Page 25 - ARUBA TODAY

BUSINESS Wednesday 4 april 2018
A25

Stocks jump late, clawing back ground lost on trade fears

By MARLEY JAY Meanwhile Amazon, which
NEW YORK (AP) — Banks, re- isn't officially classified as a
tailers, health care and en- technology company, has
ergy companies climbed come under fire from Presi-
Tuesday as U.S. stocks re- dent Donald Trump, who
gained much of what they has griped about the com-
lost in a steep drop a day pany's tax payments, deals
earlier. Several big technol- with the U.S. Postal Service,
ogy companies including and other issues. His state-
Apple also recovered. ments have often diverged
Banks rose as interest rates from the facts and he's also
turned higher, and auto- blamed Amazon for critical
makers Ford and General news coverage of his ad-
Motors also jumped after ministration by The Wash-
saying their sales rose in ington Post, which is owned
March after a rough start by Amazon founder and
to the year. Retailers like CEO Jeff Bezos but isn't part
Foot Locker and consumer- of Amazon. Amazon spiked
focused companies includ- 1.5 percent to $1,392.05 af-
ing Netflix also climbed. ter Bloomberg News report-
The market got off to a shaky ed that the White House
start, wobbled for much of isn't talking about taking
the day, then surged in the any steps against the com-
last hour of trading. The S&P A Spotify banner adorns the facade of the New York Stock Exchange, Tuesday, April 3, 2018. pany. Still, Piper Jaffray
500 index rose 32.57 points, Associated Press analyst Michael Olson said
or 1.3 percent, to 2,614.45. Trump is likely to continue
It dropped 2.2 percent a change Tuesday. Instead The Nasdaq, which set fallout of an ever-widening periodically bashing the
day earlier. The Dow Jones of raising money through its most recent record on privacy scandal, and if the company for as long as
industrial average rose an initial public offering March 12, is down 7.5 per- government decides to he's in office, but steps like
389.17 points, or 1.6 per- underwritten by an invest- cent in just three weeks. regulate online consumer sales tax collection chang-
cent, to 24,033.36. The Nas- ment bank, Spotify Tech- Some of the market's woes data in new ways, that es won't affect Amazon
daq composite climbed nologies took a more un- stem from the fact that sev- also might affect Alphabet, much, and the Post Office
71.16 points, or 1 percent, usual route called a direct eral of the largest technolo- Google's parent company, probably won't raise ship-
to 6,941.28. The Russell 2000 listing that lets investors sell gy companies have come as well as smaller social me- ping rates much either.q
index of smaller-company the stock directly. It started under fire at the same time. dia companies like Twitter
stocks added 19.62 points, trading at $165.90 a share, Facebook is still deep in the and Snap.
or 1.3 percent, to 1,512.15. well above the previous
Craig Holke, investment high share price of $132.50
Editor
strategy analyst for the it reached in private deals. Caribbean Speed Printers N.V.
Wells Fargo Investment The stock wound up clos- Aruba Bank N.V. Acc. #332668
Institute, said the market ing down 10.2 percent at Caribbean Mercantile Bank N.V.
will continue to bounce $149.01. Acc. #23951903
around as investors worry It's been a rocky month RBC Royal Bank Acc. #1330772
about changes in trade for stocks as investors wor- Assistant Director
that could slow down the ried about changes to Xiomara Arends
global economy and com- the North American Free
pany profits. He noted that Trade Agreement and Editor in Chief
the U.S. hasn't entered a tensions between the U.S. Linda Reijnders
full-blown trade war since and China, the world's big- (linda.reijnders@cspnv.com)
1930, and trade relation- gest economies. Stocks Editor
ships were much different plunged one day ago af- Richard Brooks
back then. ter China placed tariffs on
"There was a lot less inter- a small number of exports, Sales
connectedness," he said. and investors fear that its re- Linda Reijnders
"Every country was actually sponse to a broader pack- (linda.reijnders@cspnv.com)
more insulated, produced age of trade sanctions will Marijke Croes
more of their own goods be harsher. But Holke, of Mary-Ann Oduber
at that time. It's really hard Wells Fargo, said it's likely Classifieds
to get around that nowa- the countries will find ways
Rachelle Danje
days." Among individual to resolve their differences (rachelle.danje@cspnv.com)
stocks, CBS added 4.2 per- on issues including com-
cent to $52.86 on reports it plaints that Beijing steals or Distribution and Collection
plans to make an offer to pressures foreign compa- accounting@bondia.com
buy corporate sibling Via- nies to hand over technol-
com. The offer is reported ogy. Social / Website
to be for less than Viacom's "If they can get China to Jeancarlo Trinidad
current market value, and remove this process of hav-
Viacom stock fell 3.7 per- ing this technology trans- Weststraat 22
T: 528-7800
cent to $29.42. fer in place for companies E: news@arubatoday.com
Music streaming compa- that do business in China, W: www.arubatoday.com
ny Spotify made its debut the tariffs might not even @arubatoday
on the New York Stock Ex- go into effect," he said.