Page 25 - ARUBA TODAY

BUSINESS Wednesday 27 september 2017
A25
Tech stocks rise, but US indexes finish little changed

By MARLEY JAY The Standard & Poor’s 500
AP Markets Writer index added 0.18 points to
NEW YORK (AP) — U.S. 2,496.84. The Dow Jones
stock indexes finished industrial average, which
barely higher Tuesday af- rose as much as 73 points
ter a late slump erased during the day, lost 11.77
most of an early gain. points, almost 0.1 percent,
Technology companies re- to 22,284.32 as McDonald’s
covered some of the losses fell and Chevron went into
they took a day earlier, but a late slide.
energy companies and The Nasdaq composite
banks slipped. gained 9.57 points, or 0.2
Strong gains for software percent, to 6,380.16 after
company Red Hat and a drop of 0.9 percent on
recoveries for big names Monday. The Russell 2000
like Apple and Facebook index of smaller-company
helped technology com- stocks gained 4.91 points,
panies move higher. Cruise or 0.3 percent, to a record
lines rose after Carnival 1,456.86.Carnival’s third-
had a stronger third quar- quarter profit and revenue
ter than analysts expect- surpassed Wall Street’s
ed. Small-company stocks expectations. The cruise
continue to set record This photo shows the New York Stock Exchange. U.S. stock indexes finished barely higher Tuesday line raised its annual fore-
highs. after a late slump erased most of an early gain. casts and said bookings
With little corporate or (AP Photo/Mark Lennihan) and prices for next year
economic news to focus ly reach the Fed’s 2 percent nahan said investors have the Trump administration are higher than they were
on, investors turned their target, Yellen conceded concluded over the last plans to release an outline at this time a year ago.
attention to a speech by that the Fed may need to two weeks that the Fed will of its ideas on changes to Carnival gained $1.82, or
Federal Reserve Chair Ja- change its assumptions. raise interest rates again in the tax code. 2.9 percent, to $65.32 and
net Yellen for clues about Yellen also said the Fed December, and Yellen’s re- With long negotiations like- competitor Royal Caribbe-
the Fed’s thinking on inter- should take care not to marks did nothing to dispel ly just beginning, Kinahan an Cruises rose $3.31, or 2.9
est rates. raise rates too slowly. JJ Ki- that idea. said investors don’t expect percent, to $117.19.Open-
Yellen told a conference nahan, chief strategist for In Washington, Senate Re- much to get done right source software maker
of economists that the Fed TD Ameritrade, said that publicans said they won’t away.“For calendar year Red Hat climbed $4.31, or
is puzzled that inflation re- was notable. hold a vote on their latest 2017, the market is giving 4.1 percent, to $110.07 af-
mains so low. While she “That was a little bit stron- health care bill because it Washington a pass on tax- ter reporting a better-than-
and other policymakers still ger language than we’ve did not have enough votes es,” he said. “In 2018 that’s expected second quarter.
think inflation will eventual- seen before,” he said. Ki- to pass. On Wednesday, not going to be the case.” q
Equifax CEO steps down in wake of huge personal data hack

His departure follows those until the company’s board The 57-year-old executive,
of two other high-ranking concludes an independent who made almost $15 mil-
executives who left in the review of the data breach. lion in salary, bonuses and
wake of the hack, which Even if the review does find stock last year, would also
exploited a software flaw Smith at fault, he could be able to stay on the
that the company did not walk away with a retire- company’s health plan for
fix to expose Social Security ment package of at least life.Paulino do Rego Barros
numbers, birthdates and $18.4 million, along with the Jr., most recently president
other personal data that value of the stock and op- of the Asia Pacific region,
provide the keys to identify tions he was paid out over was named interim CEO. q
theft.Smith, who had been his 12-year tenure.
CEO since 2005, will also There is a possibility the
leave the chairman post. board could “claw back”
Equifax called his depar- any cash or stock bonuses
ture a retirement, but he he may have received,
will not receive his annual but corporations typically
bonus and other potential set high thresholds for that
retirement-related benefits type of action.

In this May 30, 2007 photo, Equifax CEO Richard Smith poses
for a photo at the Equifax headquarters in Atlanta. On Tuesday,
Sept. 26, 2017, credit reporting agency Equifax ousted CEO
Smith in an effort to clean up the mess left by a damaging data
breach that exposed highly sensitive information about 143 mil-
lion Americans.
(Joey Ivansco/Atlanta Journal-Constitution via AP)
By KEN SWEET after the credit reporting
MICHAEL LIEDTKE agency disclosed a disas-
AP Business Writers trous hack to its computer
NEW YORK (AP) — Embat- system that exposed the
tled Equifax CEO Richard sensitive personal informa-
Smith stepped down Tues- tion of 143 million Ameri-
day, less than three weeks cans.