Page 24 - ATD15Augustus2015

A24

BUSINESSSaturday 15 August 2015

Wall Street gains as Yuan and oil stabilize STREET BRIEFS
Oil price hitsThe S&P 500 climbed 8.15 the world’s second-largest Thursday. J.C. Penney rose
BERNARD CONDON

AP Business Writer points, or 0.4 percent, to economy could be more 45 cents, or 5.6 percent, to lowest level

NEW YORK (AP) — A rocky 2,091.54. The Dow Jones in- fragile than they previously $8.52 after a narrower loss

week for the stock market dustrial average rose 69.15 thought. on stronger-than-expect- in 6½ years

ended on a bright note points, or 0.4 percent, to “We were in a sell-first-ask- ed sales as the retail chain

as investors bought stocks end at 17,477.40. The Nas- questions-later mode, but continues to turn its busi- LONDON (AP) — The price
across industries. daq composite rose 14.68 we’ve rallied back,” said ness around. of crude oil hit its lowest
Investors are hoping for level in 6½ years Friday
good news in the current amid concerns over a
quarter, too. On Thursday, slowing economy in China,
the Commerce Depart- a huge energy consumer,
ment reported U.S. retail and strong global produc-
sales climbed last month, tion. The U.S. crude con-
suggesting that strong hir- tract fell as low as $41.35
ing and lower gas prices a barrel, the weakest level
are encouraging consum- since early 2009, when the
ers to spend more. global economy was in the
Sean Lynch, co-head of throes of a massive finan-
global equity strategy at cial crisis and recession.
Wells Fargo Investment In- By late morning in Europe,
stitute, said investors have the price was around $42
been remarkably calm in a barrel. The oil contract
the face of several poten- has been declining since
tially unnerving events, in- touching a high of $61.43
cluding a slowing Chinese on June 10. The main rea-
economy, Greece’s debt sons are big increases in
troubles, plunging oil prices

and the Federal Reserve production in the U.S. and

possibly raising interest Canada, as well as ex-

rates next month. pectations Iran’s oil could

Trader Glenn Kessler uses his handheld device as he works on the floor of the New York Stock “You’ve got recurrent is- soon return to the market.
sues worrying the market ... Meanwhile, China’s de-
Exchange. A rocky week for the stock market ended on a bright note as investors bought stocks yet it’s been pretty lethar- valuation of its currency

across industries. (AP Photo/Richard Drew)

Stocks wavered in the points, or 0.3 percent, to Piers Cornelius, a manag- gic,” he said. “It’s been this week highlights its con-

morning before climbing 5,048.24. ing director at J.P. Morgan trading at a narrow range cern about an economic

steadily during the after- At the close of stock trad- Private Bank. He says he despite all the noise.” slowdown.q

noon amid a mix of earn- ing, the dollar was buying expects stocks to stabilize The S&P 500 is basically

ings results. The market 6.391 Chinese yuan, little over the next few weeks as unchanged in the last six Tesla setting
also got a lift as China’s changed from the previ- companies, flush with re- months. For the week, it

currency steadied after a ous day. Reassuring com- cord cash, continue to buy rose 0.7 percent.
its new shareslump earlier in the week ments from a Chinese back their own shares.
Europe had a tougher

that shook financial mar- central bank official on Stocks of retailers rallied week. Germany’s DAX fell

price at $242kets around the world. The Thursday seemed to ease after some solid earnings 4.4 percent, the CAC-40 in

gains were modest but concerns that China’s gov- reports. France dropped 3.9 per- Tesla Motors is pricing an
broad, with nine of the 10 ernment would seek to de- Nordstrom rose $3.21, or 4.3 cent and Britain’s FTSE 100 upcoming offering of its
sectors of the Standard value its currency further. percent, $78.13 after beat- was down 2.5 percent. All stock at $242 per share, or
and Poor’s 500 index end- Investors were worried that ing analysts’ expectations three indexes were down slightly below the most re-
ing higher. the devaluation suggested in results announced late Friday.q cent closing price for the

US producer prices up just 0.2 percent in July electric car maker. Shares

of the company are climb-
ing in early morning trading

M. CRUTSINGER back to its 2 percent goal the Fed monitors is up by economist for Panthe- after it detailed in a regula-
AP Economics Writer before beginning to raise just 0.3 percent over the on Economics, said that tory filing an offering it ex-
WASHINGTON (AP) — Pric- interest rates from a record 12 months ending in June, “the strength of the dollar pects to generate about
es charged by producers low near zero, where a key reflecting the big drop in means that goods prices $642 million in proceeds
rose more slowly in July, Fed rate has been since energy prices that has oc- will be constrained for the after expenses. Tesla Mo-
reflecting declines in both late 2008. curred over the past year. foreseeable future.” But tors Inc. will offer nearly
food and energy. But inflation is running well Even excluding food and he added that the cost 2.7 million shares or more

The Labor Department said below the Fed’s target. energy, this price gauge of services could climb, than 3 million if underwrit-

Friday its Producer Price In- Over the past 12 months, has risen just 1.3 percent. given the expectation that ers exercise their option to

dex, which measures infla- prices at the wholesale lev- Many private economists a strengthening job mar- buy more shares. CEO Elon

tion pressures before they el have fallen 0.8 percent, have pegged the Fed’s ket will fuel consumer de- Musk plans to buy $20 mil-

reach the consumer, in- the sixth straight month that next meeting in September mand. lion worth of stock. The Palo

creased 0.2 percent in July prices have been down for a rate hike. But some In July, food costs fell 0.1 Alto, California, automaker

compared to June when on a year-over-year basis. economists argue that percent in July. Egg prices, says it needs the cash in

prices had risen 0.4 per- Core prices, which exclude with inflation still so low, the which had been surging part to help with develop-

cent. the volatile categories of central bank may wait until because of the avian flu ment of its Model 3, a low-

The Federal Reserve has energy and food, are up December or perhaps ear- outbreak, reversed and fell er-cost electric car due out

said that it needs to feel a modest 0.6 percent over ly next year before begin- 24.2 percent. Energy prices in 2017. Shares of Tesla are

“reasonably confident” the past 12 months. ning to raise rates. were down 0.6 percent af- up $1.99 to $244.50 in pre-

that inflation will move A key price gauge that Ian Shepherdson, chief ter two months of gains.q market trading.q