Page 25 - ARUBA TODAY

BUSINESS Thursday 20 april 2017
A25

Wage worries sink stocks late; energy sector and IBM skid

Mutual Wealth Manage- after a late gain a day ago.
ment. “People are looking Oil prices slumped after
for evidence that these the Energy Information Ad-
confidence numbers are ministration said U.S. crude
translating into actual ac- inventories didn’t shrink as
tions and the Beige Book much as investors hoped
showed that over the last they would last week, and
couple of months it’s been the EIA says the stockpiles
more of the same.” are larger than normal for
The Standard & Poor’s 500 this time of year. Bench-
index finished down 4.02 mark U.S. crude lost $1.97,
points, or 0.2 percent, at or 3.8 percent, to $50.44 a
2,338.17. It rose as much as barrel in New York. Brent
10 points, or 0.4 percent, crude, used to price inter-
earlier. The Dow lost 118.79 national oils, fell $1.96, or
points, or 0.6 percent, to 3.6 percent, to $52.93 per
20,404.49. Half of the blue- barrel in London.
chip index’s losses came All 34 energy companies
from IBM, which reported on the S&P 500 finished
weaker-than-expected lower. Chevron $1.45, or
sales in the first quarter. 1.4 percent, to $104.23 and
The Nasdaq composite Marathon Oil sank 68 cents,
rose 13.56 points, or 0.2 per- or 4.3 percent, to $15.06.
Trader James Dresch, left, works on the floor of the New York Stock Exchange. U.S. stocks gave cent, to 5,863.03 as health Schutte, of Northwestern
up a promising start and finished mostly lower Wednesday as investors continued to worry about
lagging wages and energy companies dropped with the price of oil. care companies climbed. Mutual Wealth Manage-
(AP Photo/Richard Drew) And there were signs of op- ment, said faster wage
MARLEY JAY results from auto and indus- mid-March into early April timism about the economy growth will show up even-
as well. The Russell 2000 tually even if monthly and
AP Markets Writer trial parts distributor Genu- and pay improved for index, which is made up quarterly reports are un-
NEW YORK (AP) — U.S. ine Parts sent car makers some workers. of smaller companies that even. As wages rise and
stocks gave up a promis- and suppliers higher. But investors have been tend to be more U.S.-fo- people spend more mon-
ing start and finished mostly The gains began to fade wondering when rising sta- cused, added 5.24 points, ey, he thinks the economy
lower Wednesday as in- around noon as oil prices tistics like consumer confi- or 0.4 percent, to 1,367.13 will keep growing.q
vestors continued to wor- and energy companies dence will start to turn into
ry about lagging wages sagged. The losses accel- better pay and greater
and energy companies erated after the mid-after- spending.
dropped with the price of noon release of the Federal “Show me where those
oil. Reserve’s “Beige Book” sur- numbers are translating
Stocks climbed early on as vey of economic condi- into something more than
a solid quarter from Morgan tions. just feelings,” said Brent
Stanley revived optimism The Fed said economic Schutte, chief investment
about banks, and strong growth continued from strategist for Northwestern

Exxon plans multi-billion dollar Texas plant

PORTLAND, Texas (AP) — Corp. nents used to make plastic
Exxon Mobil Corp. and a The plant will be built in bottles and other items.
Saudi partner have agreed Portland, just north of Cor- Exxon has been working
to build a multibillion-dollar pus Christi, on roughly with local officials. The proj-
petrochemical plant near 1,300 acres (526 hectares). ect has received state and
the Texas coast. Exxon officials have said it’ll local tax incentives, in-
Texas Gov. Greg Abbott be among the largest eth- cluding a $1.2 billion pack-
on Wednesday formally ane steam cracker plants age approved last month
announced the venture in the world. by the Gregory-Portland
involving Exxon and Sau- The plant, set to open in school district board.
di Arabia Basic Industries 2024, will produce compo-