Page 25 - ARUBA TODAY

BUSINESS Saturday 7 September 2019
A25

Stock climb, keeping S&P 500 on track for a 2nd weekly gain

By ALEX VEIGA ion the blow on the econ-
Associated Press omy from the U.S.-China
Stocks moved higher on trade war. U.S. manufactur-
Wall Street in afternoon ing has already slid due to
trading Friday, placing the the tensions, and the worry
market on track to notch is that businesses could pull
a second straight weekly back on their spending
gain after a wobbly start to next.
the week. A RARE QUIET DAY: Mar-
Health care stocks, technol- kets have been turbulent
ogy companies and retail- in recent weeks as worries
ers powered much of the about the trade war have
buying. Boston Scientific waxed and waned. Be-
rose 2.7%, Intel gained 1.6% tween Aug. 1 and Thursday,
and Home Depot added just over half of all trading
1.1%. Utilities lagged. Com- days saw the S&P 500 swing
munication services stocks by more than 1%.
also fell, weighed down by The latest escalation kicked
Facebook, which lost 1.7% in Sunday, with the U.S. im-
after New York’s attorney posing 15% tariffs on $112
general announced an an- billion of Chinese imports.
titrust investigation into the Washington is planning
company. In this Aug. 23, 2019, file photo pedestrians pass the New York Stock Exchange in New York. to hit another $160 billion
The market had a mut- Associated Press on Dec. 15, a move that
ed reaction to new data Beijing kicked in and new where we were a month under the weight of in- would extend penalties to
showing U.S. employers data indicated that U.S. ago, when the market was creased tariffs. Manufac- almost everything the Unit-
added fewer than expect- manufacturing contracted significantly lower than it turing slowed last month for ed States buys from China.
ed jobs in August even as in August for the first time in is.” the first time in three years, Beijing responded by im-
the unemployment rate three years. KEEPING SCORE: The S&P according to a survey by posing duties of 10% and
remained near the lowest Other economic reports 500 was up 0.2% as of 2:20 the Institute for Supply Man- 5% on a range of American
level in five decades. The have been more positive. p.m. Eastern time. agement. imports.
Labor Department’s report Data indicating that com- The Dow Jones Industrial Investors have grown in- U.S. tariffs of 25% imposed
also showed more people panies are still hiring at a Average rose 101 points, or creasingly worried about previously on $250 billion of
entered the workforce last solid pace and that pro- 0.4%, to 26,829. The Nasdaq whether consumer spend- Chinese goods are due to
month, and wages rose ductivity rose at a healthy rebounded from an early ing can remain strong rise to 30% on Oct. 1.
more than expected. rate last quarter helped slide, adding 0.1%. enough to keep the econ- The S&P 500 has remained
Traders are scrutinizing drive a strong market rally Major indexes in Europe fin- omy from tipping into a re- stuck between roughly
economic data for clues on Thursday. ished higher. Earlier in the cession for the first time in a 2,840 and 2,940 since the
about how the economy is Investors have also been day, China’s central bank decade. start of August, but it broke
weathering the costly trade encouraged this week by cut a key interest rate, Economists said Friday’s above that range this week
war between the U.S. and news that envoys from the which helped push Asian jobs report did little to after U.S. and Chinese offi-
China. Investors worry that U.S. and China plan to be- markets higher. change their forecasts for cials agreed to hold talks
the conflict, and the tariffs gin another round of trade JOBS REPORT: Employers the Federal Reserve to cut in Washington next month.
that each side has imposed talks next month. added 130,000 jobs last interest rates at its meet- The S&P 500 is at its highest
on billions of goods, may “It’s been a pretty bull- month, short of the 160,000 ing in two weeks. Treasury level in five weeks and just
be dampening global eco- ish week and I’m a bit sur- that economists expect- yields dipped following the 1.6% below its record set on
nomic growth and threat- prised the market has gone ed and down from July’s report, and traders remain July 26.
ening to nudge the United as far as it has,” said Randy growth of 159,000. But av- nearly certain that the Fed YIELDS: Treasury yields fell
States into a recession. Frederick, vice president erage hourly earnings rose will cut short-term rates by following the release of the
The jobs report was the of trading & derivatives at 3.2% from a year earlier, a quarter of a percentage jobs report. The yield on the
latest in a mixed batch of Charles Schwab. “I don’t more than economists ex- point. 10-year Treasury dipped to
economic data that trad- think the trade tariffs issue pected. It would be the second 1.55% from 1.56% late Thurs-
ers weighed this week. The is going to get resolved any Strong spending by house- such cut since August, fol- day. The two-year yield
market sold off on Tuesday time soon, and I don’t see holds has been the econ- lowing nine increases since slipped to 1.52% from 1.53%,
after expanded tariffs be- that we’re a whole lot fur- omy’s driving force, even December 2015, as the and the 30-year yield fell to
tween Washington and ther along right now than as manufacturers struggle central bank tries to cush- 2.02% from 2.05%.q

Where people found jobs: Business services and governments

By The Associated Press ernments added 34,000 jobs in by general merchandise stores, -11,100-5,100 -83,700 Transporta-
Job gains accelerated last month August, driven largely by the hiring which include department stores, tion, warehousing -500 -300
in construction, business services of temporary workers for the 2020 warehouse clubs and supercent- 121,800 Information (Telecom,
and governments — three bright Census. Excluding all government ers. Overall, U.S. employers added publishing) 200 Financial services
spots that helped offset weaker hir- hiring, businesses added just 96,000 a modest 130,000 jobs in August. 15,000 20,000 111,000 Professional
ing in other sectors. jobs, the fewest since May. Con- The unemployment rate held services (Accounting, engineering,
Professional and business services struction rebounded during the steady at 3.7%, the Labor Depart- temp work) 37,000 3 6 , 0 0 0
led the way, adding 37,000 jobs. month, adding 14,000 positions af- ment said. Industry (change from 449,000 Education and health
This sector includes such catego- ter having lost 2,000 in July. Mining previous month) August 2019 J u l y 32,000 71,000 573,000 Hotels, res-
ries as computer systems design, lost 5,600 jobs in August and has 2019 Past 12 months Construction taurants, entertainment
consulting, business management shed 12,000 jobs since May. Losses 4,000-2,000 177,000 Manufacturing 12,000 -3,000 317,000 Govern-
and administrative support. Gov- also accelerated in retail, driven 3,000 4,000 1 3 8 , 0 0 0 R e t a i l ment 34,000 28,000 97,000.q