Page 24 - Aruba Today

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BUSINESSTuesday 12 January 2016

Stocks end mostly higher; energy sector tanked by oil Regulators to give
written reason for
ALEX VEIGA easy about the trajectory at a rebound early Mon- largest economy. lower oilfield fines
AP Business Writer of China’s economy and day, but spent much of the That doesn’t bode well for
The U.S. stock market the possible implications day in the red as investors the next round of company JAMES MacPHERSON
mounted a last-minute for U.S. company earnings. weighed the implications earnings, which kicks into Associated Press
comeback to close slightly China’s Shanghai compos- of another stock market gear this week. BISMARCK, N.D. (AP) —
higher on Monday, snap- ite fell 5.3 percent on Mon- drop in China and the slide Many companies’ quar- North Dakota regulators
ping a three-day losing day. in crude. The market ap- terly results will likely reflect announced Monday that
the impact of China’s soft- written justification will be
Arkansas Gov. Asa Hutchinson, center, is applauded by New York Stock Exchange President Tom ening economy and lower provided if fines and oth-
Farley, right, and Mike Preston, Arkansas Executive Director of Economic Developement, as he oil prices, said Jason Pride, er sanctions are lowered
rings the New York Stock Exchange opening bell, Monday, Jan. 11, 2016. The U.S. stock market director of investment strat- against companies that
mounted a last-minute comeback to close slightly higher on Monday, snapping a three-day los- egy at Glenmede. violate the state’s oil and
ing streak. “The No. 1 most-mentioned gas laws.
item in third-quarter reports It’s a major policy shift that
(AP Photo/Richard Drew) was weakness in China,” comes amid public criti-
Pride said. “We’d be sur- cism for easing penalties
streak. “Investors have one eye on peared headed for a lower prised if China and oil are as much as 90 percent
The Standard & Poor’s 500 China, and all that’s go- close until the final minutes not central to the earnings against companies in-
index and the Dow Jones ing on there, and the other of regular trading, when narrative as well.” volved in spills and other
industrial average each eye on oil,” said Erik David- the Dow and S&P 500 index Alcoa delivered its report oilfield violations.
eked out a tiny gain, while son, chief investment of- shifted back into positive card after the close of regu- Regulators said it promotes
the Nasdaq composite ficer at Wells Fargo Private territory. lar trading on Monday. The cooperation and ensures
ended slightly lower. Bank. “Those two things are Monday’s market action earnings were better than sites are cleaned up.
Consumer staples stocks keeping investors on pins is a slight reprieve from an analysts had expected. Department of Mineral
were among the biggest and needles right now.” otherwise rough year so far Several banks, including Resources Director Lynn
gainers. Oil and gas com- The Dow added 52.12 for investors. Citigroup, Wells Fargo and Helms told reporters follow-
panies were hit by another points, or 0.3 percent, to Last week, U.S. stocks post- J.P. Morgan are scheduled ing a closed door meet-
plunge the price of crude 16,398.57. The S&P 500 in- ed their worst week in more to report results toward the ing with the state Industrial
oil, which tumbled 5.3 dex rose 1.64 points, or 0.1 than four years. It was also end of the week. Commission that he is to
percent to a 12-year low. percent, to 1,923.67. The the market’s worst-ever On Monday, Benchmark provide the documenta-
Chevron lost 1.7 percent Nasdaq fell 5.64 points, or opening week of a year. U.S. crude dropped $1.75, tion on all future cases.
and Exxon Mobil fell 1 per- 0.1 percent, to 4,637.99. A weakening of China’s or 5.3 percent, to $31.41 a “Part of the direction
cent. All of the major stock index- currency and steep drops barrel in New York. The last that we received was if
The latest downturn in oil es are down sharply for the in its stock market have time it was lower was Dec. a consent agreement is
comes at a time when in- year. stoked worries over the out- 5, 2003, when it closed reached, that it clearly
vestors are increasingly un- The three indexes hinted look for the world’s second- at $30.73 a barrel. Brent spell out any work that the
crude, a benchmark for in- offending party has per-
ternational oils, fell $2, or 6 formed in correcting the
percent, to $31.55 a barrel violation and preventing
in London. future violations, as well as
Several energy and min- anything that they’re do-
ing companies slumped as ing or have done or are
crude oil and other com- expected to do to receive
modity prices fell. any suspension of a pen-
Freeport-McMoRan sank alty,” Helms said.
$1.10, or 20.3 percent, to The North Dakota Industrial
$4.31, making it the big- Commission, a three-mem-
gest decliner in the S&P 500 ber all-Republican panel
index. Consol Energy also led by Gov. Jack Dalrym-
slumped, losing 69 cents, or ple, oversees the Helms’
9 percent, to $7. NRG En- agency, which regulates
ergy shed $1.11, or 9.8 per- the state’s oil and gas in-
cent, to $10.23. dustry.
Chevron slid $1.36, or 1.7 The agency in the past has
percent, to $80.77, while orally updated the com-
Exxon Mobil lost $1, or 1.3 mission quarterly on pro-
percent, to $73.69. q posed sanctions or ongo-
ing negotiations, with little
Arch Coal files for Chapter 11 bankruptcy protection detail made public.
The commission met more
NEW YORK (AP) — Arch have filed for bankruptcy Arch Coal Inc. said its mines by more than $4.5 billion. than an hour-and-a half
Coal, which has been hurt protection recently, includ- will remain open and its In filings with a bankruptcy Monday discussing six
by the weakening demand ing Alpha Natural Resourc- employees should not be court, the St. Louis-based cases against companies,
for coal, filed for Chapter es Inc. and Patriot Coal affected by the bankrupt- company says it has $6.5 where the total of the
11 bankruptcy protection Corp. Arch Coal warned cy process. It said employ- billion in debt and $5.8 bil- six cases was more than
Monday. The coal indus- late last year that it may file ees will continue to be paid lion in assets. Arch Coal op- $600,000.
try is struggling as electric for bankruptcy protection. and their benefits, including erates mines in Colorado, Two of the complaints are
power companies shift to Filling for Chapter 11 bank- health care and retirement Illinois, Kentucky, Maryland, against Houston-based
using natural gas, which ruptcy protection allows plans, will also continue. Virginia, West Virginia and Oasis Petroleum Inc.
costs less than coal and companies to reorganize The company said it Wyoming. Its coal is used but Helms said the “root
produces less pollution. their debt while they keep reached a deal with its to make steel or generate cause” of the sanctions
Other coal companies theirbusiness operating. lenders to reduce its debt power. q against the company is
“very different.q