Page 25 - aruba-today-20181117

BUSINESS Saturday 17 November 2018
A25

Retailers, tech companies weigh on US stock market; Oil up

By ALEX VEIGA Myers Squibb gained 1.3
Associated Press percent to $53.96.
U.S. stock indexes turned IN STRIDE: Shoe Carnival
mostly lower in afternoon climbed 3.4 percent to
trading Friday, placing the $38.36 after the company
market on course to end reported earnings that
the week with sharp loss. were much higher than
Stocks briefly rallied after analysts were forecasting.
President Donald Trump ex- ENERGY: Oil prices headed
pressed optimism that the higher, adding to gains
U.S. and China will reach a from a two-day winning
deal to resolve their costly streak. Benchmark U.S.
trade dispute, but the gains crude oil rose 0.5 percent
quickly faded. The remarks to $56.73 a barrel in New
came as representatives York. Brent crude, used
of both countries have re- to price international oils,
sumed talks. gained 0.6 percent to
Losses in large retailers $66.96 a barrel in London.
and technology compa- Despite the latest uptick,
nies outweighed gains by U.S. crude oil is still down
health care companies, about 13.3 percent for the
energy stocks and utilities. month.
Energy companies rose The pickup in oil prices
along with the rice of U.S. In this Nov. 8, 2018, file photo traders Eric Schumacher, left, and Richard Deviccaro work on the helped lift energy stocks.
crude oil. floor of the New York Stock Exchange. Helmerich & Payne rose 2
KEEPING SCORE: The S&P Associated Press percent to $61.24.
500 index slipped 1 point, Stocks snapped higher af- ping and Trump, China's tial financial hit that PG&E BOND YIELDS: Bond prices
or 0.1 percent, to 2,728 as ter the remarks were re- Commerce Ministry said faces from the devastating rose.
of 1:40 p.m. Eastern Time. ported, with the Dow brief- Thursday. wildfire in Northern Califor- The 10-year Treasury fell to
The Dow Jones Industrial ly jumping as much as 220 CRYPTO FALLOUT: Shares in nia, which started Nov. 8 3.08 percent from 3.11 per-
Average gained 58 points, points, before pulling back technology stocks skidded, and has killed at least 56 cent late Thursday.
or 0.2 percent, to 25,348. to about where they were led by Nvidia. The chip- people. CURRENCIES: The dol-
The Nasdaq composite lost beforehand.The Trump ad- maker plunged 19.3 per- RETAIL RATTLED: Nordstrom lar fell to 112.76 yen from
42 points, or 0.6 percent, to ministration has imposed a cent to $163.28 after saying cratered 14.4 percent to 113.58 yen on Thursday.
7,216. The Russell 2000 index 10 percent tariff on $200 bil- it had a large number of $50.51 after the depart- The euro strengthened to
of smaller companies gave lion of Chinese goods over unsold chips because of a ment store issued weak $1.1417 from $1.1348. The
up 4 points, or 0.3 percent, complaints Beijing steals or big drop in mining of cryp- guidance for the full year. pound rose to $1.2833 from
to $1,519. The stock indexes pressures foreign compa- tocurrencies. That disappointing outlook $1.2791.
were on course end the nies to hand over technol- SHIELDED? Troubled Califor- overshadowed the com- OVERSEAS: Major Euro-
week with a hefty loss. ogy as the price of market nia power provider PG&E pany's third-quarter results, pean stock indexes were
US-CHINA TRADE: Inves- access. That tariff is set to surged 37.2 percent to which topped Wall Street's subdued as trade tensions
tors appeared to draw rise to 25 percent in Janu- $24.34 after the president estimates. and political risks surround-
some encouragement ary. Another $50 billion of of the utility's state regula- UNDERCOOKED: Williams- ing Britain's exit from the
from Trump's remarks at Chinese goods already is tor said it was essential for Sonoma tumbled 12.6 per- European Union kept in-
the White House Friday. subject to 25 percent du- a power company to have cent to $52.92 after the vestors cautious. Germa-
Speaking about the linger- ties. Beijing has responded the financial strength to cookware seller said prod- ny's DAX lost 0.1 percent
ing trade dispute, the presi- with penalty duties on $110 operate safely. The remark ucts were delayed be- and France's CAC slid 0.2
dent said he hoped the U.S. billion of American goods. late Thursday by Califor- cause of shipping conges- percent. Britain's FTSE 100
could make a deal with Washington and Beijing nia Public Utilities Com- tion out of China ahead of gave up 0.3 percent.
China. resumed talks over their mission President Michael U.S. tariffs. In Asia, Japan's Nikkei 225
"I think a deal will be made," spiraling trade dispute this Picker appeared to reas- FEELING GOOD: Health index lost 0.6 percent while
Trump said. "We'll find out week ahead of a meeting sure investors that regula- care stocks were among the Hang Seng in Hong
very soon." between President Xi Jin- tors might limit the poten- the biggest gainers. Bristol- Kong added 0.3 percent.
South Korea's Kospi rose 0.2
Hong Kong economy cools as trade tension mounts percent.q

Associated Press months ending in Septem- pean and Asian trading targeted by U.S. President
HONG KONG (AP) — Hong ber, down from the previ- partners, the government Donald Trump's tariffs on
Kong's economic growth ous quarter's 3.5 percent, said. It said the U.S.-Chi- Chinese goods in a dis-
sank to a two-year low in government data showed nese tariff dispute is weigh- pute over technology poli-
the latest quarter and the Friday. ing on global trade and cy. But as a major port that
government warned it will Measured quarter-on- investment sentiment. serves Chinese exporters, it
face headwinds from U.S.- quarter, activity expand- "The impacts on Hong is exposed to any weaken-
Chinese trade tension, ed by 0.1 percent over Kong's external trade have ing of foreign demand.
weakening global de- the three months ending begun to surface, and are Exports rose 5 percent
mand and higher interest in June, rebounding from likely to become more ap- over a year earlier but
rates. that quarter's 0.2 percent parent in the near term," growth decelerated in
The Chinese territory's eco- contraction. said chief government September as the impact
nomic output expanded Hong Kong faces "increas- economist, Andrew Au, in of the tariff conflict "be-
by 2.9 percent over a ing downside risks" due to a statement. gan to surface," said Au's
year earlier in the three slowing growth in its Euro- Hong Kong isn't directly statement.q