Page 25 - ARUBA TODAY

BUSINESS Tuesday 24 July 2018
A25

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Banks lead stocks slightly higher, reversing morning slide

By ALEX VEIGA in the day. Benchmark U.S.
Associated Press crude dropped 51 cents
U.S. stocks veered slightly to $68.75 per barrel in New
higher in afternoon trad- York. Brent crude, used to
ing Monday as the market price international oils, lost
recovered from an early 36 cents to $72.71.
slide. Banks accounted for BOND YIELDS: Bond prices
much of the market’s gains fell. The yield on the 10-
as bond yields rose, point- year Treasury rose to 2.96
ing to higher interest rates percent from 2.89 percent
on consumer loans. Auto- late Friday. The increase
makers, retailers and indus- in bond yields helped lift
trial companies declined. bank shares. Interest rates
Investors were focused on on mortgages and other
corporate America as the consumer loans tend to
busiest week of the earn- move in tandem with bond
ings reporting season got yields. Rising rates trans-
underway. late into bigger profits for
KEEPING SCORE: The S&P banks from credit cards,
500 index rose 4 points, or mortgages and other con-
0.2 percent, to 2,806 as of sumer loans. JPMorgan
1:30 p.m. Eastern Time. The Chase added 2.5 percent
Dow Jones Industrial Aver- to $114.03.
age added 12 points, or Trader James Dresch works on the floor of the New York Stock Exchange, Monday, July 23, 2018. CURRENCIES: The dollar fell
0.1 percent, to 25,070. The Associated Press to 111.43 yen from 111.52
Nasdaq gained 13 points, THE QUOTE: “Earnings are of its suppliers to refund a cause of bottlenecks in get- yen on Friday. The euro
or 0.2 percent, to 7,833. The coming in better than ex- portion of what the com- ting the oil and gas they’re weakened to $1.1700 from
Russell 2000 index of small- pected, but you’re not pany has already spent to producing to market. The $1.1726.
er-company stocks picked getting much of a reaction help it become profitable. drilling services company MARKETS OVERSEAS: In Eu-
up 3 points, or 0.2 percent, from the marketplace,” The plea raised questions also noted that the cost of rope, Germany’s DAX fell
to 1,700. The S&P 500, the said Tom Martin, senior about Tesla’s cash position, materials is rising. The situa- 0.1 percent while the CAC
market’s benchmark index, portfolio manager of Glo- which has dwindled follow- tion will stymie further price 40 in France slid 0.4 per-
is on a three-week winning balt Investments. “People ing some production issues. increases in the third quar- cent. The FTSE 100 index
streak. are biding their time.” JUST ONE SLICE: Papa ter, the company said. of leading British shares
EYE ON EARNINGS: A third SUDDEN EXIT: Fiat Chrysler John’s sank 9.2 percent to READY TO PLAY: Shares in declined 0.3 percent. Ma-
of the companies in the Automobiles slid 2.4 per- $46.86 after the pizza deliv- Hasbro surged 13.6 per- jor indexes in Asia finished
S&P 500 are set to report cent to $18.86 on news that ery company adopted a cent to $106.68 after the mixed.
second-quarter earnings CEO Sergio Marchionne shareholder rights plan to toy maker’s latest quar- Japan’s Nikkei 225 tumbled
this week. So far, corporate has been replaced unex- keep founder and ousted terly earnings topped Wall 1.3 percent and South Ko-
earnings have been gener- pectedly due to complica- chairman John Schnat- Street’s forecasts. Rival rea’s Kospi dropped 0.9
ally better than expected, tions from shoulder surgery ter from buying a major- Mattel also got a boost, percent. Hong Kong’s
reinforcing the underly- last month. ity stake. The company is climbing 4.4 percent to Hang Seng added 0.1 per-
ing perception in financial The FCA board on Sat- struggling to distance itself $16.68. cent to 28,256.12. Austra-
markets that the U.S. econ- urday named long-time from Schnatter, who re- ENERGY: Oil prices fell, lia’s S&P-ASX 200 fell 0.9
omy is performing strongly Jeep executive Mike Man- signed this month after his erasing gains from earlier percent to 6,227.60.q
and that the Federal Re- ley as CEO, accelerating a use of a racial slur during a
serve will raise interest rates transition that was planned media training session was
next month. for early next year. Boards revealed. Schnatter has
also named replacements since said his resignation
for Marchionne as Ferrari was a “mistake” and criti-
CEO and CNH Industrial cized the company’s han-
chairman. Shares in Ferrari dling of the incident.
fell 4.4 percent to $133.90, FRACKED: Halliburton
while CNH Industrial gave slumped 8.3 percent to
up 1.4 percent to $10.13. $41.47 after management
CASH QUESTIONS: Tesla skid- said in a conference call
ded 3.5 percent to $302.61 with analysts that some
after The Wall Street Journal customers are pulling back
reported that the electric on production, particularly
car maker has asked some in the Permian basin, be-