Page 24 - aruba today 12aug2017

Saturday 12 auguSt 2017 BUSINESS
A24

Stocks snap 3-day losing streak in roller coaster week Mall of America
Is celebrating its
By ALEX VEIGA 25th anniversary
AP Business Writer
Gains among technology MINNEAPOLIS (AP) — The
companies helped snap a biggest mall in the United
three-day losing streak for States is celebrating its 25th
U.S. stocks Friday, though anniversary with cupcakes
the market ended with and party hats.
its worst weekly loss since The Mall of America in
March. Bloomington, Minnesota,
The modest rebound came will mark the special day
at the end of a turbulent Friday with an attempt
week on Wall Street as es- to set Guinness World Re-
calating tensions between cords for the most people
the U.S. and North Korea wearing conical birthday
rattled global markets. hats and the most people
In the first four days of the simultaneously decorating
week, the Standard & cupcakes, the Star Tribune
Poor’s 500 index swung reported .
from marking its latest re- The 5.6 million square foot
cord high to posting its (520,000 sq. meter) mall
biggest single-day drop in with more than 520 stores
nearly three months. and 11,000 employees
The negative headlines Traders Jonathan Corpina, left, and Eric Schumacher work on the floor of the New York Stock generates $2 billion in eco-
provided many inves- Exchange. Gains among technology companies helped snap a three-day losing streak for U.S. nomic activity and has
tors with an opportunity stocks Friday, though the market ended with its worst weekly loss since March. more than 40 million visitors
to pocket some of their (AP Photo/Richard Drew) every year. The mall at-
recent gains following a tracts more visitors than
string of record highs fu- points, or 0.1 percent, to Korea act unwisely,” not- er level inched higher last Florida’s Disney World.
eled by strong corporate 1,374.23. ing that the U.S. is “locked month. July’s 0.1 percent The mall’s attractions in-
earnings. The recovery fit a recent and loaded.” Earlier in the increase in consumer pric- clude an amusement park,
“It’s been a bit of a roller pattern of investors using week, Trump said the U.S. es suggests that the Fed- an aquarium, an indoor
coaster this week, with all dips to put more money in would unleash “fire and eral Reserve may be less zip line and a mirror maze.
the rhetoric between the stocks. fury” on North Korea if it likely to raise interest rates It also holds fundraisers,
U.S. and North Korea,” Despite the past week’s continued to threaten the next month. dance-a-thons, tribute
said Jeff Kravetz, regional decline, the major index- U.S. Inflation has risen 1.7 per- concerts and celebrity ap-
investment strategist at es are in positive territory North Korea had an- cent over the past 12 pearances.
U.S. Bank Wealth Manage- so far this year, led by the nounced a detailed plan months, suggesting that The mall, its retailers and
ment. “That did temporar- Nasdaq, which is up 16.2 to launch a salvo of ballis- inflation pressures remain events raise about $12 mil-
ily shake investors’ com- percent. The S&P 500 is up tic missiles toward the U.S. well under control. lion for nonprofits annually.
placency, but we think 9 percent, while the Dow is Pacific territory of Guam, The Fed, which raised its “As we look ahead be-
markets are ready to move up 10.6 percent. a major military hub and key interest rate in March yond our 25th birthday, we
higher in the back half of “If you strip away what’s home to U.S. bombers. and June, has signaled it expect to include more
the year, and earnings and going on in North Ko- Still, there were fewer signs plans a third rate hike be- entertainment in our retail
economic data are going rea, and if you strip away of anxiousness in the mar- fore the end of this year. mix, and continue to inte-
to drive that.” what’s going on in Wash- kets Friday. Bond and gold But some economists say grate digital tools to help
On Friday, the S&P 500 rose ington, which are things prices, traditional havens the Fed may stand pat for enhance the guest’s stay,”
3.11 points, or 0.1 percent, that are tougher to pre- for nervous investors, were the rest of 2017 unless infla- said Greta Anderson, a
to 2,441.32. The index had dict, the economy, the little changed, and the VIX, tion accelerates in coming spokeswoman for the
its biggest drop since mid- global recovery, earnings, a measure of how much months. mall. “We’ve succeeded
May a day earlier. The it all paints a very positive volatility investors expect in “Today’s inflation data put in leading the retail and
Dow Jones industrials aver- picture for the rest of the stocks, fell 3.3 percent fol- the Fed on pause and re- entertainment space for
age gained 14.31 points, or year,” Kravetz said. lowing a 44.4 percent jump ally diminishes the fact that 25 years, and it’s been a
0.1 percent, to 21,858.32. Tensions between the U.S. the day before. It’s still the there’s still some noise go- great ride.”
The Nasdaq added 39.68 and North Korea contin- highest it’s been since May. ing around with the North The anniversary celebra-
points, or 0.6 percent, to ued to simmer early Friday. Investors also drew some Korea-U.S. situation,” said tion will also include a one-
6,256.56. The Russell 2000 In a tweet, President Don- encouragement from new Phil Blancato, CEO of Lad- of-a-kind cake from Bar-
index of smaller-compa- ald Trump warned of mili- government data showing enburg Thalmann Asset tolo “Buddy” Valastro of
ny stocks picked up 1.69 tary action “should North U.S. inflation at the consum- Management.q TLC’s reality TV show “Cake
Boss.” Valastro’s fam-
ily owned business, Carlo’s
Snap stock hits lowest level since IPO after earnings Bakery, is opening a loca-
tion at the mall by the end
of the year.
NEW YORK (AP) — Shares of Adding to the uncertainty, shares will be eligible for the stock closed at on its Anderson said an upscale
Snap Inc. are down sharply employees will be able to sale. first trading day. CMX Theater will also open
after the parent company sell their stock on Monday, Snap’s shares fell $1.61, or Snap CEO Evan Spiegel at the mall later this year,
of Snapchat reported pal- when a lockup period that nearly 12 percent, to $12.16 said Thursday that neither with a high-end bar and
try earnings . follows the company’s ini- on Friday morning. That’s he nor co-founder Bobby gourmet food.
The stock hit its lowest level tial public offering expires. well below the company’s Murphy plan to sell any Multiple Guinness World
Friday since the compa- An earlier lockup expired in $17 IPO price. And it’s less stock.q Records have previously
ny went public in March. July, but on Monday, more than half of the $24.48 that been set at the mall.q