Page 25 - ARUBA TODAY

BUSINESS Tuesday 17 december 2019
A25

Stocks rise on Wall Street as rally stretches to fourth day

By STAN CHOE 500 to fall. Utility stocks,
Associated Press which are also big divi-
NEW YORK (AP) — U.S. dend payers, were close
stocks rallied in morning to flat.
trading on Monday, rising TOP RETURNS: Energy stocks
with European and several were the market’s best
Asian markets after China performers, rising 1.6%, af-
reported surprisingly strong ter the price of oil added
signs of life. a bit to its gain last week.
Growth in factory activ- Natural gas prices jumped.
ity and retail sales in the Oil and gas producer EOG
world’s second-largest Resources climbed 3%,
economy both beat an- while Exxon Mobil added
alysts’ expectations for 1.4 %.
last month. That layered Benchmark U.S. crude
on top of optimism from rose 17 cents to $60.24
last week’s long-awaited per barrel and is close to
“Phase 1” trade deal be- its highest level since May.
tween China and the Unit- Brent crude, the interna-
ed States, which removed tional standard, added 35
some of the uncertainty cents to $65.57 per barrel,
that’s hung over businesses and natural gas jumped 7
and investors. In this Friday, Dec. 13, 2019, file photo trader Robert Charmak works on the floor of the New York cents, or 3.2%, to $2.37 per
The interim trade deal is Stock Exchange. 1,000 cubic feet.
one of a “trifecta of posi- Associated Press Technology stocks were
tive catalysts” that swept also strong.
through the market last ier economy and higher in- est but in line with the in- Higher rates can mean Micron Technology
week and could help sup- terest rates will boost their vestors’ expectations. The bigger profits for banks jumped 5.1% and Broad-
port it through the end of profits. world’s two largest econ- making loans and more com rose 2.8 %. Tech stocks
the year, Morgan Stanley KEEPING SCORE: The S&P omies averted tariff hikes interest income for insur- have swung often in recent
strategists wrote in a re- 500 was up 0.8% as of 11:05 planned for Sunday on im- ers, brokerages and other months with every hint of
search note. The others are a.m. Eastern time. It’s on ports from both sides, and financial companies. Bank progress on the U.S.-China
a Federal Reserve that ap- pace for its fourth straight the impact on economic of America rose 1.8%, Wells trade war because of how
pears committed to keep- gain. growth will be limited, ac- Fargo gained 1.3% and much business the compa-
ing interest rates low and The Dow Jones Industrial cording to Citigroup econ- JPMorgan Chase added nies do in China.
the potential for an orderly Average rose 182 points, omists. 1.4%. Financial stocks in SCENT OF A DEAL: Inter-
exit by the United Kingdom or 0.6%, to 28,317, and the “With some trade uncer- the S&P 500 overall gained national Flavors and Fra-
from the European Union Nasdaq composite was up tainty removed last week, 1 %. grances fell 7.6% for the
following last week’s U.K. 1 %. investors should start feel- Stocks that pay big divi- biggest loss in the S&P 500
elections. CHINA STRENGTH: China’s ing more confident that dends, meanwhile, were after after it said it’s merg-
Monday’s rally was broad, industrial production rose China will be able to keep lagging the market be- ing with DuPont’s Nutrition
with roughly 80 % of the 6.2% from a year earlier, up their economy growing at cause higher interest pay- and Biosciences unit in a
stocks in the S&P 500 rising. from the previous month’s 6% or better in 2020,” said ments for bonds and other $26.2 billion deal.
Energy stocks were at the 4.7%. Retail sales growth Edward Moya, economist investments can lure away The deal announced Sun-
head of the pack after the rose to a five-month high with Oanda. some income-seeking in- day would give DuPont
price of oil added to its of 8% from October’s 7.2%. YIELD EFFECT: Treasury vestors. Real-estate invest- shareholders 55.4% of the
gain last week. Financial The interim “Phase 1” trade yields rallied. The 10-year ment trusts slipped 0. 5 %, new company’s shares,
stocks were also strong on agreement announced yield rose to 1.86% from the only sector among the while IFF shareholders will
expectations that a health- Friday was relatively mod- 1.82% late Friday. 11 that make up the S&P get 44.6%. q