Page 24 - ARUBA TODAY

Thursday 30 March 2017 BUSINESS
A24

US stock indexes close mostly higher as oil shoots up

ALEX VEIGA ings news. Investors bid up
AP Business Writer shares in several compa-
U.S. stock indexes closed nies that posted solid quar-
mostly higher Wednesday terly results or outlooks.
after a sharp increase in RH, formerly Restoration
crude oil prices helped Hardware, climbed 14.9
drive market-leading gains percent a day after the
for energy companies. home furnishings and de-
Banks and other financial cor retailer reported stron-
stocks declined the most as ger earnings. It added
bond yields headed lower, $5.68 to $43.68.
which translates into lower Verint Systems jumped 10
interest rates on loans and percent after the software
lower profits for banks. company reported better-
The Dow Jones industrial than-expected quarterly
average ended in the results. Verint also said dur-
red, while the Standard & ing a management con-
Poor’s 500 index and Nas- ference call with analysts
daq composite eked out that it is possible that at
modest gains. Two stocks some point it will split itself
rose for every one that fell into two businesses, but
on the New York Stock Ex- noted it has no plans now
change. to do that. Verint’s stock
“After yesterday’s bounce Trader Andrew Silverman, left, works on the floor of the New York Stock Exchange, Wednesday, rose $3.95 to $43.50.
back, you’re seeing a little March 29, 2017. U.S. stock indexes closed mostly higher Wednesday after a sharp increase in Traders also welcomed
crude oil prices helped drive market-leading gains for energy companies.
sideways action today,” (AP Photo/Richard Drew) news of other corporate
said Jeff Zipper, managing deals.
director at the Private Cli- lied on news that U.S. con- dex climbed 5.5 percent in vember. But some of that Exar surged 22.3 percent
ent Reserve of U.S. Bank. sumer confidence reached February to 112.3, its high- investor optimism dimmed after MaxLinear agreed
The S&P 500 index added its highest level since 2000, est point since April and its in recent weeks after the to buy the chipmaker for
2.56 points, or 0.1 percent, the market got another second-highest point since Trump administration’s bid $13 per share, or $662 mil-
to 2,361.13. The Dow fell dose of encouraging eco- 2006. to pass a bill intended to lion. Shares in Exar gained
42.18 points, or 0.2 percent, nomic data Wednesday. Investors are hoping that begin repealing the Afford- $2.37 to $12.99. MaxLinear
to 20,659.32. The Nasdaq The National Association of Congress and the White able Care Act failed to win rose $1.55, or 5.8 percent,
composite index gained Realtors said more people House will enact tax cuts enough votes. to $28.06.
22.41 points, or 0.4 percent, signed contracts to buy and other business-friendly “It’s really wait-and-see Some companies’ quar-
to 5,897.55. U.S. homes last month as policy proposals promised with the focus back on terly report cards failed to
Bond prices rose. The 10- warm weather and rising by President Donald Trump Washington and tax re- impress traders.
year Treasury yield fell to confidence appeared to during his campaign. form,” Zipper said. Dave & Buster’s Entertain-
2.39 percent from 2.42 per- encourage consumers to Those expectations helped Outside of Washington, in- ment fell 3.4 percent after
cent. look for houses. The NAR’s lift the market in the weeks vestors had their eye on the arcade and restaurant
A day after Wall Street ral- pending home sales in- after the election last No- the latest company earn- chain announced disap-
pointing sales at older lo-
cations. The stock gave up
Cenovus buying most of ConocoPhillips’s Canadian assets $2.10 to $60.09.
Depomed slid 3.1 percent
CALGARY, Alberta (AP) pay $17.7 billion Canadian assets. Royal Dutch Shell earlier after the drugmaker issued
— Cenovus Energy an- (US$ 13.2 billion) for most of Houston-based Cono- this month sold most of its disappointing first-quarter
nounced Wednesday it will ConocoPhillips’ Canadian coPhillips is the latest com- oil sands holdings to Ca- sales guidance and re-
pany to reduce exposure nadian Natural Resources placed its CEO and two
to Canada’s oil sands — Ltd. Shell CEO Ben van board members to resolve
the world’s third-largest oil Beurden said then the deal a dispute with investment
reserves. would allow the company firm Starboard Value. The
Cenovus CEO Brian Fergu- to focus on assets such as stock dipped 44 cents to
son called it a “transforma- deep water oil and gas $13.79.
tional acquisition” for the that offer higher returns Not all drugmakers had a
Calgary-based company. on capital. Oil sands are rough day.
The deal includes Cono- a type of unconventional Vertex Pharma vaulted
coPhillips’s 50 percent petroleum deposit. 20.5 percent after the
interest in FCCL Partner- Ryan Lance, ConocoPhil- drugmaker disclosed re-
ship, an oil sands venture lips’ chairman and CEO, sults from two studies of a
between the two compa- called his company’s deal new cystic fibrosis treat-
nies in northern Alberta, with Cenovus a “win-win” ment. The company said
as well as the majority of and said it would allow patients treated with a
ConocoPhillips’s Deep Ba- ConocoPhillips to reduce new experimental drug
sin conventional assets in its debt. plus its own Kalydeco had
Alberta and British Colum- “ConocoPhillips Canada improved lung function.
bia. will now focus exclusively The stock rose $18.34 to
The combined assets have on our Surmont oil sands $108.01.
forecast 2017 production and the liquids-rich Blue- Several major overseas
of approximately 298,000 berry-Montney unconven- stock indexes closed
barrels of oil equivalent tional asset,” Lance said in higher.q
daily. a statement.q