Page 25 - aruba-today-24dec-2016

BUSINESS Saturday 24 december 2016
A25

US stocks inch higher in slow pre-holiday trading

MARLEY JAY that little activity was in
AP Markets Writer October 2015.
NEW YORK (AP) — Wall Lockheed Martin fell after
Street traders sometimes Trump said on Twitter that
root for year-end “Santa Lockheed’s F-35 fighter
Claus rallies,” but on Fri- jet costs too much and
day, hardly a creature was that he has asked Boeing
stirring as stocks finished to “price-out” a compa-
slightly higher on the qui- rable F-18 jet. Trump com-
etest full day of trading in plained earlier this month
more than a year. Health about the costs of the F-35,
care companies brought which brought in about 20
in most of the gains. percent of Lockheed’s rev-
Major U.S. indexes stayed enue last year. Lockheed
in a narrow range through- gave up $3.21, or 1.3 per-
out the day. Drugmakers cent, to $249.59.
and other companies in This month Trump also criti-
health care did the best, cized Boeing for the cost of
while retailers continued to the next Air Force One. The
take small losses just before presidential jet is far less sig-
the holiday. Energy com- nificant for Boeing than the
panies also slipped, and F-35 is for Lockheed, how-
they took their first weekly ever, and Boeing shares
loss since the beginning of Stock trader Gregory Rowe follows stock information on electronic screens as he wears a “DOW were only briefly affected.
November. The Dow Jones 20,000” hat at the New York Stock Exchange. Wall Street traders sometimes root for year-end Sullivan, of Seaport, said
industrial average, how- “Santa Claus rallies,” but on Friday, hardly a creature was stirring as stocks finished slightly higher Trump’s tweets are a new
on the quietest full day of trading in more than a year.The Dow Jones industrial average is still just
ever, rose for the seventh a few points below the 20,000 mark. type of bad publicity for
week in a row. (AP Photo/Mark Lennihan) defense companies. But
Defense contractor Lock- even if the President-elect
heed Martin fell after Pres- periodically criticizes the
ident-elect Donald Trump who covers aerospace points, or 0.1 percent, to far better, as the Russell companies in public, inves-
again tweeted that the and defense companies. 19,933.81. The Standard & 2000 climbed 8.85 points, tors are still optimistic about
company’s F-35 fighter jet “You’re seeing the nega- Poor’s 500 index gained or 0.6 percent, to 1,371.51. their prospects under his
costs too much. The stock tive portion of the nego- 2.83 points, or 0.1 per- Fewer than 2 billion shares administration. If Trump
is down almost 6 percent tiation in public where pri- cent, to 2,263.79. The Nas- changed hands on the builds up the U.S. nuclear
this month. vately they may be more daq composite rose 15.27 New York Stock Exchange. arsenal, as he proposed
“This is a negotiating tac- constructive.” points, or 0.3 percent, to That’s barely half the vol- doing in a tweet Thursday,
tic,” said Josh Sullivan, a The Dow Jones industrial 5,462.69. ume of an average day. that would also involve
Seaport Global analyst average picked up 14.93 Small-company stocks did The last full trading day with more military spending. q

Fred’s, a small drugstore chain,

may become a national player

NEW YORK (AP) — Fred’s, 1947, sells cosmetics, food
a small regional drugstore and runs about 370 phar-
chain from Memphis, Ten- macy departments within
nessee, has had a very its stores. Fred’s lost money
good week. in the past two fiscal years,
It all started Tuesday, when and had been in the pro-
Fred’s said it would pay cess of closing stores that
$950 million to buy 865 weren’t performing well. Its
stores that Rite Aid needed revenue last year was $2.2
to sell in order to appease billion, compared to Wal-
anti-trust regulators and greens’ $117.4 billion and
close its $9.4 billion buyout Rite Aid’s $30.7 billion.
deal with Walgreens Boots Fred’s said buying the Rite
Alliance Inc. Aid stores will turn it into a
The deal will more than “national competitor,” pos-
double Fred’s current store sibly helping it expand out-
count of 650. CEO Michael side of the Southeast. More
Bloom called it a “transfor- than half of Fred’s stores
mative event” for the com- are in Mississippi, Georgia,
pany. Tennessee or Alabama.
Fred’s stock has soared Rite Aid’s 4,600 stores are
since, rising about 75 per- spread out around the
cent this week, its biggest country, but its biggest
one-week gain since its presence is along the
shares began trading near- coasts, in states such as
ly 25 years ago. California, New York and
The company, founded in New Jersey.q