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Saturday 17 december 2016 BUSINESS
A24

Wholesale prices
Weak tech, bank stocks pull indexes back from record highs jump 0.4 percent,

STAN CHOE cent. The index remains Banks and other financial Among them was Chipo- most in 5 months
AP Business Writer close to its highest level in stocks fell in a rare off-day. tle Mexican Grill, which
NEW YORK (AP) — Falling 14 years. The sector has been cruis- jumped $9.72, or 2.5 per- C.S. RUGABER
technology and financial The yield on the 10-year ing since last month’s elec- cent, to $392.07. The res- AP Economics Writer
stocks pulled U.S. indexes Treasury likewise regressed tion on expectations that taurant chain said four new WASHINGTON (AP) — U.S.
back from the edge of re- a bit Friday, dipping to 2.59 higher interest rates will directors will join its board wholesale prices rose at
cord highs on Friday. Bond the fastest pace in five
yields gave up some of months in November,
their big gains from the last pushed higher by retailers’
few days, and the dollar profit margins and more
downshifted from its sharp expensive food. The La-
climb against other curren- bor Department said this
cies. week the producer price
The Standard & Poor’s 500 index, which measures
index fell 3.96 points, or 0.2 price changes before they
percent, to 2,258.07. It had reach the consumer, rose
wobbled up and down 0.4 percent last month. The
through the day, never ris- index is up 1.3 percent in
ing by more than 0.3 per- the past year, the most in
cent or falling by more than two years. That is still a low
0.3 percent. figure historically and sug-
The Dow Jones industrial gests overall inflation re-
average fell 8.83 points, mains tame.
or less than 0.1 percent, Excluding volatile food and
to 19,843.41. The Nasdaq energy prices, wholesale
composite fell 19.69, or 0.4 prices rose 0.4 percent last
percent, to 5,437.16 after month and 1.6 percent in
climbing above its record the past year. November’s
closing level earlier in the jump was mostly caused
day. All three indexes re- John Panin, right, and Thomas Facchine work on the floor of the New York Stock Exchange, Friday, by a big increase in ser-
main within 1 percent of Dec. 16, 2016. Major U.S. stock indexes ended slightly lower after an early gain faded away. vices prices, specifically
their record highs. (AP Photo/Richard Drew) profit margins for clothing
Friday’s moves close a stores, gas stations, jewelry
week where stocks slowed percent from 2.60 percent boost their profits. as part of an agreement and shoe stores. Food pric-
their sharp ascent since last late Thursday. It’s still near Financial stocks in the S&P with activist investor Bill es increased 0.6 percent,
month’s presidential elec- its highest level since 2014. 500 fell 0.9 percent. Bank of Ackman’s Pershing Square. pushed higher by more ex-
tion, and bond yields and Friday’s drop in yields America fell 50 cents, or 2.2 Jabil Circuit rose $2.58, or pensive fruits and melons.
the dollar continued their helped drive stocks that percent, to $22.66, and Re- 12 percent, to $24.15 after Energy costs fell 0.3 per-
big gains. pay big dividends higher. gions Financial fell 32 cents, reporting stronger earnings cent, as wholesale gaso-
A driving force was the They often trade in the op- or 2.2 percent, to $14.20. for its latest quarter than line costs dropped 2.9
Federal Reserve’s move on posite direction of interest Technology stocks in the analysts expected. percent. That suggests gas
Wednesday to raise inter- rates on expectations that S&P 500 fell 0.8 percent. Big gains since last month’s costs could dip in the com-
est rates for only the sec- income investors will buy Software giant Oracle fell election mean stocks gen- ing weeks. But oil prices
ond time in a decade and them when bond yields $1.76, or 4.3 percent, to erally are more expensive have jumped in the wake
indicate several more in- are dropping. Those sec- $39.10 after reporting rev- relative to their earnings, a of a deal to restrain pro-
creases may be in store for tors had struggled in recent enue for its latest quarter key gauge investors use to duction by oil-producing
2017. days. that fell short of analysts’ measure whether the mar- nations, making any relief
The dollar gave back a Utility stocks and real-estate expectations. ket is overpriced. at the pump likely to be
smidgen of its gains on investment trusts both rose Despite drops for the S&P The S&P 500 is trading at short-lived. The report adds
Friday. The ICE U.S. Dol- 1.2 percent on Friday, the 500 and other indexes, about 19 times its earn- to recent signs that inflation
lar index, which measures largest gains among the 11 more stocks rose on the ings per share over the last is firming a bit as Americans
the dollar against six other sectors that make up the New York Stock Exchange 12 months, according to pay more for housing and
currencies, dipped 0.2 per- S&P 500. than fell. FactSet.q medical care. Consumer
Hiring rises at robust pace in 9 US states last month prices, which are mea-
sured separately, rose 1.6
percent in October from a
C. S. RUGABER ing 29,600 jobs, followed occurred because more people working or looking year earlier.
AP Economics Writer by Indiana, which gained Americans stopped look- for work has fallen. That is below the Federal
WASHINGTON (AP) — Em- 13,100 jobs, and South Car- ing for work and were no New Hampshire and South Reserve’s target of 2 per-
ployers stepped up their olina, with 12,500. longer counted as unem- Dakota had the lowest cent, but still the largest
hiring in nine U.S. states last The largest drops in unem- ployed. unemployment rates last gain since October 2014.
month and cut jobs in two ployment rates last month The government only con- month, at 2.7 percent Consumer inflation, ex-
amid modest improvement occurred in Connecticut, siders people unemployed each. cluding food and energy,
in the nation’s labor mar- Massachusetts and Mis- if they are actively hunting Alaska and New Mexico is up 2.1 percent in the past
ket. souri, each of which saw a for jobs. had the highest rates, at 6.8 year.
The Labor Department said decline of 0.4 percent. While the United States percent and 6.7 percent, Signs of slightly higher in-
Friday that unemployment Nationwide, has added 15.4 million respectively. flation are one reason the
rates fell sharply in 18 states the unemployment rate jobs since hiring bottomed Two states lost a significant Federal Reserve is wide-
and were little changed in fell to a nine-year low of out in February 2010, a big number of jobs last month: ly expected to raise its
32 states. 4.6 percent last month, as reason the jobless rate has Virginia, which shed 13,600, benchmark short-term in-
Florida reported the largest employers added 178,000 fallen since then has been and Colorado, which lost terest rate on Wednesday
job gain in November, add- jobs. But much of the drop because the number of 12,500.q for the first time in a year. q