Page 24 - atoday oct 1

A24

BUSINESSThursday 1 October 2015

Wall Street caps turbulent quarter with big gains Chinese investors
fined for violating
BERNARD CONDON opening of trading and fallen seven of the past 10 second largest, and plung- July ‘no sell’ order
AP Business Writer swept across all 10 sectors days, and is off 6.9 percent ing currencies in devel-
NEW YORK (AP) — U.S. of the Standard and Poor’s in the July-September peri- oped countries that export BEIJING (AP) — China’s
stocks rose across the 500 index. Among the big od, the worst quarterly per- to it. The S&P 500 dropped securities regulator has an-
board Wednesday follow- gainers, fashion company formance since 2011. more than 10 percent in nounced the first penalties
ing big gains in Asia and Ralph Lauren jumped 14 The Dow Jones industrial August from his May high, a for violators of a ban im-
Europe, a buoyant end to percent after announc- average gained 235.57 drop known on Wall Street posed in July on stock sales
the worst quarter for the ing a new CEO would take points, or 1.5 percent, to as a “correction.” by major shareholders as
market in four years. over from its namesake 16,284.70. It fell 7.6 percent “It’s been ugly,” said John part of frantic government
From worries over a slow- founder. in the quarter. The Nasdaq Canally, an investment efforts to stem a slide in
strategist at LPL Financial. prices.
Trader Gregory Rowe, left, and specialist Paul Cosentino, right, work on the floor of the New York “We hadn’t had a 10 per- Four investors, five institu-
Stock Exchange. U.S. stocks rose across the board Wednesday following big gains in Asia and cent pullback since 2011, tions and eight executives
Europe, a buoyant end to the worst quarter for the market in four years. and people forget how to were fined a total of 28.4
act.” million yuan ($4.5 million),
(AP Photo/Richard Drew) All five of the biggest drops the China Securities Regu-
in the year for the S&P 500 latory Commission said.
ing Chinese economy, Tim Courtney, chief invest- composite climbed 102.84 occurred in the last three It gave no details of their The
uncertainty over interest ment officer of Exencial points, or 2.3 percent, to months. Investors were so identities. ly 6
rates and a scary slide in Wealth Advisors, said it was 4,620.16. jumpy, they even sold on The announcement, dat- new
commodity prices, stocks only a matter of time be- The rally in the U.S. fol- news that previously would ed Tuesday, said they were Stef
have been hit with one fore investors started buy- lowed even bigger gains have triggered buying. the “first batch” of penal- his
blow after another in the ing given the recent drops. overseas. Stocks indexes When the Federal Reserve ties under the July 8 rule, pre
past three months. But on “I’ve been surprised we in France, Germany, Brit- announced earlier this suggesting more might be pric
Wednesday, investors were haven’t had rallies like the ain and Japan all climbed month that it would hold announced. Ralp
in the mood to buy, espe- one we’re seeing now,” more than 2 percent. off raising interest rates, the The ban on sales by share- to $
cially stocks that have been Courtney said. After “so The rocky third quarter S&P 500 slipped. holders who own more Che
battered recently. Energy many negative days, began with fears over On Wednesday, investors than 5 percent of a com- 54
companies and raw ma- you’re going to get a Greece’s debt, then mustered enough courage pany was one of a flurry of $7.3
terial suppliers, the biggest bounceback.” moved on to worries about to buy even biotechnology measures imposed after tha
losers in the quarter, rose The S&P 500 jumped 35.94 a rout in Chinese stocks, companies, breaking an China’s main market index cen
more than 2 percent each. points, or 1.9 percent, to signs of slowing growth in eight-day streak of drops fell 30 percent beginning in Inve
The buying began at the 1,920.03. The index has the country, the world’s for the battered sector. The early June. job
Nasdaq Biotechnology in- The violators’ sales “seri- for
dex, down 24 percent from ously undermined the mar- Fed
a peak in July, rose 4.5 per- ket order and damaged inte
cent. It fell sharply last week investor confidence,” the ers
after Democratic presiden- securities commission said rais
tial front-runner Hillary Clin- in a statement. of
ton tweeted that drug pric- Other emergency mea- day
es were too high, then said sures included multibillion- ADP
she would use government dollar stock purchases by plo
drug-buying programs to a state-owned brokerages this
slash prices if elected. and a finance company. the
Among stocks making big Authorities have reduced The
moves on Wednesday, the scale of those purchas- as t
Western Digital surged es but have set no date for ries
$10.57, or 15 percent, to easing the ban on sales by cen
$79.44 after the digital stor- big shareholders.
age company agreed to The stock market slump
a $3.8 billion investment fueled political tensions
from China’s Unisplendour and set back Communist
Corp.q Party plans to use financial
markets to make China’s
Exxon Mobil to sell troubled California refinery state-dominated econo-
my more productive. The
BRIAN MELLEY refiners in North America, than $566,000 for work- lines, including a 116-mile party wants to encourage
Associated Press said it will purchase the Tor- place safety and health section that delivers San stock ownership but small
LOS ANGELES (AP) — Exx- rance plant that can pro- violations related to the Joaquin Valley crude to investors whose holdings
on Mobil Corp. is selling its duce 155,000 barrels of oil blast. The shutdown led the refinery and pipes that plunged in value have
troubled Southern Califor- a day. to a shortage of gas that provide access to the Ports said they will no longer buy
nia refinery for $537 million The refinery near the coast meets California’s stricter of Long Beach and Los An- shares.
to a New Jersey energy on the edge of Los Angeles pollution regulations and geles. In a separate case, the
company more than six has been shut down since caused higher prices at Exxon Mobil said 700 em- police ministry announced
months after an explosion an explosion in February the pump for drivers in the ployees and 700 contrac- Sept. 15 the general man-
crippled the plant and injured four contractors, state. tors work at the refinery. ager and other executives
led to higher gas prices in caused heavy damage The plant will be opera- PBF said employees will be of China’s biggest stock
the Golden State, accord- at the plant and rocked tional before the sale is offered jobs at the plant. brokerage, state-owned
ing to an announcement nearby neighbors with the completed next year, PBF PBF Energy, based in Par- Citic Securities Ltd., were
Wednesday. blast. Energy said in a statement. sippany, New Jersey, re- under investigation on
PBF Energy Inc., one of the California regulators have The sale also includes other cently bought another Exx- suspicion of insider trad-
largest independent oil fined Exxon Mobil more storage facilities and pipe- on refinery in Louisiana.q ing and leaking sensitive
information.q