Page 25 - ARUBA TODAY

BUSINESS Tuesday 25 July 2017
A25

US stock indexes mixed ahead of busy earnings week

By STAN CHOE about how long tech can
AP Business Writer continue to rally,” said Ann
NEW YORK (AP) — Stocks Miletti, senior portfolio man-
mostly fell on Monday, ager at Wells Fargo Asset
and broad-market indexes Management.
inched modestly back- “Overall, what we’re be-
ward at the start of a busy lieving to be true is that
week of corporate earn- second-quarter results are
ings reports and a meet- going to come in, in gen-
ing of the Federal Reserve. eral, better than expected.
Technology stocks, though, But the second-half outlook
added to their big gains for is the most important thing,
the year and helped push and we’ll see.”
the Nasdaq composite to The International Monetary
another record. Fund on Monday held its
The Standard & Poor’s 500 forecast for global eco-
lost 2.63 points, or 0.1 per- nomic growth this year
cent, to 2,469.91 after nine steady at 3.5 percent, but
of the 11 sectors that make that masks some move-
up the index logged losses. ments underneath. It raised
It marks the first three-day its forecast for economic
losing streak for the index growth in Europe, Japan
in a month, though it’s still and China.
within a fraction of a per- Trader Tommy Kalikas works on the floor of the New York Stock Exchange, Monday, July 24, 2017. But it also cut its outlook for
cent of its record. Stocks mostly fell on Monday, and broad-market indexes inched modestly backward at the start the United States on the as-
The Dow Jones industrial of a busy week of corporate earnings reports and a meeting of the Federal Reserve. sumption that politicians in
average fell 66.90 points, (AP Photo/Richard Drew) Washington won’t be as
or 0.3 percent, to 21,513.17. for strong growth as the companies are due to re- of 10.9 percent growth helpful for growth as earlier
The Nasdaq composite global economy remains port. a month ago. And com- expected.
rose 23.05 points, or 0.4 per- sluggish. Expectations are high: An- panies will need to follow The Federal Reserve’s poli-
cent, to 6,410.81. Amazon.com and several alysts forecast tech stocks through on the expecta- cymaking committee be-
The Nasdaq is up 19.1 per- other big-name tech com- in the S&P 500 will report tions to justify the big moves gins a two-day meeting
cent this year, nearly dou- panies are set to release 16 percent growth in earn- their stock prices have al- on Tuesday, following its
ble the rise for broader- their second-quarter results ings per share, according ready made. decision last month to raise
market indexes as investors in coming days, part of a to S&P Global Market Intel- “The group did have a short-term interest rates for
have massed into technol- busy week where more ligence. strong start to the year, and the third time since Decem-
ogy stocks in their search than a third of S&P 500 That’s up from a forecast there are some questions ber. q

IMF upgrading eurozone, Japan;
leaves world outlook unchanged

The Associated Press year. But it now forecasts
WASHINGTON (AP) — The 1.9 percent growth for the
International Monetary 19 countries that use the
Fund upgraded the eco- euro currency (up from 1.7
nomic outlook for Europe, percent in April). The fund
Japan and China this expects Japan to grow 1.3
year. But the fund left its percent (up from the pre-
forecast for global growth viously expected 1.2 per-
unchanged from an April cent) and China to expand
forecast, partly because 6.7 percent (versus 6.6 per-
the United States is unlikely cent).
to get much help from tax The U.S. economy is ex-
cuts and higher spending. pected to grow 2.1 per-
In a report out Monday, the cent, down from the 2.3
IMF kept its expectation percent expected in April
for worldwide economic when hopes were higher
growth at 3.5 percent this for tax cuts. q