Page 25 - ARUBA TODAY

BUSINESS Friday 26 May 2017
A25

Retailers help send indexes to records on 6th day of gains

By MARLEY JAY Guess, Abercrombie &
AP Markets Writer Fitch and Burlington Stores
NEW YORK (AP) — U.S. also made substantial
stocks climbed for the sixth gains. Amazon rose $13.03,
day in a row Thursday as or 1.3 percent, to $993.38.
strong first-quarter results Its stock peaked at $999
from retailers like Best Buy during the day.
and PVH led indexes to A group of 24 countries
record highs. That offset including OPEC members
weakness in energy stocks and Russia said they will ex-
caused by a plunge in oil tend their production cuts
prices. for nine months in an effort
Stocks are on their longest to shore up oil prices. That
winning streak in three was what most analysts
months as retailers, tech- expected, but investors
nology companies, house- appeared to have gotten
hold products compa- their hopes up for a lon-
nies and health care firms ger extension. And while
made large gains. oil prices have rallied over
The Nasdaq composite the last few weeks, experts
joined the Standard & were skeptical that the
Poor’s 500 in setting record deal will do much to boost
highs. While retailers that prices.
run stores jumped, their Traders Gregory Rowe, left, and William Lawrence work on the floor of the New York Stock Ex- Benchmark U.S. crude
change. U.S. stocks climbed for the sixth day in a row Thursday as strong first-quarter results from
online rival Amazon also retailers like Best Buy and PVH led indexes to record highs. lost $2.46, or 4.8 percent,
made a sizable gain as its (AP Photo/Richard Drew) to $48.90 a barrel in New
stock price approached York and Brent crude, the
$1,000 for the first time. The Dow Jones industrial up just 0.88 points, or 0.1 cent, to $61.25. PVH, the international standard, fell
Kate Warne, an investment average gained 70.53 percent, to 1,383.39. owner of brands including $2.50, or 4.6 percent, to
strategist for Edward Jones, points, or 0.3 percent, to Electronics retailer Best Calvin Klein and Tommy $51.46 a barrel in London.
said she doesn’t think Thurs- 21,082.95. The Nasdaq Buy soared after it issued Hilfiger, climbed $4.94, or Oilfield services company
day’s retail earnings are a composite jumped 42.23 a strong first-quarter re- 4.8 percent, to $106.98 af- Schlumberger sagged
sign that business for tra- points, or 0.7 percent, to port, including better sales ter it raised its annual fore- $1.97, or 2.8 percent, to
ditional retailers is getting 6,205.26, above the record of mobile devices and casts in the wake of its own $69.39 and Marathon Oil
better. it notched last week. The gaming products. Its stock strong report. dropped $1.03, or 7.1 per-
“It’s probably not some- Russell 2000 index edged gained $10.83, or 21.5 per- Other retailers including cent, to $13.50. q
thing investors should take
as a sign of improvement in US jobless claims rose slightly to 234,000 last week
the retail landscape,” she
said. “Consumer spend-
ing is actually strong, but WASHINGTON (AP) — Slight- have been below 300,000, output and home sales are annual rate in the first three
consumers are spending ly more people sought U.S. a historically low figure, for strong, boosting the econ- months of the year, the
in places other than tradi- unemployment benefits 116 weeks. That’s the lon- omy after it barely expand- weakest showing in three
tional retailers.” last week, but jobless claims gest such streak since 1970. ed in the first three months years. Yet economists fore-
Small companies were remained at historically low The number of people re- of the year. cast that growth will pick
mostly left out of the ral- levels. ceiving aid fell to 1.8 mil- KEY DRIVERS: Hiring has re- up in the second quarter to
ly, however. And even THE NUMBERS: Applications lion, compared with 2 mil- mained steady, despite the roughly 3 percent.
though OPEC and a group for weekly unemployment lion in the same week last first quarter’s slow growth. Americans are buying
of other oil-producing na- aid rose 1,000 to 234,000, year. The figure has fallen Employers added 211,000 homes at a solid clip and
tions extended their cuts in the Labor Department said 11 percent in the past year. jobs in April as the unem- are spending more at res-
production, the price of oil Thursday. The four-week THE TAKEAWAY: The ultra- ployment rate fell to a 10- taurants and online retail-
fell almost 5 percent and average, a less volatile fig- low figures add to evidence year low of 4.4 percent. This ers. Industrial production
energy companies took ure, fell 5,750 to 235,250. that companies are hold- year, the job gains have av- — output from factories,
steep losses. That’s the lowest level since ing onto workers and hiring eraged 185,000 a month — mines and utilities —
The Standard & Poor’s 500 April 14, 1973. at a steady pace. Ameri- the same pace as in 2016. jumped 1 percent in April,
index rose 10.68 points, or Applications are a close cans are spending more, The economy expanded the biggest gain in more
0.4 percent, to 2,415.07. indication for layoffs. They factories have cranked up by just 0.7 percent at an than three years.q