Page 25 - ARUBA TODAY

BUSINESS Wednesday 13 september 2017
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Gains for banks and retailers take stocks to record highs

By MARLEY JAY “Just enough growth, just
AP Markets Writer enough inflation, but not
NEW YORK (AP) — U.S. too much of either.”
stocks rose to record highs The Standard & Poor’s 500
Tuesday as banks kept ris- index rose 8.37 points, or 0.3
ing and retailers climbed percent, to 2,496.48. The
after some encouraging Dow Jones industrial aver-
job data. age gained 61.49 points,
It was the second straight or 0.3 percent, to 22,118.86.
day for big gains in bank The Nasdaq composite
stocks as bond yields picked up 22.02 points, or
pushed higher, which al- 0.3 percent, to 6,454.28.
lows banks to charge high- The S&P 500 finished at a
er rates on loans. Retailers record Monday and the
rose after the Labor De- Dow finished a fraction of
partment said job open- a point above the record it
ings and hiring both grew in set in early August.
July, and more people quit The Nasdaq surpassed the
their jobs to take new ones. record it set on Sept. 1.
That left investors hope- The Russell 2000 index of
ful people will shop and smaller companies got
spend more. a bigger boost from the
Chemicals company job openings report and
DowDuPont climbed af- jumped 8.64 points, or 0.6 Trader Edward Curran works on the floor of the New York Stock Exchange, Monday, Sept. 11, 2017.
ter making changes to percent, to 1,423.46. Insurers and travel companies are rising sharply in early trading on Wall Street after Hurricane Irma
didn’t turn out to be as destructive as many had feared.
its breakup plans, some- Bond prices fell. The yield (AP Photo/Richard Drew)
thing activist investors had on the 10-year Treasury
pushed for. Apple’s newest note rose to 2.16 percent ment trusts didn’t do as well predicted last week. Inves- changes to its breakup
iPhones didn’t generate after it jumped to 2.13 per- as the rest of the market, as tors were also relieved that plan after pressure from
much excitement on Wall cent Monday. income-seeking investors tensions between the U.S. activist investors. DowDu-
Street. That helped banks. Bank of were drawn to bonds. and North Korea didn’t get Pont will ultimately break
The bond market is “mov- America added 59 cents, or Stocks were coming off any worse following a na- up into three public com-
ing back to a comfort 2.5 percent, to $23.95 while their best day since late tional holiday there. panies. One will focus on
zone,” said Matt Toms, the Citizens Financial Group April. DowDuPont, which was agriculture, one on materi-
chief investment officer for gained $1.02, or 3 percent, They rose Monday as Hurri- formed when two of the al science and one on spe-
Voya Investment Manage- to $34.48. Companies that cane Irma weakened with- world’s largest chemical cialty products. Tuesday’s
ment’s fixed income busi- pay big dividends like utili- out doing as much dam- companies combined changes concern the latter
ness. ties and real estate invest- age as some forecasts had in August, made some two companies.q

Home Capital rejects investment from Buffett’s firm

OMAHA, Neb. (AP) — of Home Capital’s stock woman Brenda Eprile proved since the spring,
Shareholders of Cana- for $10.30 per share if says the company’s fi- so it doesn’t need the
dian lender Home Capi- shareholders agreed. nancial position has im- influx of cash as much. q
tal Group have rejected But 88 percent of non-
Warren Buffett’s offer Berkshire shareholders
to buy a second large rejected that investment
block of stock in the Tuesday.
company. When Toronto-based
In June, Berkshire Hatha- Home Capital agreed to
way agreed to lend $1.5 the Berkshire deal, it was
billion to Home Capital struggling with liquidity is-
and bought roughly 20 sues because Canadian
percent of Home Capi- regulators announced
tal’s stock. in April they were inves-
That deal included a tigating the mortgage
provision for Berkshire to lender.
buy another 20 percent Home Capital Chair-