Page 25 - ARUBA TODAY

BUSINESS Wednesday 29 March 2017
A25

US stock indexes close higher as consumer confidence gains

ALEX VEIGA percent, to 5,875.14.
AP Business Writer Bond prices edged lower.
Banks and other financial The 10-year Treasury yield
companies led U.S. stock rose to 2.42 percent from
indexes sharply higher 2.38 percent.
Tuesday, snapping an Since Donald Trump’s pres-
eight-day losing streak for idential election win last
the Dow Jones industrial November, investors have
average. been optimistic that the
The rally was broad, with administration would de-
materials and industrial liver on promises to slash
companies among the taxes, loosen regulations
biggest gainers. Energy for companies and institute
stocks notched a big gain other business-friendly poli-
as crude oil prices moved cies.
higher. Republicans’ failure to re-
The market got a boost peal the Affordable Care
from new data showing Act last week dashed some
that consumer confidence of that optimism, pulling
in the U.S. hit its highest lev- down stocks. But this week,
el since 2000. Republicans appear to be
Investor optimism that shifting their focus back on
Congress and the White tax cuts, among other is-
House are pivoting to tax Trader George Ettinger works on the floor of the New York Stock Exchange. Banks and other fi- sues.
cuts and other business- nancial companies led U.S. stock indexes sharply higher Tuesday, snapping an eight-day losing “The market is sort of in a
friendly policy propos- streak for the Dow Jones industrial average. (AP Photo/Richard Drew) holding pattern waiting
als after spending recent for additional clarity from
weeks focused on health the administration on cor-
care also helped send the porate tax reform,” said
market higher, said JJ Kina- ly, it seems like both sides The Dow rose 150.52 points, than five years. The Stan- Nadia Lovell, U.S. equity
han, chief market strategist of the aisle do want to get or 0.7 percent, to 20,701.50. dard & Poor’s 500 index strategist at J.P. Morgan
at TD Ameritrade. something done around The 30-company aver- added 16.98 points, or 0.7 Private Bank. “We do view
“The consumer confi- tax reform,” Kinahan said. age’s decline in the previ- percent, to 2,358.57. The the pivot away from health
dence number was really “That’s all the market is re- ous eight consecutive days Nasdaq composite index care reform on Friday as
good, but more important- ally hanging its hat on.” was its longest slide in more gained 34.77 points, or 0.6 an overall net positive.” q
FairPoint, Consolidated shareholders approve $1.5B merger

PATRICK WHITTLE officials said the merger will FairPoint would significantly There remain regulatory in the northern New Eng-
Associated Press enable “long-term growth” broaden its portfolio. hurdles for the two com- land states will hold hear-
PORTLAND, Maine (AP) — for the company. FairPoint has a fiber-based panies to clear before the ings in April and May on the
Shareholders of telecom- “Today our shareholders Ethernet network with merger can be finalized. merger.
munications companies voted overwhelmingly in about 18,000 miles of fiber FairPoint officials said they FairPoint officials said the
Consolidated Commu- favor of the merger bring- wires in northern New Eng- expect the transaction to companies are “securing
nications and FairPoint ing together two compa- land and is a major player be complete by the middle the necessary state and
Communications voted on nies to create one strong, in telecommunications in of the year. federal regulatory approv-
Tuesday to approve a pro- leading, business and the region. Public utilities commissions als” to close the deal.q
posed merger. broadband provider serv-
Consolidated announced ing 24 states,” said Bob
in December it was buy- Udell, president and chief
ing FairPoint for $1.5 billion, executive officer at Con-
assuming its debt and of- solidated Communica-
fering dividends to stock- tions.
holders. Shareholder vot- Consolidated said 98 per-
ing took place Tuesday at cent of its shareholders
Consolidated in Illinois and who voted were in support
at FairPoint in North Caro- of the merger, accounting
lina. for more than 70 percent
FairPoint, based in Char- of the company’s out-
lotte, North Carolina, is standing stock. FairPoint re-
a telephone and inter- ported that approximately
net provider that serves 96 percent of sharehold-
homes, businesses and ers who voted approved,
public institutions. The lion’s representing nearly 75 per-
share of FairPoint’s busi- cent of the company’s out-
ness is in Maine, New standing stock.
Hampshire and Vermont. Consolidated, based
The two companies em- in Mattoon, Illinois, pro-
phasized that shareholders vides business and broad-
resoundingly approved of band communications in
the merger. Consolidated 11 states. A merger with