Page 25 - ARUBA TODAY

BUSINESS Tuesday 15 augusT 2017
A25

Stocks jump as techs, banks regain lost ground from last week

agement. “The administra- late Friday. That helped
tion sort of walked back banks, as higher bond
Trump’s comments over yields mean higher inter-
the weekend.” est rates and greater profits
But while stocks climbed, on mortgages and other
investors weren’t ready to loans.
loosen their grip on some Bank of America climbed
traditionally safe invest- 56 cents, or 2.3 percent,
ments. Bond prices slipped to $24.42 and JPMorgan
only by a small amount and Chase gained $1.07, or 1.2
gold finished a little lower, percent, to $92.49.
while silver prices rose. U.S. crude oil lost $1.23, or
The S&P 500 jumped 24.52 2.5 percent, to $47.59 a
points, or 1 percent, to barrel in New York. Brent
2,465.84. The Dow Jones crude, the international
industrial average gained standard, shed $1.37, or 2.6
135.39 points, or 0.6 per- percent, to $50.73 a barrel
cent, to 21,993.71. The in London. Energy compa-
Nasdaq composite added nies finished with modest
83.68 points, or 1.3 percent, losses. Numerous compa-
to 6,340.23. The Russell 2000 nies used the weekend to
index of smaller companies complete deals.
climbed 20.08 points, or 1.5 Retailer Target is buying a
Trader Edward Curran works on the floor of the New York Stock Exchange. US stocks rallied percent, to 1,394.31. delivery logistics company
Monday as technology companies and banks helped companies regain a lot of the ground they
lost last week, Among technology com- to help it offer same-day
(AP Photo/Richard Drew) panies, Apple added $2.37, delivery service to in-store
or 1.5 percent, to $159.85 shoppers. The company
By MARLEY JAY Almost 90 percent of the in 2017. That eased Mon- and Microsoft picked up did not say how much it
AP Markets Writer Standard & Poor’s 500 in- day after officials said fight- $1.09, or 1.5 percent, to will pay for Grand Junc-
NEW YORK (AP) — US stocks dex finished higher. Tech- ing is not imminent. $73.59. After two days tion, a firm that connects
rallied Monday as technol- nology stocks outpaced “What the market really of losses, Nvidia jumped retailers with about 700 de-
ogy companies and banks the rest of the market fol- reacted negatively to $12.44, or 8 percent, to livery companies around
helped companies regain lowing a strong report on on Thursday was Trump’s $168.40 as chipmakers the country that pick up
a lot of the ground they the state of Japan’s econ- somewhat incendiary made outsize gains. items from distribution cen-
lost last week, although omy. Last week, rising ten- comments about ‘fire and Bond prices turned lower. ters and take them to cus-
the calm that has defined sions between the U.S. and fury,’” said Dave Lafferty, The yield on the 10-year tomers. It is already testing
the market this year wasn’t North Korea sent stocks to chief market strategist of Treasury note rose to 2.22 same-day delivery at a
quite restored. some of their biggest losses Natixis Global Asset Man- percent from 2.19 percent New York store. q

Berkshire Hathaway sells off

GE stake, boosts BNY Mellon

By JOSH FUNK tal. Berkshire didn’t change
AP Business Writer its investment in Southwest
OMAHA, Neb. (AP) — War- Airlines.
ren Buffett’s company has Many investors follow
eliminated its stake in Gen- what Berkshire buys and
eral Electric and boosted sells because of Buffett’s
its investment in the Bank of remarkably successful re-
New York Mellon Corp. cord over more than five
Berkshire Hathaway re- decades. Berkshire officials
vealed those moves and don’t generally comment
several other changes to on the quarterly filings or
its U.S. stock portfolio in a fil- the reasons for their port-
ing with the Securities and folio moves. And these
Exchange Commission on quarterly filings don’t make
Monday. clear who made all the in-
Berkshire didn’t list any GE vestments. Buffett handles
shares in its holdings at the the biggest investments in
end of June. Previously, it Berkshire’s portfolio, such
owned 10.6 million shares. as Coca-Cola, Wells Fargo
Buffett’s Omaha, Nebras- and IBM. He has said that
ka-based company in- investments of less than $1
creased its stake in BNY billion are likely to be the
Mellon to 50.2 million shares work of Berkshire’s two oth-
from 33 million in March. er investment managers.
Besides those big changes, Berkshire also increased its
Berkshire adjusted its airline Apple investment to 130.2
investments by trimming its million shares, up slightly
stakes in American Airlines, from 129 million shares in
Delta and United Continen- March.q