Page 25 - ARUBA TODAY

BUSINESS Thursday 2 augusT 2018
A25

Apple soars but energy, industrial stocks weigh on market

By MARLEY JAY BRAKEDOWN: Auto mak-
Associated Press ers mostly traded lower as
NEW YORK (AP) — Apple they reported their monthly
is on pace for its biggest sales. General Motors fell
gain in a year and a half 1.5 percent to $37.35 and
Wednesday as investors Ford slipped 1.4 percent to
cheer its latest quarterly re- $9.90. Fiat Chrysler sank 2.1
port, which included strong percent to $16.61.
iPhone sales and a forecast Tesla, meanwhile, is sched-
that was better than ex- uled to report its quarterly
pected. Banks are climbing results after the close of
as interest rates turn higher trading. It added 0.1 per-
and the yield on the 10- cent to $298.49.
year Treasury note hit the 3 TRADE QUESTIONS: Bloom-
percent mark. Energy com- berg News reported that
panies are slumping along the Trump administration is
with oil prices. considering a 25 percent
KEEPING SCORE: The S&P tax on $200 billion in imports
500 index remained at from China, above the 10
2,815 as of 11:35 a.m. East- percent the administra-
ern time. The Dow Jones tion has been considering.
Industrial Average lost 24 China says it will retaliate if
points, or 0.1 percent , to In this May 10, 2018, file photo signs for the New York Stock Exchange hang above the trading that happens. A day ear-
25,390. The jump in Apple floor. lier, stocks got a boost from
stock was worth 70 Dow Associated Press a report the two sides were
points, but drops in industri- billion. like consumer goods mak- of its second quarter as hoping to hold more talks
al and energy companies JOBS SURVEY: ADP said hir- ers. PepsiCo fell 1.2 percent bad weather hurt sales of to resolve the trade war.
pulled the index lower. ing picked up in June, sug- to $113.64 and paper towel camping and water sports Both countries put tariffs on
The Nasdaq composite gesting employers are still maker Kimberly-Clark shed items. $34 billion in goods in early
climbed 24 points, or 0.3 able to find the workers 1.5 percent to $112.08. Medicaid services com- July.
percent, to 7,695. they need despite the low The price of gold gave up pany Molina Healthcare Industrial companies gave
The Russell 2000 index of unemployment rate. The 0.6 percent to $1,226.40 an surged 16.6 percent to up a big portion of their
smaller-company stocks survey showed strong hiring ounce. $121.37 and music stream- gains from a day ago.
lost 5 points, or 0.3 percent, by health care providers, BURNING THROUGH EARN- ing company Pandora Caterpillar skidded 2.8 per-
to 1,665 and almost two- hotels and restaurants and INGS: SodaStream jumped added to its big rally this cent to $139.83 and Deere
thirds of the stocks on the manufacturers. The federal 2269 percent to $107.03 af- year after it said subscrip- retreated 2.1 percent to
New York Stock Exchange government will release a ter the maker of beverage tion revenue jumped. It $141.75.
traded lower. jobs report Friday that cov- carbonation systems raised gained 15.3 percent to FED AHEAD: The Federal
The S&P 500 index rose 3.6 ers hiring by private and its annual forecasts follow- $7.77. Reserve will wrap up its lat-
percent in July in spite of public employers. ing a strong quarterly re- ENERGY: Benchmark U.S. est meeting Wednesday
the trade war between the BONDS: Bond prices sank. port. Cheesecake Factory crude dropped 1.8 percent afternoon. Investors don't
U.S. and China. The mar- The yield on the 10-year said higher insurance and to $67.52 per barrel in New expect it to raise interest
kets have gotten a lift from Treasury note rose to 3 per- legal costs hurt its earnings York. Brent crude, used to rates, but it's widely expect-
strong company earnings cent from 2.96 percent. and the stock fell 12 per- price international oils, fell ed to boost rates again in
as well as efforts by the The increase in bond yields cent to $49.31. 1.7 percent to $72.92 per September and the Fed
U.S. and European Union was good for bank stocks. Clothing maker Hanes- barrel in London. has said it intends to raise
to resolve their trade differ- Higher yields force interest brands plunged 19.1 Exxon Mobil slid 1.2 percent rates one more time later in
ences. rates on mortgages and percent to $18.01 after to $80.55 and Chevron lost the year.q
APPLE EARNINGS: Apple other loans higher, mak- it posted a smaller-than- 0.9 percent to $125.11.
said the average sell- ing it more profitable for expected profit and said
ing price for the iPhone banks to lend money. Bank Target won't renew a con-
jumped 20 percent in its of America jumped 1.7 tract for an exclusive line of
latest quarter and its third- percent to $31.41 and Citi- Champion clothing when
quarter profit and sales group rallied 1.2 percent to the deal expires in Janu-
both surpassed analyst pro- $72.73. ary 2020. Big Five Sporting
jections. Apple's third fiscal The rising yields drew inves- Goods dropped 6.2 per-
quarter is usually its weak- tors to bonds and away cent to $6.05 after it said
est. The company's fourth- from high-dividend stocks sales weakened at the end
quarter revenue forecast
also topped Wall Street es-
timates.
Apple surged 5.2 percent to
$200.27. That put the most
valuable publicly traded
U.S. company on track to
set another all-time high.
Market watchers have also
been wondering if Apple
will soon become the first
publicly traded company
to surpass $1 trillion in value.
It's currently at about $984