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BUSINESSSaturday 17 October 2015
Modest rise gives stocks a third straight week of gains United Airlines
CEO is admitted
ALEX VEIGA Specialist James Maher, left, and trader Jonathan Corpina work on the floor of the New York Stock to the hospital
AP Business Writer Exchange. U.S. stocks closed modestly higher Friday, giving the market its third straight week of
U.S. stocks closed mod- gains. The Associated Press
estly higher Friday, giving United Airlines said Friday
the market its third straight (AP Photo/Richard Drew) that its new CEO, Oscar
week of gains. Munoz, has been admitted
Consumer staples and slightly higher, then wa- trials sector declined 0.2 $18.74. to a hospital. The airline
health care stocks were vered after midday. The percent. General Electric Third-quarter earnings are gave no explanation or
among the biggest risers as indexes slipped into the reported a decline in third- forecast to contract overall details of his condition.
investors assessed the lat- red at times before drifting quarter profit, but strong as falling energy prices and The Wall Street Journal re-
est company earnings and back into positive territory. performances from its core weak global demand start ported that Munoz suffered
economic news. Investors appeared to units helped the company to eat into profits. a heart attack, citing peo-
After several weeks spec- brush off some discourag- top Wall Street expecta- Among companies in the ple familiar with the matter.
ulating about the impli- ing economic data, in- tions. GE rose 95 cents, or S&P 500 that have already United Continental Hold-
cations of a slowdown in cluding a Federal Reserve 3.4 percent, to $28.98. reported third-quarter re- ings Inc. said Friday that
China and the timing of an report indicating that U.S. Mattel climbed 6 percent sults, earnings declined 5.1 Munoz’s family informed
interest rate increase by manufacturing production after analysts at Oppen- percent from a year ago, the company that he was
the Federal Reserve, trad- fell for the second straight heimer published a re- the first drop in earnings admitted to a hospital on
ers are squarely tuned into month in September. A search note highlighting growth since the July-Sep- Thursday. The company,
company earnings as they separate Labor Depart- the toymaker’s core brands tember period in 2009, ac- based in Chicago, said in
hunt for insight into how the ment report showed that as a bright spot. The report cording to S&P Capital IQ. a short statement that it
global economy is doing. employers advertised few- came a day after Mat- “When all is said and done was continuing to operate
“That’s what the market is er job openings in August tel reported disappointing we’ll probably be looking normally. A spokeswoman
focused on,” said Quincy and kept hiring flat. The job third-quarter results. Mattel at earnings that are flattish said the company would
Krosby, a market strate- market has weakened the gained $1.36 to $23.89. for the quarter,” said David not provide additional in-
gist at Prudential Financial. past two months, reflecting Traders hammered Quanta Lefkowitz, an executive di- formation.
“Are we seeing a pickup in slower global economic Services after the contract- rector and equity strategist Munoz, 56, was named
demand overseas and in growth. ing services company low- at UBS. “But excluding the CEO of United Continental
the United States, and if so, All told, nine of the 10 sec- ered its third-quarter profit energy sector, we’re look- Holdings Inc. on Sept. 9 af-
which sectors? That’s what tors in the S&P 500 rose. and revenue outlook, citing ing for 6 percent growth, ter the company made a
this is about.” Health care and consumer project delays and a tough which is consistent with stunning announcement
General Electric rose 3 per- staples stocks each gained market. The stock plunged what we saw earlier this that CEO Jeff Smisek had
cent, the most in the Dow about 1 percent. The indus- 28.5 percent, losing $7.47 to year.”q stepped down. Smisek
Jones industrial average, faced questions about
after the industrial con- whether United sought fa-
glomerate reported earn- vors from the officials who
ings that beat analysts’ operate the New York-ar-
forecasts. ea airports. Federal pros-
The Dow rose 74.22 points, ecutors are investigating
or 0.4 percent, to 17,215.97. United’s ties to David Sam-
The Standard & Poor’s 500 son, the former chairman
index gained 9.25 points, of the Port Authority of New
or 0.5 percent, to 2,033.11. York and New Jersey and a
The Nasdaq composite political ally of New Jersey
added 16.59 points, or 0.3 Gov. Chris Christie.
percent, to 4,886.69. Munoz was a railroad ex-
The tech-heavy Nasdaq ecutive who had spent
is up 3.2 percent this year. 11 years on the boards of
The Dow and S&P 500 are Continental Airlines and
still negative. The Dow is United Continental, which
down 3.4 percent, while was formed by the 2010
the S&P 500 is off 1.3 per- merger of United and Con-
cent. The three major stock tinental.
indexes began the day In a newspaper ad this
month, Munoz apologized
US employers advertised fewer jobs in August to customers for problems
that have plagued United
PAUL WISEMAN ing was little-changed at reflecting slower global July 2009, a month after the since the merger, includ-
AP Economics Writer 5.1 million. economic growth. Cau- recession ended. Unem- ing several technology
WASHINGTON (AP) — U.S. The number of people quit- tious employers added just ployment was 5.1 percent outages that have caused
employers advertised few- ting jobs — a measure of 142,000 jobs in September, in August and September. large-scale flight delays
er job openings in August confidence in the job mar- pulling hiring for the July- “The labor market is com- and cancelations. United’s
and kept hiring flat, anoth- ket — was also essentially September quarter down ing off the boil a little,” Paul on-time performance has
er sign the American jobs unchanged from July at 2.7 to a lackluster 167,000 jobs Ashworth, chief U.S. econo- trailed its three biggest
market has lost strength million. Quits have been flat a month from an average mist at Capital Economics, peers — American, Delta
since spring. for the past year after rising 231,000 from April through wrote in a research report. and Southwest — so far
The Labor Department steadily in the aftermath of June. But the level of job open- this year. In the ad, Munoz
reported Friday that job the 2007-2009 Great Reces- In August, the United States ings reported Friday is still said United had failed to
openings slid to 5.4 million sion. had 1.5 unemployed peo- healthy, “so this is hardly a live up to its promises and
in August from a record The job market has weak- ple for every job opening, disaster.” q vowed, “That’s going to
high 5.7 million in July. Hir- ened the past two months, down from a peak of 6.8 in change.”q
