Page 24 - ARUBA TODAY

Wednesday 9 august 2017 BUSINESS
A24

Stocks close lower, snapping Dow’s 10-day win streak China’s export,

By ALEX VEIGA vered between small gains Avis Budget Group slumped 500, adding $8.02 to $45.25. import growth
AP Business Writer and losses for much of the 9.9 percent after the car Ralph Lauren gained weaken in July
Losses in health care and morning, then veered low- rental company cut its $10.38, or 13.3 percent, to
consumer-focused com- er by afternoon. The slide guidance following a weak $88.53, while peer-to-peer By JOE McDONALD
panies pulled U.S. stocks deepened after Trump’s second quarter. The stock loan company Lending- AP Business Writer
broadly lower Tuesday, remarks on North Korea fell $3.30 to $30.09. Club added 99 cents, or BEIJING (AP) — The pace
snapping a 10-day winning aired. SeaWorld Entertainment 18.1 percent, to $6.45. of growth of China’s ex-
streak for the Dow Jones in- At a briefing on opioid ad- slid 6.2 percent after the Health care equipment ports and imports weak-
dustrial average. diction at his golf course theme park operator re- and services company ened in July in a discour-
Energy stocks also fell along aging sign for the world’s
with the price of crude oil. second-largest economy
Only utilities sector stocks and global demand. Ex-
eked out a gain on a day ports rose 7.2 percent from
of mostly listless trading as a year earlier to $193.6
investors kept an eye on billion, down from June’s
the latest company earn- 11.3 percent growth, ac-
ings and geopolitical news. cording to customs data
The market slide acceler- released Tuesday. Imports
ated slightly in the last half- rose 11 percent to $146.9
hour of trading as President billion, down from the pre-
Donald Trump denounced vious month’s 17.2 percent.
North Korea’s nuclear pro- Forecasters have warned
gram. Chinese economic growth
The remarks followed a will cool this year, damp-
new report asserting that ening demand for for-
U.S. intelligence has as- eign goods, as controls
sessed that Pyongyang has imposed on bank lending
successfully produced a to slow a rise in debt take
nuclear warhead that can hold. “Trade growth now
fit inside its missiles. appears to be on a down-
“That may have weighed ward trend,” said Julian
a little bit” on markets, said Evans-Pritchard of Capi-
Phil Guarco, global invest- tal Economics in a report.
ment specialist J.P. Morgan Traders Robert Moran, left, and Tommy Kalikas work on the floor of the New York Stock Exchange. The International Monetary
Private Bank. Losses in health care and consumer-focused companies pulled U.S. stocks broadly lower Tuesday, Fund expects this year’s
The Standard & Poor’s 500 snapping a 10-day winning streak for the Dow Jones industrial average. economic growth to slip to
index fell 5.99 points, or 0.2 (AP Photo/Richard Drew) 6.6 percent from last year’s
percent, to 2,474.92. The 6.7 percent and to below
Dow slid 33.08 points, or in Bedminster, New Jersey, ported second-quarter rev- Henry Schein declined 6.2 percent in 2018. Export
0.2 percent, to 22,085.34. Trump warned North Ko- enue that fell short of Wall amid a broader slide by growth was unexpectedly
The S&P 500 and Dow were rea not to make any more Street’s expectations. The health care stocks. Its strong in the first half of the
both coming off record threats against the United stock fell 85 cents to $12.76. shares slid $9.77, or 5.3 per- year, a positive sign for Chi-
highs. States, adding that North Traders snapped up shares cent, to $174.02. nese leaders who want to
The Nasdaq composite lost Korea would be “met with in companies that deliv- Benchmark U.S. crude fell avoid job losses in trade-re-
13.31 points, or 0.2 percent, fire and fury like the world ered strong quarterly re- 22 cents to $49.17 a barrel lated industries. China has
to 6,370.46. The Russell 2000 has never seen.” sults. on the New York Mercantile been credited with helping
index of smaller-company The VIX, a measure of how Michael Kors climbed 21.5 Exchange. Brent crude, the to support global demand
stocks gave up 4.02 points, much volatility investors ex- percent after the luxury international standard, lost and the downturn in im-
or 0.3 percent, to 1,410.15. pect in stocks, jumped 10.4 handbag and apparel de- 23 cents to $52.14 a barrel port growth could have re-
Bond prices were little percent. signer and retailer’s latest in London. percussions for suppliers for
changed. The yield on the Beyond geopolitical con- quarterly results beat ana- In other energy futures which this country is a ma-
10-year Treasury note held cerns, investors continued lysts’ forecasts as sales im- trading, wholesale gasoline jor market. China’s global
steady at 2.26 percent. to size up company earn- proved. The stock was the dipped 1 cent to $1.62 a trade surplus declined by
The market indexes wa- ings reports. biggest gainer in the S&P gallon.q 10.7 percent from a year
earlier to $46.7 billion. The
surplus with the United
Dean Foods misses Street 2Q forecasts States rose 2 percent to
$25.2 billion. U.S. President
Donald Trump said in April
he would temporarily set
DALLAS (AP) — Shares of company said earnings the period, which also fell with its prior estimated aside trade and currency
Dean Foods Co. slid in pre- adjusted for non-recurring short of Street forecasts. range of $1.35 to $1.55 per disputes with Beijing while
market trading Tuesday costs were 21 cents per Five analysts surveyed by share. Analysts surveyed by the two governments co-
after the dairy producer re- share. Zacks expected $1.96 bil- FactSet forecast $1.29 per operated on North Ko-
ported worse-than-expect- The results did not meet lion. A year earlier, the share, on average. rea, but American officials
ed quarterly results and Wall Street expectations. company earned $33.4 mil- Dean Foods shares have more recently have re-
trimmed its full-year guid- The average estimate of lion, or 36 cents per share, dropped 31 percent since sumed criticizing Chinese
ance because of competi- five analysts surveyed by on revenue of $1.85 billion. the beginning of the year. trade policy. The Chinese
tive pressures. Zacks Investment Research Dean Foods lowered its The stock has declined trade surplus with the
Dean Foods reported sec- was for earnings of 30 cents guidance and now ex- 20 percent in the last 12 28-nation European Union,
ond-quarter earnings of per share. pects full-year earnings in months. In premarket trad- the country’s biggest trad-
$17.6 million, or 19 cents The milk company posted the range of 80 cents to 95 ing the stock shed nearly 14 ing partner, rose 3.4 per-
per share. The Dallas-based revenue of $1.93 billion in cents per share, compared percent to $12.95.q cent to $12.2 billion.q