Page 24 - ARUBA TODAY 25

Saturday 25 March 2017 BUSINESS
A24

Stocks wobble, finish mixed as GOP nixes health bill Hiring rises in 11 US
states last month,

MARLEY JAY the market for most of this index finished down 1.98 more Americans unin- gains widely
AP Markets Writer week. It was the week run points, or 0.1 percent, at sured and would make big spread
NEW YORK (AP) — U.S. for stocks since the week 2,343.98. The Dow lost 59.86 changes to Medicaid, a
stocks flirted with sharp loss- before the presidential points, or 0.3 percent, to joint federal-state health CHRIS S. RUGABER
es but managed a mixed election. Banks and small- 20,596.72 as Goldman program for low-income AP Economics Writer
finish after Republicans company stocks, which Sachs and Boeing sank. Americans. WASHINGTON (AP) — Hir-
Those stocks fell when it was ing picked up in 11 states
introduced those stocks fell last month compared with
because investors were January and was mostly
concerned hospitals would unchanged in the other
have to take in more pa- 39, as stronger U.S. job
tients who lack insurance gains benefited most of
and that insurers would get the country. Still, pockets of
less money from Medicaid. weakness remained.
With the 2010 Affordable Job gains in February were
Care Act alive for another most robust in states out-
day, insurance companies side the coastal regions
slumped. that have fared the best
Cigna fell $3.36, or 2.3 per- since the Great Recession,
cent, to $142.82 and An- the Labor Department re-
them shed $2.63, or 1.6 per- port showed. The biggest
cent, to $126.77. gains, as a proportion of
With Trump and major- total jobs, were in Mon-
ity Republicans unable to tana, Nebraska, Arkansas,
pass the first big item on and New Mexico.
their agenda, there were Unemployment rates fell
some signs of concern that sharply in 10 states and
his proposals of tax cuts, in- rose significantly in Massa-
frastructure spending, and
Trader Gregory Rowe, center, and specialist Philip Finale, right, work on the floor of the New York chusetts, with little change
Stock Exchange. U.S. stocks flirted with sharp losses but managed a mixed finish after Republicans regulatory cuts will take lon- in the other 39.
canceled a vote on their health care bill. ger. Those are aspects of Hiring trends are more ap-
(AP Photo/Richard Drew) Trump’s proposed agenda parent when compared
Wall Street is excited about. with a year ago. In the past
canceled a vote on their made huge gains after Technology companies Vulcan Materials, a con- 12 months, job gains were
health care bill because Trump was elected, both inched higher and the Nas- struction materials maker, strongest, in percentage
it became clear the bill suffered their biggest losses daq composite rose 11.04 sank $2.65, or 2.3 percent, terms, in Idaho, Utah and
would fail. Investors didn’t in more than a year. points, or 0.2 percent, to to $112.74. Steel maker Nu- Nevada, all states in the
trade much as they wait- President Trump and other 5,828.74. The Russell 2000 cor declined $1.50, or 2.4 Mountain region.
ed for answers about the Republican leaders said index of smaller-company percent, to $59.76. Con- Idaho has added 24,500
state of President Donald they were moving on from stocks added 1.22 points, struction and machinery compared with a year ear-
Trump’s business-friendly health care, and Michael or 0.1 percent, to 1,354.64. companies also stumbled. lier. Hiring has been stron-
agenda. Scanlon, a portfolio man- Trading was relatively quiet, Engine maker Cummins gest in construction, finan-
For the second day in a row, ager for Manulife Asset which may have contribut- shed $1.45, or 1 percent, cial services, and in edu-
stocks started higher and Management, said inves- ed to the big fluctuations. to $150.77 and Boeing sank cation and health care.
wilted as it became clear tors will be glad if that hap- Hospitals and insurers that $1.44 to $175.82. Gains in Utah and Nevada
the health care bill was in pens. do a lot of business with Scanlon, of Manulife, said have been similarly wide-
trouble. The Dow Jones in- “You’re going to see a very Medicaid celebrated the investors want Trump and spread.
dustrial average plunged quick pivot to corporate demise of the bill. HCA Congress to come up with Other states that have
as much as 126 points in af- tax reform,” he said. A cor- Holdings, the largest U.S. a real proposal that chang- struggled in past have also
ternoon trading on reports porate tax cut could give hospital company, climbed es corporate taxes. done well in past year.
of the bill’s impending fail- stocks a large boost by in- $2.87, or 3.5 percent, to “Something needs to be Michigan has seen its pay-
ure, although Wall Street creasing profits, and it might $86.04 and Community done with a permanent so- rolls increase 1.9 percent
cut its losses after the vote also raise tax revenue. After Health Systems jumped 84 lution, not just one of these since February 2016. The
was canceled. Consumer- the close of trading, House cents, or 9.7 percent, to holiday things,” he said, be- gains have mostly been
focused companies like Speaker Paul Ryan said Re- $9.54. Among Medicaid- cause “the goal is to be a outside manufacturing,
Nike, Starbucks and cloth- publicans will proceed with focused companies, Cen- stimulus for domestic invest- with hiring up in construc-
ing company PVH rose. tax reform proposals, but tene and Molina Health- ment.” tion, professional services
The health care act be- acknowledged the health care each gained about 5 Bond prices rose slightly. The such as accounting, and
came something of a proxy care debacle will make percent. yield on the 10-year Trea- restaurants and hotels.
for the rest of the Trump that task more difficult. The American Health Care sury note fell to 2.41 per- Similar patterns are evident
agenda and it dominated The Standard & Poor’s 500 Act would likely have left cent from 2.42 percent.q in other formerly “Rust Belt”
states. Ohio and Pennsyl-
Kraft Heinz lays off 200 white-collar workers in Canada, US vania have seen solid job
gains in the past year. But
the increases have mostly
PITTSBURGH (AP) — Kraft government affairs,, says quartered in Pittsburgh 41,000 employees world- been outside manufactur-
Heinz Co. has laid off 200 the company is realigning and Chicago since the wide. ing. Pennsylvania has shed
white-collar workers in Can- its administrative functions Pittsburgh-based H.J. Heinz The workers being laid 4,500 factory jobs.
ada and the United States. to be more efficient. Co. and Kraft Foods Group off have all been notified Five states have lost jobs in
Michael Mullen, the com- The company didn’t say of Illinois merged two years and Mullen says the com- the past year: West Virginia,
pany’s senior vice presi- where the layoffs occurred. ago. pany appreciates their Oklahoma, North Dakota,
dent of corporate and Kraft Heinz is dually head- The company has about contributions.q Alaska, and Wyoming.q