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BUSINESSSaturday 19 March 2016
Market finishes 5th week of gains, turning S&P 500 positive
MARLEY JAY Traders William McInerney, left, and Peter Mancuso, center, work on the floor of the New York chemicals also rose as the
AP Markets Writer Stock Exchange, Friday, March 18, 2016. Another strong gain for stocks Friday extended the dollar fell against other
NEW YORK (AP) — Another market’s recovery from a dismal start to the year to a fifth week in a row. currencies on hopes that
strong gain for stocks Friday the weaker dollar will boost
extended the market’s (AP Photo/Richard Drew) their sales outside of the
recovery from a dismal U.S.
start to the year to a fifth recession. is doing fairly well. Industrial, investors, and they help Starwood Hotels climbed
week in a row. consumer and technology $4.18, or 5.5 percent, to
The Standard and Poor’s “The market tended to stocks benefited from the boost economic growth $80.57 after the hotel chain
500 index closed up for more positive outlook in the said it accepted a new
the year for the first time. focus on the negative and U.S. Energy and materials by reducing borrowing buyout offer from a group
The Dow Jones industrial stocks climbed as oil and led by Anbang Insurance
average turned positive ignore the good” at the precious metals prices rose. costs and reducing the risk Group of China.
Thursday. Both had been And this week the Federal The bid is worth more than
down more than 10 start of this year, said Lowell Reserve said it expects to associated with starting or $14 billion. Competitor
percent for the year a little slow the pace of interest Marriott, which agreed to
more than a month ago. Yura, head of Multi-Asset rate increases this year. expanding businesses. buy Starwood last year,
The Dow rose 120.81 points Lower rates make stocks said it is considering its
Friday, or 0.7 percent, to Solutions for BMO Global look more attractive to The biggest gainers options and noted it has
17,602.30. It is up 1 percent the right to make another
for the year. Asset Management. Friday were health care offer.
The S&P 500 gained 8.99 Columbia Pipeline Group
points, or 0.4 percent, But over the course of the stocks and banks, the climbed after TransCanada
to 2,049.58, and is now Corp. agreed to buy the
up 0.3 percent for 2016. five-week rally, reports on worst-performing parts company for $10 billion,
The Nasdaq composite or $25.50 per share, in an
picked up 20.6 points, or hiring, manufacturing and of the market this year. attempt to expand further
0.4 percent, to 4,795.65, into the U.S. Columbia
though the Nasdaq construction spending Companies that make Pipeline stock advanced
remains down 4 percent $1.33, or 5.7 percent, to
for the year. showed the U.S. economy aircraft, machinery and $24.84.
Stocks had plunged early Health care stocks
this year as investors feared regained some ground
that Chinese economy, after a rough week.
which has been the Hospital operator Tenet
engine of global growth, Healthcare rose $1.57, or
was slowing faster than 5.9 percent, to $28.14 and
expected and that China’s prescription drug distributor
slide would be enough to McKesson gained $6.62,
pull the U.S. economy into or 4.4 percent, to $158.31.
Report: Iron Range investments may not create many jobs
KYLE POTTER million into a money-losing creation in return for many The report found several require some job creation
Associated Press ski resort, gave financial as- of the loans it doled out, issues that call into ques- metric and suggested the
ST. PAUL, Minn. (AP) — A sistance to businesses that according to an audit of its tion whether the board has board had granted some
state body that invests in may not have needed it activities released Friday. lived up to that goal. Com- financial assistance to busi-
the Iron Range poured $17 and failed to require job The Office of the Legisla- missioner Mark Phillips con- nesses that may not have
tive Auditor made those ceded his agency needs needed public support in
conclusions in its examina- to improve in tracking its order to relocate or ex-
tion of the Iron Range Re- performance but defend- pand on the Iron Range.
sources and Rehabilitation ed, citing proposals that The report also found the
board, just the latest bad helped bring 1,200 jobs IRRRB has plowed more
news surrounding the state from companies like Blue than $17 million into the
development agency’s Cross Blue Shield and Delta ski and golf resort Giants
performance. Dubbed the Airlines.“It’s hard to imagine Ridge, which it owns, to
IRRRB, the board doles out what the Iron Range would subsidize increasing finan-
grants and loans meant to look like without these criti- cial losses since 2006. Leg-
spur economic develop- cal employers,” he said. islative auditors said the
ment and diversify an Iron Of the 15 loans in the re- IRRRB needs to get a bet-
Range economy largely view — totaling millions ter handle on the resort’s
reliant on a volatile iron ore of dollars — the agency financial performance.
industry. granted to companies The continued losses raised
That mission has become who promised to create eyebrows among legisla-
more important since an a certain amount of jobs, tors.
unprecedented downturn just two followed through. “The subsidies should be
in the domestic steel indus- Seven companies fell short going down, not up,” said
try that has resulted in thou- while the remainders are Sen. Mary Kiffmeyer, R-Big
sands of steelworkers and still too early to grade. The Lake. “That’s money that
mine employees being laid report also found many couldn’t go to something
off in the last year . loans and grants that didn’t else.”
