Page 24 - ARUBA TODAY

Wednesday 15 March 2017 BUSINESS
A24

Another drop for oil prices pulls stock indexes lower

cent. Brent crude, which is point. It would be only the
used to price international third increase since the Fed
oils, fell 43 cents to $50.92 slashed rates to a record of
per barrel in London. nearly zero in 2008 during
It’s the seventh straight de- the financial crisis.
cline in the price of oil. What investors are likely
Energy stocks in the S&P 500 more interested to hear is
fell 1.1 percent, the largest what Fed Chair Janet Yel-
loss among the 11 sectors len says about the pace of
that make up the index. future increases.
Marathon Oil fell 52 cents, The job market, stock prices
or 3.3 percent, to $15.32. and other economic indi-
Lower oil prices help to cators have picked up mo-
curb inflation, and bond mentum in recent months,
yields sank in tandem. The which raises expectations
yield on the 10-year Trea- for more increases.
sury note fell to 2.59 per- In the past, expectations
cent from 2.63 percent late for higher rates may have
Monday. spooked stock investors,
The 30-year yield sank to because more-expensive
3.18 percent from 3.21 per- borrowing can slow the
cent, economy. That’s not hap-
while the two-year yield pening this time.
Specialist Michael Pistillo works at his post on the floor of the New York Stock Exchange. Stock dipped to 1.37 percent “We’re in an environment
indexes sank Tuesday after yet another drop in the price of oil dragged down shares across the from 1.38 percent. now where the market is no
energy industry. Stocks of smaller compa- longer afraid of Fed hikes
(AP Photo/Richard Drew)
nies sank more than the because the perception
STAN CHOE the Federal Reserve, which Two stocks fell on the New rest of the market. now is the Fed is hiking for
AP Business Writer began a two-day policy York Stock Exchange for The Russell 2000 of small- the right reasons,” said Jon
NEW YORK (AP) — Stock meeting on interest rates. every one that rose. cap stocks lost 0.6 percent, Adams, senior investment
indexes sank Tuesday af- The Standard & Poor’s 500 The price of oil has been double the decline of the strategist at BMO Global
ter yet another drop in the index fell 8.02 points, or 0.3 slipping on concerns that S&P 500 index of the largest Asset Management.
price of oil dragged down percent, to 2,365.45. The supplies will outweigh de- stocks. As long as the economy
shares across the energy Dow Jones industrial aver- mand. When the Fed finishes its continues to improve and
industry. age fell 44.11, or 0.2 per- It’s dropped from nearly meeting on Wednesday, interest-rate hikes are only
Other areas of the market cent, to 20,837.37. The Nas- $55 per barrel in late Febru- most economists expect it gradual, analysts say stocks
saw modest losses as in- daq composite fell 18.97, ary to $47.72 on Tuesday, to raise interest rates by a can maintain their lofty
vestors wait to hear from or 0.3 percent, to 5,856.82. down 68 cents, or 1.4 per- quarter of a percentage heights. q

Toshiba mulls selling Westinghouse, delays earnings report

YURI KAGEYAMA was considering selling stake in Westinghouse and conference after the com- ed, reiterating apologies to
AP Business Writer its money-losing Westing- making a priority trying to pany won approval for a stakeholders.
TOKYO (AP) — Troubled house operations in the U.S. get the energy giant’s bat- second delay in reporting Toshiba had been sched-
Japanese nuclear and President Satoshi Tsunaka- tered results off its books. its earnings for October- uled to report earnings
electronics company Toshi- wa said the company was “We want to deal with this December. Tuesday, after delaying
ba Corp. said Tuesday it looking at selling its majority properly,” he said at a news “We are working on nur- the report due in February
turing our growth busi- because of auditing prob-
nesses to return to stable lems.
growth by fiscal years 2018 It now has until April 11 to
and 2019,” Tsunakwa add- produce the report.q