Page 25 - ARUBA TODAY

BUSINESS Thursday 23 November 2017
A25

Fed minutes show US stocks mostly slip away from latest highs
support for third

rate hike this year hasn’t believed it all terprise, which sells data-
along,” says Scott Wren, se- center hardware and tech
By M. CRUTSINGER nior global equity strategist gear, dropped after it an-
AP Economics Writer for Wells Fargo Investment nounced company Presi-
WASHINGTON (AP) — Fed- Institute. He said investors dent Antonio Neri will re-
eral Reserve officials gen- may change their minds place Whitman as CEO Feb
erally believe that it’ll soon as economic reports roll in 1. Whitman became CEO
be time for another in- over the next few weeks, of Hewlett-Packard in 2011
crease in the Fed’s key in- and they may get nervous and oversaw its split in 2015.
terest rate. However, a few if they think the Fed will HPE also reported mixed
felt any further rate hikes move faster. The Standard fourth-quarter results.
should be delayed until & Poor’s 500 index dipped Analysts said they were
they see inflation moving 1.95 points, or 0.1 percent, surprised by the timing be-
higher, minutes of their last to 2,597.08. The Dow Jones cause Whitman suggested
meeting revealed. industrial average slid 64.65 last month that she wasn’t
Minutes of the Fed’s Trader Robert Charmak, left, works on the floor of the New York points, or 0.3 percent, to leaving soon. Like several
Oct. 31-Nov. 1 released Stock Exchange. U.S. stocks mostly slipped away from their 23,526.18. The Nasdaq other analysts, Steven Mi-
Wednesday showed that latest record highs Wednesday. composite rose 4.88 points, lunovich of UBS said Neri
many officials believed (AP Photo/Richard Drew) or 0.1 percent, to a record is a good choice, but that
a third rate hike this year By MARLEY JAY Whitman will retire, while 6,867.36. The Russell 2000 Whitman will be hard to
will likely be warranted if AP Markets Writer printer and PC maker HP index of smaller-company replace. “Whitman’s star
incoming data leave the NEW YORK (AP) — U.S. lost ground after its latest stocks lost 2.13 points, or 0.1 power could be missed
medium-term economic stocks mostly slipped quarterly report. percent, to 1,516.76. when competing with the
outlook unchanged. But away from their latest re- Interest rates fell after the All four indexes closed at likes of Michael Dell, Chuck
“a few” officials remained cord highs Wednesday as Federal Reserve released record highs Tuesday, and Robbins, and Ginni Rom-
worried that inflation has the two former halves of minutes from its latest meet- on Wednesday most of the etty for large enterprise
failed to accelerate to- Hewlett-Packard both tum- ing, which ended Nov. 1. companies on the New deals,” he said, referring to
ward the Fed’s 2 percent bled, while falling interest While most officials were York Stock Exchange fin- the CEOs of Dell, Cisco Sys-
goal as expected. They rates helped phone com- comfortable raising interest ished higher. tems and IBM.
suggest that the central panies but hurt banks. rates soon, as investors think U.S. markets will be closed HP Enterprise fell $1.02,
bank needs to remain The price of oil jumped on they will do in December, a Thursday for the Thanksgiv- or 7.2 percent, to $13.10.
cautious in pushing rates reports OPEC and a group few Fed leaders wanted to ing holiday. They will re- Meanwhile HP Inc., which
higher. of other countries might wait until there is more evi- open Friday but will close sells PCs and printers, had
The Fed meets again on extend the cuts in produc- dence inflation is rising. The at 1 p.m. ET. a solid quarter but couldn’t
Dec. 12-13, and private tion they made at the start Fed has suggested it wants The two main compa- sustain the gains it’s made
economists widely expect of this year. That took en- to raise rates three more nies that once comprised this year. The stock lost
it will go ahead and raise ergy companies higher. times next year. Hewlett-Packard took the $1.12, or 5 percent, to
rates. Hewlett Packard Enterprise “The market certainly largest losses in the S&P $21.34. It’s up 44 percent in
The minutes of the last sank after it said CEO Meg doesn’t believe it, and 500. Hewlett Packard En- 2017.q
meeting showed there
is still a division between
the Fed might be moving US unemployment benefit aid drops 13,000
those who are worried that

too slowly amid low un-
employment and those still By MARTIN CRUTSINGER The level of unemployment percent rate in the July- It marked the first back-to-
concerned that inflation AP Economics Writer benefits has been be- September quarter after back quarterly gains of 3
is falling short of expecta- WASHINGTON (AP) — low 300,000 for more than a 3.1 percent pace in the percent or better in three
tions. The number of Americans two years, a stretch not second quarter. years.q
The central bank has filing applications for un- equaled in more than four
raised rates twice so far this employment benefits fell decades.
year, in March and June, for the first time in three The government reports
pushing its benchmark rate weeks, pushing total ap- that claims processing
to a still-low level of 1 per- plications down to a low continues to be disrupted
cent to 1.25 percent. But 239,000, further evidence in the Virgin Islands but the
at three meetings since of the strength of the labor ability to take claims has
then, the Fed has left rates market. improved in Puerto Rico.
unchanged as officials de- The NUMBERS: Applications Both islands were devas-
bated the future course of dropped by 13,000 last tated by hurricanes earlier
inflation. week after rising by 13,000 this year.
The Fed’s goal is to man- the previous week, the La- THE TAKEAWAY: The weekly
age the economy to pro- bor Department reported unemployment benefits re-
mote maximum employ- Wednesday. port suggests that the eco-
ment and stable prices, The four-week average, nomic recovery that be-
which it defines as inflation which smooths out volatil- gan in mid-2009 is steaming
rising at an annual rate of 2 ity, rose by 1,250 to 239,750. ahead.
percent. The number of people re- Employers added 261,000
For much of this year, infla- ceiving benefits rose by jobs in October as the un-
tion has been falling far- 36,000 to 1.9 million, still employment rate fell to 4.1
ther from the Fed’s goal. near a 44-year low. percent.
While Fed officials at first KEY DRIVERS: Applications The economy, as mea-
blamed temporary factors for unemployment ben- sured by the gross domes-
such as a price war among efits are a proxy for layoffs. tic product, grew at a 3