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BUSINESSTuesday 8 March 2016
Stock market posts meager gains, led by energy companies
BERNARD CONDON Specialist Vincent Surace, center, works with traders at his post on the floor of the New York Stock recession,” said Brian Nick,
AP Business Writer Exchange. Stocks wavered throughout the day but managed to eke out modest gains Monday head of tactical asset allo-
NEW YORK (AP) — Stocks as oil prices rose. cation at UBS Wealth Man-
wavered throughout the agement Americas.
day but managed to eke (AP Photo/Richard Drew) Investors are anxious over
out modest gains Monday a policy meeting of the
as oil prices rose. Micron Technology fell 30 China is the world’s largest spill over into the U.S. econ- European Central Bank on
Investors bought drillers, cents, or 2.5 percent, to buyer of this raw material omy have eased in recent Thursday as inflation across
refiners and other energy $11.58. for steel, and mining com- weeks as encouraging U.S. the 19-country eurozone
companies as the three- With no big U.S. economic panies soared on the news. data suggest growth is has fallen back below
week rise in crude con- or earnings announce- Cliffs Natural Resources solid. On Friday, the gov- zero. They expect further
tinued. Six of 10 industry ments, news from abroad rose 54 cents to $3.43, a ernment reported that em- stimulus from the central
sectors in the Standard & appeared to drive much of gain of 19 percent. ployers added 242,000 jobs bank, possibly including a
Poor’s 500 rose, helping the the trading. China also lowered its of- to their payrolls last month, cut in deposit rates further
index extend its winning The price of iron ore jumped ficial growth target this more than had been ex- into negative territory. The
streak to a fifth day. 17 percent on news over year to 6.5 to 7 percent. pected. Bank for International Set-
The ride up was bumpy, the weekend that China The slowdown has been “The market is correctly tlements, which helps co-
though, and the gains plans to run up its deficit rattling markets, although pricing in a lower chance ordinate monetary policy
were slight. The S&P 500 to stimulate its economy. fears that the trouble could of global recession or U.S. around the world, warned
gained just 0.09 percent. on Monday of a “gather-
That was its smallest in- ing storm” as central banks
crease in seven weeks. run out of room to stimu-
“Today’s volatility is mostly late their economies.
about a little profit-taking European markets were
and taking a pause after mostly lower, with France’s
such a strong advance CAC-40 and Britain’s FTSE
in recent days,” said Jim 100 each losing 0.3 per-
Paulsen, chief investment cent. Germany’s DAX
strategist at Wells Capital. dropped 0.5 percent.
The Dow Jones industrial Benchmark U.S. crude
average increased 67.18 added $1.98, or 5.5 per-
points, or 0.4 percent, to cent, to close at $37.90
17,073.95. The S&P 500 a barrel on the New York
edged up 1.77 points to Mercantile Exchange.
2,001.76. The Nasdaq com- The 10 biggest gainers in
posite, which is heavily the S&P 500 were drillers
weighted with technology and other energy-related
stocks, gave up 8.77 points, companies. Murphy Oil
or 0.2 percent, to 4,708.25. rose $2.99, or nearly 13 per-
Shares of consumer prod- cent, to $26.69.
ucts and technology com- In Asia, Tokyo’s Nikkei re-
panies fell. Chipmaker treated 0.6 percent and
Hong Kong’s Hang Seng
Activist investor pushes Shutterfly to pursue a sale shed 0.1 percent. Seoul’s
Kospi advanced 0.1 per-
MICHAEL LIEDTKE Shutterfly declined to com- This photo shows the Shutterfly headquarters in Redwood City, cent. In other energy trad-
AP Technology Writer ment on Ancora’s letter. Calif. Activist investor Ancora Advisors is stepping up the pres- ing, Brent crude, which is
SAN FRANCISCO (AP) — Thomas Lee Partners also sure on Shutterfly to negotiate a sale of the company or reshuffle used to price international
Activist investor Ancora declined to comment. its board of directors if a deal can’t be quickly worked out. oils, rose $2.12, or 5.5 per-
Advisors is stepping up the When it revealed the over- cent, to $40.84 a barrel.
pressure on photo sharing tures about a potential (AP Photo/Paul Sakuma) Wholesale gasoline rose
service Shutterfly to negoti- sale, Shutterfly said that its 6.1 cents to $1.393 a gallon,
ate a sale of the company board wasn’t negotiating Shutterfly is currently look- sition to a new CEO makes heating oil rose 6.1 cents to
or reshuffle its board of di- a deal. it an ideal time for Shutter- $1.223 a gallon and natural
rectors if a deal can’t be “We believe it would be ing for a new CEO after fly’s board to gauge how gas rose 2.4 cents to $1.69
quickly worked out. extremely irresponsible of much the Redwood City, per 1,000 cubic feet.
Ancora outlined its de- the board to dismiss this un- its longtime leader, Jeff California, company might U.S. government bond
mands in a letter sent Mon- solicited bid and eschew a fetch in a sale. q prices fell. The yield on the
day to Shutterfly’s interim strategic review,” Ancora Housenbold, stepped 10-year Treasury note rose
CEO, Philip Marineau. CEO Fred DiSanto wrote in to 1.90 percent from 1.87
The Cleveland investment the letter. Ancora sent its down last month. percent on Friday. The
fund wants Shutterfly Inc. to letter a week after another euro rose to $1.1013 from
reach out to potential bid- Shutterfly shareholder, East- Ancora contends the tran- $1.0999 and the dollar fell
ders following the compa- bay Asset Management, to 113.27 yen from 114.02
ny’s disclosure last month urged the company to ex- yen.
that it had received an un- plore a sale. Precious and industrial met-
solicited offer from an un- Eastbay Asset is among als futures ended mixed.
named private equity firm. Shutterfly’s largest share- Gold fell $6.70 to $1,264
Ancora’s letter identified holders with a 5.4 percent an ounce, silver slipped six
the suitor as Thomas H. Lee stake, according to Fact- cents to $15.63 an ounce
Partners, a private equity Set. Ancora owns a 0.3 per- and copper rose a penny
firm in Boston. cent stake. to $2.28 a pound.q
