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BUSINESS Tuesday 10 sepTember 2019
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US stock indexes turn lower, giving up modest early gains

By ALEX VEIGA rose 2.4% and Bank of A mixed bag of economic
Associated Press America gained 2.9%. data has kept Wall Street
Major U.S. stock indexes The yield on the 10-year focused on central banks
veered lower in afternoon Treasury rose to 1.61% from and whether they will con-
trading Monday, giving 1.55% late Friday in a sign tinue taking measures to
back modest gains from that investors remain con- shore up economic growth.
earlier in the day. fident that the economy On Friday, Federal Reserve
Losses in technology and will continue growing. They Chairman Jerome Pow-
health care stocks out- also shifted money out of ell said the central bank
weighed gains in financials safe-play sectors like utilities doesn’t expect a recession
and other sectors as the and makers of consumer and will take necessary ac-
market pulled back after products. tions to maintain growth.
notching solid gains last Energy stocks climbed as Economists expect the Fed
week. the price of U.S. crude oil to cut interest rates when it
Payment processors helped rose 2.7%. Oilfield services meets next week.
weigh down the technol- company Schlumberger KEEPING SCORE: The S&P
ogy sector. Visa slid 2.9%, jumped 6%. 500 was down 0.2% as of In this Sept. 4, 2019, file photo trader Michael Milano works on
Mastercard fell 3.1% and The broader market is com- 1:34 p.m. Eastern time. The the floor of the New York Stock Exchange.
PayPal lost 3.9%. Drugmak- ing off two weeks of gains Dow Jones Industrial Aver- Associated Press
ers led the slide in health following a bout of volatil- age dropped 27 points, or and Britain’s potentially a $3.2 billion stake in the
care stocks. Merck fell 3.5% ity brought on by the trade 0.1%, to 26,770. The Nasdaq chaotic exit from the Euro- telecom company, sent a
and Abbott Laboratories war between the U.S. and fell 0.5%. Small-company pean Union weigh on inves- letter to AT&T’s board, not-
dropped 1.9%. China. Investors are still stocks did better than the tors. Stocks in Asia finished ing that its stock has badly
Rising bond yields gave hoping for a deal between rest of the market. The Rus- broadly higher. lagged the broader market
banks a boost. Lenders rely the two nations. They were sell 2000 rose 0.8%. CALLING FOR CHANGE: over the past 10 years and
on higher yields to set more encouraged last week by Major stock indexes in Eu- AT&T rose 2.5% after activist urged it to shed businesses
lucrative interest rates on news that talks will resume rope were mixed as eco- investment manager Elliott and trim costs. AT&T said it
loans. JPMorgan Chase in October. nomic growth concerns Management, which has will review the proposals.q

World Bank official in line for top job at IMF

By MARTIN CRUTSINGER executive officer of the of her selection, which
Associated Press World Bank, the IMF’s sister was orchestrated by a set
WASHINGTON (AP) — A top lending organization. of advanced European
World Bank official from Eu- Eswar Prasad, an econom- countries with the tacit sup-
rope is in line to head the ics professor at Cornell Uni- port of the U.S. still reeks
International Monetary versity and a former top of a global governance
Fund with the organization official at the IMF, said that system that is dominated
saying that there is only Georgieva “certainly has by advanced economics
one person nominated for strong credentials in the who put their interest first,”
the job. world of international fi- Prasad said.
Nominations are no lon- nance.” But he expressed Since the IMF and World
ger being accepted, the disappointment that the Bank were founded imme-
IMF said Monday, and the search for a new IMF direc- diately after World War II,
group’s executive board tor was not broadened to the IMF has always been
will conduct interviews In a Wednesday, March 7, 2018 file photo, World Bank Chief include more IMF’s mem- headed by a European
with Kristalina Georgieva Executive Officer Kristalina Georgieva speaks during a panel ber countries, including a while the World Bank has
of Bulgaria. Georgieva has at the European headquarters of the United Nations in Geneva, large group of developing always been led by an
Switzerland.
served since 2017 as chief Associated Press economies. “The process American.q