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BUSINESS                 Thursday 23 March 2017
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              Indexes inch back upward as tech stocks rise; Nike plunges



                                                                                                   Trump’s  agenda,  such  as  Microsoft  rose  82  cents,
                                                                                                   tax  cuts  and  increased  in-  or  1.3  percent,  to  $65.03
                                                                                                   frastructure  spending  will  while  chipmaker  Nvidia
                                                                                                   be  delayed.  The  Repub-    added $2.16, or 2 percent,
                                                                                                   lican-backed     American  to  $108.07.  The  S&P  500’s
                                                                                                   Health Care Act appeared  technology  index  is  up  11
                                                                                                   to  be  in  trouble  ahead  of  percent in 2017, more than
                                                                                                   a  House  of  Representa-    double  the  gain  for  the
                                                                                                   tives  vote  on  Thursday.  broader S&P 500.
                                                                                                   Terry Simpson, a multi-asset  Bond prices rose. The yield
                                                                                                   strategist  for  BlackRock,  on  the  10-year  Treasury
                                                                                                   says  it’s  noteworthy  that  note  fell  to  2.40  percent
                                                                                                   even though the bill’s fate  from  2.42  percent.  Lower
                                                                                                   is unclear, stocks didn’t fall  bond  yields  mean  lower
                                                                                                   any further on Wednesday.  interest rates, and those re-
                                                                                                   “The  market  really  wants  duce the profits banks can
                                                                                                   to  believe  in  the  new  ad-  make from lending.
                                                                                                   ministration,” he said. But if  Investors snapped up high-
                                                                                                   the bill falters in the House  dividend  utilities  and  real
                                                                                                   on  Thursday  or  the  Sen-  estate  investment  trusts
                                                                                                   ate  later  on,  investors  will  as  bond  yields  fell.  Exelon
                                                                                                   have  “increased  doubt  in  picked  up  34  cents  to
                                                                                                   the ability to pass the pro-  $36.30  and  Consolidated
            Takung Art Co., Ltd. CFO Leslie Chow, left, watches as a ceremonial gong is rung to mark the up-  growth agenda.”   Edison gained 77 cents, or
            listing of his Hong Kong-based company on the floor of the New York Stock Exchange, Wednes-  The  Standard  &  Poor’s  1 percent, to $78.11. Utilities
            day, March 22, 2017.                                                                   500  index  picked  up  4.43  are  the  best-performing
                                                                           (AP Photo/Richard Drew)  points,  or  0.2  percent,  to  part  of  the  S&P  500  over
                                                                                                   2,348.45.  Nike  dragged  the  last  month.  Sears  said
            MARLEY JAY                   lower,  then  rallied  around  took  its  biggest  one-day   down  the  Dow  Jones  in-  in  a  regulatory  filing  that
            AP Markets Writer            midday  and  wandered  loss  in  five  years  as  inves-  dustrial average, which fell  there is “substantial doubt”
            NEW  YORK  (AP)  —  After  between  gains  and  losses  tors  were  disappointed  by   6.71 points to 20,661.30. The  it  will  be  able  to  remain
            a  shaky  start,  U.S.  stocks  for  several  hours  before  a  its  quarterly  sales  and  out-  Nasdaq  composite  rose  in business. In recent years
            finished   mostly    higher  late-afternoon  push.  Tech-  look,  and  130-year-old  re-  27.82 points, or 0.5 percent,  the  parent  company  of
            Wednesday  as  technol-      nology companies led the  tailer Sears plunged after it   to 5,821.64. The Russell 2000  Sears and Kmart has closed
            ogy  and  industrial  com-   market,  as  they’ve  done  said it may not be able to    index of smaller companies  more than 2,000 stores and
            panies rose. Banks fell with  throughout this year. Gains  stay in business. A day ago   sank 0.95 points, or 0.1 per-  slashed spending and jobs,
            interest rates as the market  for  shipping  company  Fe-  stocks  dropped  as  Wall   cent, to 1,345.60.           and it has sold brands and
            came off its biggest loss in  dEx  helped  take  industrial  Street  wondered  if  key  as-  Apple gained $1.58, or 1.1  split off its real estate assets
            five months. Stocks started  companies  upward.  Nike  pects  of  President  Donald    percent,  to  $141.42  and  to raise cash.q
                 Starbucks CEO stands by pledge to hire refugees




            CANDICE CHOI                 ily  banning  refugees  from  Starbucks  to  make  good   where, it is appealing to ev-  office himself.
            AP Food Industry Writer      seven  Muslim  majority  na-  on  its  commitment  to  us-  erybody,” she said.        Since he returned as chief
            NEW  YORK  (AP)  —  Star-    tions,  and  had  prompted  ing  recyclable  cups,  while   Schultz,  a  Democrat,  had  executive in 2008, the com-
            bucks CEO Howard Schultz  some calls for a boycott of  employees  called  for  the     endorsed  Hillary  Clinton  pany  has  expanded  its
            presided  over  his  last  an-  Starbucks.                same  parental  leave  ben-  for president last year, and  footprint globally and seen
            nual  shareholder  meeting  “This  is  not  about  politics,”  efits as managers.      didn’t  rule  out  running  for  sales growth at home.q
            as  head  of  the  company  said  Schultz.  He  said  the  “I  think  my  baby  is  just  as
            Wednesday by standing by  company’s decisions were  important as the corporate
            its  pledge  to  hire  refugees  based  on  “humanity  and  office  babies,”  said  Kris-
            and  expanding  on  previ-   compassion”  and  there  ten  Picciolo,  a  22-year-old
            ously  announced  goals  to  was  “absolutely  no  evi-   Starbucks  employee  from
            hire  veterans  and  at-risk  dence  whatsoever”  that  Ohio who was at the meet-
            youth.                       Starbucks  has  suffered  as  ing in Seattle. Picciolo said
            The moves underscored the  a result. Under Schultz, the  she believes the company
            progressive  image  Schultz  company  has  waded  into  is  starting  to  “hear  what
            has  helped  cultivate  for  sometimes-heated      sub-   we’re saying.”
            Starbucks  as  he  prepares  jects,  such  as  when  it  had  It’s  not  clear  what  impact
            to cede the CEO job next  baristas  write  “Race  To-     Starbucks’  decision  on  so-
            month  to  Starbucks  Presi-  gether” on cups amid pro-   cial  issues  have  had  on
            dent Kevin Johnson.          tests  over  police  shootings  sales. Laura Ries, president
            Schultz, who will remain ex-  of unarmed black men.       of  a  marketing  firm,  said
            ecutive chairman, defend-    Those kinds of moves were  it’s  risky  for  big  brands  to
            ed the promise on refugees  seen  by  opportunistic  by  take positions on divisive is-
            to a shareholder who criti-  some, but kept the compa-    sues  that  could  potentially
            cized his willingness to have  ny in the spotlight and won  alienate  half  their  custom-
            the  company’s  reputation  praise among others. Its im-  ers,  particularly  on  issues
            “take  a  beating”  over  it.  age has helped make it a  that are not relevant to the
            The  pledge  came  after  focus of criticism, and pro-    company.
            President  Donald  Trump’s  testers  outside  the  share-  “Starbucks  is  like  McDon-
            executive  order  temporar-  holder  meeting  called  on  ald’s these days. It’s every-
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