Page 24 - ARUBA TODAY

Friday 3 March 2017 BUSINESS
A24

US stock indexes pull back from record highs; Oil falls

ALEX VEIGA corporation gave up $1.57,
AP Business Writer or 3.4 percent, to $44.96.
Banks and other financial The major stock indexes
companies led a slide in headed lower from the
U.S. stocks Thursday, eras- get-go early Thursday as
ing some of the gains from investors considered results
a day earlier, when index- from several companies
es soared to their latest re- that reported disappoint-
cord highs. ing earnings or forecasts.
Materials and industri- Kroger slid 4.3 percent af-
als companies also fell ter the supermarket opera-
sharply. Energy stocks de- tor said business conditions
clined along with the price in the first half of 2017 will
of crude oil. Utilities and remain difficult due to low
phone company stocks food prices. The stock fell
bucked the broader mar- $1.39 to $30.67.q
ket slide. Barnes & Noble tumbled
Investors mostly focused on 8.6 percent after the book
the latest batch of compa- seller reported weaker-
ny news and earnings re- than-expected earnings
ports. Traders had an eye and sales of its Nook e-
on the Federal Reserve book reader. The compa-
amid growing speculation ny also said business wors-
this week that the central Trader Jonathan Corpina calls out to a colleague as Snap Inc. makes its Wall Street debut on the ened in late January and
bank will raise interest rates floor of the New York Stock Exchange, Thursday, March 2, 2017. Banks and other financial compa- into the current quarter
again later this month. nies led a slide in U.S. stocks Thursday, erasing some of the gains from a day earlier. and forecast a bigger de-
“You have the market (AP Photo/Richard Drew) cline in sales at established
wondering if the economy more than the rest of the Fed President William Dud- Management. “In a slow- locations. Its shares slid 85
is in fact strong enough for market. The Russell 2000 in- ley said the case for raising growth, improving environ- cents to $9.05.
a rate hike at this point,” dex gave up 17.97 points, interest rates had gotten ment we think that’s favor- Shake Shack lost 2.6 per-
said Quincy Krosby, mar- or 1.3 percent, to 1,395.67. stronger. able for equities.” cent after the restaurant
ket strategist at Prudential The stock market was com- That’s helped fuel specula- Banks, which investors bid chain’s sales at established
Financial. “After the run-up ing off its biggest single-day tion that the central bank sharply higher Wednesday locations and its revenue
we had yesterday, this is a gain in nearly four months. will raise interest rates again on hopes that higher inter- outlook fell short of Wall
good excuse for the mar- Bond prices fell, pushing this month. est rates would help them Street’s forecasts. Its shares
ket to pause.” yields higher. The 10-year “While it’s plausible the earn more from lending, lost 95 cents to $35.17.
The Dow Jones industrial Treasury yield rose to 2.48 Fed lets the U.S. economy were the biggest losers Some companies fared
average lost 112.58 points, percent from 2.46 percent run hot before acting, the Thursday. better. Monster Beverage
or 0.5 percent, to 21,002.97. late Wednesday. economic backdrop, in Citizens Financial Group jumped 12.8 percent after
The Standard & Poor’s 500 Several Federal Reserve of- our view, warrants a Fed fell $1.54, or 3.9 percent, to the company’s latest quar-
index fell 14.04 points, or ficials, including Fed Chair hike in March,” said Terry $38.05, while Regions Finan- terly earnings and revenue
0.6 percent, to 2,381.92. Janet Yellen, are sched- Sandven, chief equity strat- cial slid 59 cents, or 3.7 per- exceeded Wall Street’s ex-
The Nasdaq composite in- uled to speak this week egist at U.S. Bank Wealth cent, to $15.32. Zions Ban- pectations. q
dex slid 42.81 points, or 0.7 ahead of their next policy
percent, to 5,861.22. meeting later this month. Snapchat parent delivers, rockets higher in Wall Street debut
Small-company stocks fell Earlier this week, New York

B. ORTUTAY close at $24.48 on Thurs- in turn, had created the
AP Technology Writer day. biggest stir since Facebook
NEW YORK (AP) — The com- The company had priced made its debut on Wall
pany behind Snapchat its initial public offering of Street in 2012. Twitter is now
closed on a high note in its 200 million shares at $17 valued at $11 billion, while
Wall Street debut, proof, at each on Wednesday. That Facebook is $395 billion.
least for a day, that there’s was above the expected Snap’s closing price Thurs-
investor demand for young range of $14 to $16. day valued the Los Ange-
but still unproven tech Snap’s IPO was one of les company at $34 billion.
companies. the most anticipated for Snapchat is best known for
Shares of Snap Inc. jumped a technology company disappearing messages
$7.58, or 44 percent, to since Twitter’s in 2013. That, and quirky face-filters for
jazzing up selfies. It’s popu-
lar with young people, but
growth has slowed in re-
cent months. That has in-
vestors wondering whether
the company will end up
more like Twitter, with its
troubles attracting users
and declining stock price,
or Facebook, with soaring
user numbers and stock
price.
Thursday’s surge on Wall
Street shows that there is