Page 12 - ARUBA BANK 21 APRIL 2017

Friday 21 april 2017 BUSINESS
A24

US stocks rally again as banks and industrial companies rise

MARLEY JAY jobs and reorganizing af-
AP Markets Writer ter it hired Hunter Harrison,
NEW YORK (AP) — U.S. former head of Canadian
stocks climbed Thursday Pacific, as its new CEO last
as industrial companies, month. The company also
banks, technology and said it will buy back more
materials firms and energy stock and raise its dividend.
companies all rallied. A CSX stock jumped $2.65, or
strong day of corporate 5.6 percent, to $49.58.
results left investors feeling Railroads and transporta-
better about the econo- tion companies like truck-
my. ing companies and airlines
For more than a week in- rose. Industrial companies
vestors have been poring were among the top per-
through company earn- formers Thursday.
ings for signs the econo- Sherwin-Williams raised
my is growing at a faster its profit guidance for the
pace, and on Thursday year as paint sales jumped
they felt they found it. Rail- and prices increased. The
road operator CSX gave stock added $12.48, or 4
transportation companies percent, to $324.02. That
like railroads and airlines helped basic materials
a big boost while Sherwin- Specialist Patrick King works at his post on the floor of the New York Stock Exchange. U.S. stocks companies. So did steel
Williams raised its annual climbed Thursday as industrial companies, banks, technology and materials firms and energy maker Nucor, which rose
projections and helped companies all rallied. $2.73, or 4.7 percent, to
basic materials makers go (AP Photo/Richard Drew) $60.35 after its first-quarter
higher. results were stronger than
It’s still early in this round of But for the most part ex- stronger growth and bigger ances on their cards. The expected. Verizon dipped
earnings reports and a few perts and investors are en- profits. stock gained $4.47, or 5.9 53 cents, or 1.1 percent, to
high-profile companies couraged by what they’re “The major takeaway so percent, to $80.02. SLM, $48.41 as it lost wireless cell-
have disappointed Wall hearing. They say com- far to earnings season is the the parent of the student phone subscribers and its
Street this week, so stocks panies feel good about CEOs are still saying we’re lender Sallie Mae, reported profit dropped 20 percent.
have wobbled recently. the economy and expect poised for growth,” said much stronger revenue That helped push other
J.J. Kinahan, chief market than expected and its telecom companies lower.
strategist at TD Ameritrade. stock climbed $1.17, or 10.1 Other stocks that pay big
“Last quarter was sort of percent, to $12.70. Citizens dividends also fell. Utili-
the first time we heard this Financial rose $1.05, or 3.1 ties, companies that make
theme.” percent, to $35.27 after its and sell household goods,
The Standard & Poor’s 500 report. and real estate invest-
index advanced 17.67 “The banks are the shining ment trusts also declined
points, or 0.8 percent, to star” so far, Kinahan said, as bond yields rose. That
2,355.84. The Dow Jones although he speculated made the stocks less ap-
industrial average rose that Goldman Sachs had a pealing to investors seek-
174.22 points, or 0.9 per- down quarter because it’s ing income.
cent, to 20,578.81. lost several top executives Bond prices fell further. The
The Nasdaq composite to the Trump administra- yield on the 10-year Trea-
gained 53.74 points, or 0.9 tion. sury note rose to 2.23 per-
percent, to an all-time high Railroad company CSX an- cent from 2.22 percent.
of 5,916.78. The Russell 2000 nounced a bigger profit Equipment rental compa-
index of smaller-company and more revenue than ny United Rentals flopped
stocks added 17.02 points, Wall Street expected in the after its sales fell far short
or 1.2 percent, to 1,384.15. first quarter. CSX also said of expectations. The com-
American Express had restructuring and spending pany said rental rates are
a solid first quarter as its cuts will increase its profit by still somewhat weak, and
credit card members spent about 25 percent this year. its stock lost $6.21, or 5.2
more and kept bigger bal- The company is cutting percent, to $113.24.q