Page 25 - ARUBA TODAY

BUSINESS Wednesday 1 august 2018
A25

US stocks rise as health care and industrial companies climb

By MARLEY JAY flation has equaled or been
NEW YORK (AP) — U.S. slightly higher than the Fed-
stocks are rising Tuesday eral Reserve's target of 2
after a three-day los- percent. The Fed is meet-
ing streak. Industrial and ing Tuesday and Wednes-
health care companies are day but isn't expected to
making some of the larg- raise interest rates again
est gains following strong until later this year.
second-quarter reports. The Labor Department said
Bloomberg News reported wages and benefits for U.S.
that the U.S. and China workers continued to rise,
are trying to restart trade but they grew at a slightly
talks. The Commerce De- slower pace in the second
partment said consumer quarter. That's a sign that
spending kept growing in a tight labor market has
June and a key measure- yet to accelerate income
ment of inflation stayed gains.
near the Federal Reserve's BOJ MEETING: In a widely
target of 2 percent. watched statement, the
KEEPING SCORE: The S&P Bank of Japan kept its
500 index rose 16 points, or monetary policy steady,
0.6 percent, to 2,818 as of as expected. It maintained
11:53 a.m. Eastern time. The This June 25, 2018 file photo shows the New York Stock Exchange in New York. Associated Press its target for the 10-year
Dow Jones Industrial Aver- government bond yield at
age gained 132 points, or 2.9 percent to $39.71 after The company's revenue That's the worst decline around zero percent and
0.5 percent, to 25,439. The the biggest U.S. drugmaker forecast for the current in three months. It's up 0.5 that for short-term inter-
Nasdaq composite added topped analyst projections quarter fell far short of Wall percent Tuesday. est rates at minus 0.1 per-
53 points, or 0.7 percent, and also raised its forecasts Street's estimates. US ECONOMY: The Com- cent. Recent strength in
to 7,683. The Russell 2000 for the year. TECH COMEBACK: Technol- merce Department said the economy had raised
index of smaller-company Strong earnings also helped ogy stocks edged higher consumer spending grew expectations that the cen-
stocks jumped 16 points, or real estate companies. after three days of sharp another 0.4 percent in tral bank may need to con-
1 percent, to 1,669. Apartment building owner losses. Chip equipment June, and a key measure- sider further tempering its
INDUSTRIAL STRENGTH: Cat- AvalonBay jumped 3.5 per- maker KLA-Tencor soared ment of inflation is up 2.2 massive purchases of gov-
erpillar recovered after cent to $178.11 and wire- 11 percent to $118.02 after percent over the last year. ernment bonds and other
a slump on Monday. The less infrastructure company it topped Wall Street ex- For the last four months, in- assets.q
construction equipment American Tower gained 4.8 pectations in the second
maker rose 2 percent to percent to $149.60. quarter. Chipmaker Qual-
$142.60 and aerospace Elsewhere, cable company comm gained 3.4 percent
company Boeing picked Charter Communications to $64.18 as it started to buy
up 1.7 percent to $356.99. advanced 5.6 percent to back stock from sharehold-
3M climbed 2.8 percent to $310.26 after its quarterly ers. Microsoft added 0.9
$210.79 and Deere surged profit surpassed analysts' percent to $106.32. Apple,
4.1 percent to $143.87. estimates. which will report its quarter-
EARNINGS: Genetic test- High-powered laser maker ly results after the close of
ing tools maker Illumina IPG Photonics nosedived trading, added 0.1 percent
raised its forecasts after a 26.9 percent to $163.89 af- to $190.08.
strong second quarter and ter it said demand from Eu- The technology index of
its stock climbed 10.4 per- rope and China worsened the S&P 500 fell 5.3 percent
cent to $313.90. Pfizer rose during the second quarter. over the past three days.

Nintendo reports jump in earnings

thanks to Switch

By YOUKYUNG LEE a year earlier. The Switch is a hybrid
Associated Press Quarterly sales rose 9 per- game machine that works
SEOUL, South Korea (AP) cent to 168.2 billion yen both as a console and a
— Nintendo Co. said Tues- ($1.5 billion) over a year tablet.
day that its quarterly profit earlier while operating Hardware sales of Nin-
jumped 44 percent in the profit surged 88 percent to tendo Switch also trended
fiscal first quarter thanks to 30.5 billion yen ($274 mil- upward since the video
increased sales of Ninten- lion). game expo E3 was held in
do Switch game titles. Kyoto-based Nintendo the U.S. and software sales
The Japanese maker of credited new game titles are in good shape with up-
Super Mario and Pokemon for Nintendo Switch for coming launches of key
games said its net profit profit growth. One of the titles, the company said.
totaled 30.6 billion yen new titles, Donkey Kong Switch's popularity helped
($274.9 million) during the Country: Tropical Freeze, offset declines in hardware
April-June period, com- has sold 1.4 million units and software sales of Nin-
pared with 21.3 billion yen worldwide since May. tendo 3DS.q