Page 25 - ARUBA TODAY

BUSINESS Tuesday 10 december 2019
A25

Stocks are mostly lower on Wall Street with trade in focus

By DAMIAN J. TROISE drug developers made
Associated Press billion-dollar purchases to
NEW YORK (AP) — U.S. beef up their development
stocks are mostly lower in of potential cancer treat-
afternoon trading Mon- ments.
day as investors waited for Merck is spending $2.7 bil-
the latest updates about lion for ArQule, a small bio-
trade negotiations and the technology company that
economy. is still in the earlier stages
Wall Street is particularly of studying potential treat-
focused on developments ments for conditions in-
in the trade war ahead of cluding leukemia. ArQule’s
a new round of tariffs on stock doubled following
$160 billion of Chinese im- the announcement and
ports due to take effect on Merck fell slightly.
Sunday. Sanofi is making a similar
That would raise prices on play, spending $2.5 billion
key products, including for Synthorx, which is also in
cell phones and laptops, the earlier stages of testing
and threaten to affect treatments. Sanofi slipped
consumers. 1.7% and Synthorx more
A Chinese official said than doubled.
Monday that the nation DISCOUNT DRUGS: Health
wants a prompt settle- In this Dec. 5, 2019, file photo trader James MacGilvray works on the floor of the New York Stock insurer United HealthCare
ment, but gave no details Exchange. is buying Diplomat Phar-
on progress toward a po- Associated Press macy to help bolster its
tential deal. China made offset by losses from tech- KEEPING SCORE: The S&P of smaller company stocks pharmacy benefits unit,
a conciliatory gesture last nology stocks. Twitter rose 500 index fell 0.1% as of was unchanged. OptimRx. The deal is being
week when it said it would 1.2% and Apple fell 1.7%. 11:55 a.m. Eastern time. The European markets edged made at a steep discount,
waive tariffs on American The yield on the 10-year Dow Jones Industrial Aver- lower and Asian markets which sent Diplomat’s
soybeans and pork. Treasury fell to 1.82% from age fell 74 points, or 0.3%, rose. stock plunging 31.9%,
Gains from communica- 1.84% late Friday, though to 27,940. The Nasdaq fell BIG PHARMA GOES SHOP- while UnitedHealth barely
tions companies were banks held steady. 0.1%. The Russell 2000 index PING: Several old-guard budged.q
Business economists see US slowing

but avoiding recession

Paul Wiseman expansion already in its the association’s previous
Associated Press 11th year.The latest survey survey in October.
Washington (AP) — The na- by 53 forecasters with the The economists put the
tion’s business economists National Association for odds of a recession starting
expect U.S. economic Business Economics shows at 5% this year, 21% in the
growth to decelerate this that they expect econom- first half of 2020 and 43% by
year and next but for the ic growth to slow from 2.9% the end of next year.
economy to avoid stum- last year to 2.3% in 2019 However, they peg the In this March 8, 2019, file photo, work continues on an outdoor
bling into recession, ex- and 1.8% in 2020. The fore- odds of a recession by observation deck on the 30 Hudson Yards office building in
tending a record-breaking casts are unchanged from mid-2021 at 66%.q New York.
Associated Press