Page 24 - ARUBA TODAY

Thursday 1 June 2017 BUSINESS
A24

US stocks slide further as banks and energy companies sink

By MARLEY JAY Schutte, chief investment
AP Markets Writer strategist for Northwestern
NEW YORK (AP) — U.S. Mutual Management. “In
stock indexes edged low- the next couple of months
er for the second day in a we’re going to solve which
row Wednesday as a sharp is right: the bond market or
drop for banks and a rare the stock market.”
loss for technology compa- The Standard & Poor’s 500
nies canceled out gains for index lost 1.11 points, or
drugmakers and consum- less than 0.1 percent, to
er-focused companies. 2,411.80. The Dow Jones in-
Banks fell hard as execu- dustrial average dropped
tives from JPMorgan Chase 20.82 points, or 0.1 percent,
and Bank of America said to 21,008.65. The Nasdaq
their trading businesses composite fell 4.67 points,
are having a rough sec- or 0.1 percent, to 6,198.52.
ond quarter. An eight-day The Russell 2000 index of
winning streak for technol- small-company stocks
ogy companies ended. slipped 0.99 points, or 0.1
Energy companies fell with percent, to 1,370.21.
oil prices. Investors picked Banks skidded a day earlier
consumer-focused com- as bond yields dropped,
panies, drugmakers, and which hurts banks by forc-
high-dividend utilities and ing interest rates on loans Trader Michael Milano, center, works on the floor of the New York Stock Exchange. U.S. stock in-
household goods compa- lower. Yields were little dexes edged lower for the second day in a row Wednesday as a sharp drop for banks canceled
out gains for drugmakers and consumer-focused companies.
nies. The New York Stock changed Wednesday, but (AP Photo/Richard Drew)
Exchange was evenly split financial firms fell again
between gainers and los- as investors worried that Marianne Lake, JPMorgan that was because of low in- At a different industry event
ers. “The stock market has banks’ revenue from trad- Chase’s chief financial of- terest rates and remarkably Wednesday, Bank of Amer-
been strong and all the ing stocks, bonds and cur- ficer, said JPMorgan’s trad- low market volatility. ica CEO Brian Moynihan
while bond yields have rencies is going to weaken ing revenue is down about “There is not a lot to trade said second-quarter trad-
dropped during the year,” in the second quarter. 15 percent this quarter be- around,” she said. “People ing revenue will fall 10 per-
signaling caution about At a financial industry cause of a drop in fixed- have cash but no convic- cent compared to a year
the economy, said Brent conference in New York, income trading. She said tion.” ago.q
Investors press Exxon on disclosure of climate change impact

By DAVID KOENIG holders asked the oil giant The measure was ap- cent approval a year ago. requests and concerns
AP Business Writer to provide more informa- proved Wednesday by in- The vote was a defeat for of shareholders and the
DALLAS (AP) — Disregard- tion about the impact that vestors holding 62 percent Exxon and a victory for en- broader public,” Woods
ing the company’s oppo- climate-change policies of Exxon shares. A similar vironmentalists and large said.
sition, Exxon Mobil share- could have on its business. proposal earned 38 per- shareholders, who worry But backers of Wednes-
that measures to limit cli- day’s resolution, including
mate change could re- the Church of England’s
duce demand for fuels that endowment, said the com-
produce heat-trapping pany had resisted mean-
emissions when burned. ingful disclosure about the
The vote at the largest U.S. risks to its business. They
oil company was nonbind- hailed the vote as a break-
ing. Darren Woods, pre- through.
siding over his first annual New York state comptrol-
meeting since becoming ler Thomas DiNapoli called
CEO in January, could not it “an unprecedented vic-
say what the company’s tory” and a step toward a
board will do next. low-carbon economy. He
“We take the vote serious- said climate change was
ly,” Woods said. “We are a risk for Exxon’s core busi-
going to respond to that ness, “and the burden is
feedback.”Woods seemed now on the company to
to believe that Exxon had show that it is responsive to
done enough to fend off shareholder concerns.”
Wednesday’s defeat. The The resolution submitted
company and Woods per- by the New York state re-
sonally have endorsed the tirement fund asked the
Paris agreement on cli- company to analyze the
mate change. Exxon gave impacts on Exxon’s oil and
a board seat to a climate gas reserves and resources
scientist. The company is if fuel demand drops be-
working with dozens of uni- cause of policies aimed
versities on research into at limiting the increase in
biofuels and other subjects. global temperatures to 2
“We felt we were address- degrees centigrade above
ing the needs and the preindustrial levels. q