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BUSINESS Saturday 26 auguSt 2017
A25

Fiat declines to Stocks climb; S&P breaks two-week losing streak

comment on the biggest gains in the S&P
spinoff rumors 500 after reporting stronger

results for the latest quarter
By COLLEEN BARRY than analysts expected.
AP Business Writer It gained $4.36, or 3.9 per-
MILAN (AP) — Fiat Chrys- cent, to $114.97.
ler Automobiles said Friday Stocks have been wind-
that it evaluates any po- ing up and down since the
tential industrial deals that S&P 500 set a record earlier
come its way, but that it this month. Stronger-than-
had nothing to add to a expected earnings reports
previous statement that it from big U.S. companies
had not been approached have helped to support the
by the Chinese SUV maker market, while worries about
Great Wall with an offer for politics have intermittently
its Jeep brand. chipped away at confi-
In response to a request dence.
from Italy’s stock market The S&P 500 climbed 0.7
regulator following a sharp percent this week, follow-
rise in the company’s share ing losses of 0.6 percent
price, Fiat Chrysler said it and 1.4 percent the last
won’t be providing a run- two weeks.
ning commentary on mar- President Trump plans to
ket speculation. This July 15, 2013 photo shows the New York Stock Exchange. Stocks rose on Friday, and the make a push next week
Fiat shares have soared in Standard & Poor’s 500 index cruised to its first winning week in the last three. in his efforts to overhaul
recent days on specula- (AP Photo/Mark Lennihan) the tax system, with a stop
tion that CEO Sergio Mar- By STAN CHOE by European Central Bank reappointed Fed chair next scheduled in Springfield,
chionne’s final industrial AP Business Writer head Mario Draghi, likewise year, as President Donald Missouri.
plan, set to be revealed at NEW YORK (AP) — Stocks did little to alter the course Trump has been in favor Tax reform was one of the
the beginning of next year rose on Friday, and the for stocks. of reducing regulations, it big pro-business policies
before his 2019 departure, Standard & Poor’s 500 in- The Dow Jones industrial av- didn’t change investors’ that investors were bank-
might contain a spin-off dex cruised to its first win- erage gained 30.27 points, expectations that the Fed ing on early this year after
of one of its divisions, po- ning week in the last three. or 0.1 percent, to 21,813.67, will continue to slowly raise Republicans swept control
tentially Jeep, to squeeze It was a relatively quiet the Nasdaq composite interest rates and prepare of Washington, though ex-
more value out of the car- week, with fewer shares dipped 5.68, or 0.1 percent, to pare back its $4.5 trillion pectations have dimmed
maker for the Agnelli fam- trading hands than usual, to 6,265.64 and the Russell balance sheet. in recent months.
ily, which owns nearly 30 and one where the most 2000 index of small-cap The biggest reaction to the “The market generally does
percent of Fiat stock. anticipated event was a stocks rose 3.58, or 0.3 per- speeches may have been not believe that anything
Marchionne previously pair of speeches expected cent, to 1,377.45. in the currency market, is going to happen, it’s
spun off Fiat Chrysler’s in- to create only a ripple in Central bankers have used where the dollar fell against maybe a 20 to 30 percent
dustrial subsidiary, creating the market, if that. The an- past gatherings of econo- rivals following Yellen’s chance,” said Phil Orlando,
CNH Industrial, and the Fer- nual symposium of central mists in Jackson Hole to sig- speech. Gains for the euro chief equity market strate-
rari super sports car com- bankers in Wyoming fol- nal big changes in policy, also accelerated following gist at Federated Investors.
pany. lowed through on those ex- and investors were listening Draghi’s speech. Orlando, though, thinks it’s
Great Wall said last week pectations. in case this time followed The dollar fell to 109.24 Jap- more likely that tax reform
that it was interested in The S&P 500 rose 4.08 points, suit. anese yen from 109.51 yen will happen, as Republi-
Jeep, in a possible move or 0.2 percent, to 2,443.05, But Yellen focused on de- late Thursday. The euro rose cans look to notch a major
to expand in the global and it barely budged off fending regulation of the to $1.1888 from $1.1806, win before the 2018 elec-
market, but that it was still its course after Federal Re- financial industry and gave and the British pound rose tions.
working on a formal offer. serve Chair Janet Yellen no indication of chang- to $1.2880 from $1.2802. “Republicans have got
With Marchionne’s im- gave her speech in the es to interest-rate policy. In the stock market, design- to know that if they don’t
pending departure, ana- morning. The day’s other While the speech may low- software company Au- get anything done, they’re
lysts have been speculat- headline event, a speech er her chances of getting todesk jumped to one of toast,” Orlando said. q
ing on what deals the CEO
could make to leave a
final mark on Fiat, pressing Durable goods:
him about possible spinoffs
or Alfa Romeo. He said in US orders post biggest drop since August 2014
of luxury brands Maserati

April that the Jeep and
Ram truck brands are By PAUL WISEMAN for durable goods — items percent surge in June. dustry and a strong dollar
strong enough to stand AP Economics Writer meant to last at least three Excluding transportation, that makes U.S. goods cost-
alone, but analysts say sell- WASHINGTON (AP) — Or- years — reversed a sharp orders rose a solid 0.5 per- lier overseas.
ing Jeep alone makes little ders for long-lasting manu- gain in such orders in June. cent last month. Spending on durable
sense as it would strip the factured goods sank 6.8 The numbers were warped Economists had expected goods accounts for a small
rest of the company of its percent in July, the biggest by a 19 percent drop in orders to drop after the big part of American econom-
crown jewel. fall in nearly three years, orders for transportation gain in June. Overall, Amer- ic output.
Fiat’s latest statement was led by a drop in the volatile equipment, a category ican industry continues to But changes in durable
prompted by a query from category of civilian aircraft. that bounces wildly from look mostly solid. Manu- goods orders often sig-
the stock market regula- But a gauge of business in- month to month. Specifical- facturers have rebounded nal where the economy
tor Consob following the vestment rose last month. ly, orders for civilian aircraft from a slump in late 2015 is headed, so forecasters
stock’s near 30 percent The Commerce Depart- tumbled 70.7 percent in and early 2016 caused by and investors watch the re-
ment said Friday that orders July — payback for a 129.3 cutbacks in the energy in-
spike since Aug. 11.q port closely.q