploration lost $1.39, or 5
By ALEX VEIGA Grocery chains, drug- ger than initial estimates,” panies led all others with percent, to $26.44.
AP Business Writer store operators and other said Quincy Krosby, chief 73 percent of the sector’s Traders also continued to
Gains in technology com- consumer-focused com- market strategist at Pru- results beating Wall Street’s bid up shares in companies
panies helped lift U.S. stock panies also helped drive dential Financial. “And expectations. whose earnings topped
index higher Monday, the market higher. Energy overall the guidance has Investors have welcomed analysts’ forecasts.
nudging the market once companies declined the been strong.” the positive earnings Tyson Foods climbed $3.60,
again into record territory. most along with the price The S&P 500 index rose 4.08 growth, pushing the market or 5.7 percent, to $66.90.
The Standard & Poor’s 500 of crude oil. Banks and in- points, or 0.2 percent, to further into record territory, The meat processor’s fore-
index closed at an all-time dustrial companies also 2,480.91. The Dow gained fueling speculation about casts also pleased inves-
high, as did the Dow Jones lagged. 25.61 points, or 0.1 percent, how high the market can tors. ON Semiconductor
industrial average. The Investors were mostly fo- to 22,118.42. The Nasdaq go before there is a pull- jumped $1.23, or 8.1 per-
latest gain extended the cused on the latest com- composite added 32.21 back. cent, to $16.33. q
Dow’s winning streak to 10 pany earnings and deal
days. news.
Traders bid up shares in mi- “Earnings have been
crochip makers and other strong, particularly revenue
technology companies. growth has come in stron-

US consumer credit rose

at slower pace over June

By PAUL WISEMAN, AP Eco- Non-revolving credit, which
nomics Writer includes auto and student
WASHINGTON (AP) — loans, rose $8.3 billion,
American consumers in- down from an $11.4 billion
creased their borrowing at jump in May and the small-
a slower pace in June, as est amount since a $7 bil-
the category that includes lion increase in June 2016.
auto and student loans The category that includes
posted the smallest gain in credit cards climbed $4.1
a year. billion, down from May’s
The Federal Reserve said $6.9 billion gain.
Monday that overall con- The June increase brought
sumer credit expanded by consumer credit to a fresh
$12.4 billion in June, down record of $3.86 trillion. The
from May’s $18.3 billion in- Fed’s monthly credit report
crease and less than econ- does not include mortgag-
omists had been expect- es or other debt secured
ing. by real estate, including
The credit report is closely home-equity loans.
watched for clues about The U.S. economy rose at
the direction of consumer a solid 2.6 percent annual
spending, which accounts pace from April through
for about 70 percent of June on a healthy increase
economic activity. in consumer spending. q