Page 25 - ARUBA TODAY

BUSINESS Wednesday 26 July 2017
A25

US stocks back to records as corporate profits keep rising

By STAN CHOE pocket bigger profits.
AP Business Writer The yield on the 10-year
NEW YORK (AP) — U.S. Treasury note climbed to
stock indexes returned to 2.32 percent from 2.26 per-
records Tuesday as cor- cent late Monday.
porate profits continue to The two-year yield climbed
come in better than ana- to 1.38 percent from 1.36
lysts expected. percent, and the 30-year
McDonald’s and Caterpil- yield rose to 2.91 percent
lar were among the big from 2.83 percent. The rise
companies that reported in yields came as the Fed-
healthier-than-forecast re- eral Reserve began a two-
sults. Sharp moves higher day policy meeting on in-
in prices for oil, metals and terest rates.
other commodities also The central bank has al-
helped lift companies that ready raised rates three
produce energy and raw times since December, but
materials. few investors expect it to
That more than offset loss- make another move when
es for health care compa- it announces its decision
nies and stocks that pay Wednesday.
relatively big dividends, Most expect the next rate
which were hurt by a rise increase to come later this
in Treasury yields. The Stan- Daniel Levy, center, chairman of Tottenham Hotspur, and staff members of the British soccer team, year.
dard & Poor’s 500 rose 7.17 attend the opening bell at the Nasdaq MarketSite, Tuesday, July 25, 2017, in New York. U.S. stock It may not have shown on
indexes returned to records Tuesday as corporate profits continue to come in better than analysts
points, or 0.3 percent, to expected. Tuesday, but many inves-
an all-time high of 2,477.08. (AP Photo/Mark Lennihan) tors are bracing for markets
It was the first gain for the to get shakier as the Fed-
index in four days. The Dow gain among the 11 sectors example, while Marathon strong after a pickup in in- eral Reserve moves further
Jones industrial average that make up the index. Oil gained 46 cents, or 3.9 terest rates raised expec- away record-low interest
rose 100.26, or 0.5 percent, Devon Energy rose $1.24, or percent, to $12.34. tations that banks could rates and big stimulus for
to 21,613.43. 3.9 percent, to $32.98, for Financial stocks were also charge more for loans and the economy. q
The Nasdaq compos-
ite added 1.37 points, or
less than 0.1 percent, to Conference Board: US consumer confidence rebounds

6,412.17, and the Russell
2000 index of small-cap By MARTIN CRUTSINGER ture. ers’ views on current con- confidence are being bol-
stocks gained 12.33, or 0.9 AP Economics Writer The Conference Board, ditions hit the highest level stered by a healthy job
percent, to 1,450.39. Both WASHINGTON (AP) — U.S. a New York-based busi- since July 2001, while ex- market, with unemploy-
the Nasdaq and Russell set consumers gained con- ness research group, says pectations for the future re- ment at a low 4.4 percent
records. fidence this month, with its consumer confidence bounded after a slight dip in June.
Leading the way for the more Americans pleased index in July rose to 121.1, in June. Consumer spending ac-
market were energy stocks, by current conditions and up from a revised reading Economists say the strong counts for 70 percent of
which benefited from a more hopeful about the fu- of 117.3 in June. Consum- readings on consumer U.S. economic growth.q
second strong day for the
price of oil.
Benchmark U.S. crude rose
$1.55, or 3.3 percent, to
settle at $47.89 per barrel.
Brent crude, the interna-
tional standard, gained
$1.60, or 3.3 percent, to
$50.20 a barrel.
That helped energy stocks
in the S&P 500 climb 1.3 per-
cent, tied for the biggest