Page 25 - ARUBA TODAY

BUSINESS Thursday 18 January 2018
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US stock rally lifts Dow to first close above 26,000 points

By ALEX VEIGA which posted the biggest for corporations from 35
AP Business Writer gain in the 30-company percent to 21 percent.
A broad rally on Wall Street average. Technology stocks were
propelled the Dow Jones With the stock market again some of the biggest
industrial average to close reaching records so of- winners. Lam Research led
above 26,000 points for the ten, 1,000-point moves in the S&P 500 with a gain of
first time Wednesday. the Dow have become in- $14.69, or 7.7 percent, to
The sharp gains also deliv- creasingly commonplace. $205.08. Investors also bid
ered record highs for the It’s been just eight trading up health care stocks, in-
Standard & Poor’s 500 in- days since the Dow had its cluding Anthem. The insurer
dex and the Nasdaq com- first close above 25,000 on added $7.40, or 3.1 per-
posite, wiping out the mar- Jan. 4. That’s faster than cent, to $249.15.
ket’s modest losses from a the 23 days it took the Dow Industrial stocks rose after
day earlier. to go from 24,000 to 25,000 the Federal Reserve said
Technology and health points. U.S. industrial production
care companies account- Trader Edward Curran works on the floor of the New York Stock The stock market is off to increased 0.9 percent in
ed for much of the gains. Exchange, Wednesday, Jan. 17, 2018. Stocks are opening higher a stellar start in 2018. The December. Boeing rose
Financials stocks also rose, on Wall Street as the market makes up some of the ground it lost S&P 500 index has closed $18.85, or 4.7 percent, to
even as some big banks fell a day earlier. lower only twice this year. $351.01.
after reporting hefty quar- (AP Photo/Richard Drew) It capped last week with its Juno Therapeutics soared
terly losses. bought market is suscep- Russell 2000 index of small- seventh weekly gain in the 51.9 percent after the Wall
“As yesterday’s pullback tible to a pullback.” er-company stocks picked past eight. Street Journal reported that
suggests, investors and The Dow gained 322.79 up 13.69 points, or 0.9 per- Investors have been en- biotech drugmaker Cel-
traders will come back into points, or 1.3 percent, to cent, to 1,586.66. couraged by strong global gene might buy it. Juno is
a market in which they still 26,115.65. The Dow traded above growth, rising company one of several companies
see an upside,” said Quincy The S&P 500 index rose the 26,000-point threshold earnings and the prospects developing therapies that
Krosby, chief market strate- 26.14 points, or 0.9 percent, on Tuesday, but wound for further corporate profits involve genetically engi-
gist at Prudential Financial. to 2,802.56. The Nasdaq up closing lower. Its surge thanks to the tax overhaul neering patients’ blood
“But the market remains added 74.59 points, or 1 Wednesday was driven in signed into law last month, cells to fight cancer. Juno
overbought, and an over- percent, to 7,298.28. The part by a gain in Boeing, which cut the top tax rate rose $23.65 to $69.25. q

Apple to build 2nd campus, hire 20,000 in $350B pledge

By MICHAEL LIEDTKE to bring back most of its It’s something that Apple at the 35 percent rate that lion in U.S. investments will
AP Technology Writer roughly $252 billion in off- CEO Tim Cook promised had been in effect under be paid from money that
SAN FRANCISCO (AP) — shore cash, generating a the company would do if the previous tax law. About had been overseas, Apple
Apple is planning to build tax bill of about $38 billion. it could avoid being taxed $75 billion of the $350 bil- estimated.q
another corporate cam-
pus and hire 20,000 workers
during the next five years as
part of a $350 billion com-
mitment to the U.S. that will
be partially financed by an
upcoming windfall from
the country’s new tax law.
The pledge announced
Wednesday comes less
than a month after Con-
gress approved a sweep-
ing overhaul of the U.S. tax
code championed by Pres-
ident Donald Trump that will
increase corporate profits.
Besides dramatically low-
ering the standard corpo-
rate tax rate, the reforms
offer a one-time break on
cash being held overseas.
Apple plans to take ad-
vantage of that provision