Page 24 - ARUBA TODAY

Saturday 10 december 2016 BUSINESS
A24

Record-setting stock streak hits sixth day on broad gains Monte dei Paschi

MARLEY JAY aggressive stocks and sec- of the company, will be- its post-election losses and of Italy denies ECB
AP Markets Writer tors.” come CEO. picked up $14.28, or 1.8 notice on deadline
NEW YORK (AP) — U.S. The Dow Jones industrial Drug companies bounced percent, to $809.45.
stocks rose for the sixth average climbed 142.04 back from their recent loss- U.S. government bond pric- FRANKFURT, Germany (AP)
day in a row Friday as ma- points, or 0.7 percent, to es. Those stocks, especially es slipped again. The yield — Shares in troubled Italian
jor indexes continued to 19,756.85. The Standard & biotechnology companies, on the 10-year Treasury bank Monte dei Paschi di
set records. The biggest Poor’s 500 index rose 13.34 were hit hard this week af- note inched up to 2.47 per- Siena plunged Friday fol-
cent, its highest in about 18 lowing news reports that
months, from 2.41 percent the bank’s request for more
late Thursday. That yield is time to raise new capital
used to set interest rates on from investors had been
many kinds of loans includ- rejected by regulators. But
ing mortgages. the bank said it hadn’t re-
Next week the Federal Re- ceived official notification
serve will meet for the last and was planning to hold
time in 2016. Investors ex- another board meeting on
pect the central bank to Sunday.
raise its key interest rate, MPS, as Monte dei Pas-
and Wall Street will look for chi di Siena is known, had
clues about the Fed’s plans been given until the end of
for future interest rates. the month to raise 5 billion
“They’re hoping that the euros ($5.4 billion) in capi-
Fed continues with the cur- tal. The bank asked the Eu-
rent message: that they’ll ropean Central Bank for a
be patient, that they’re delay until Jan. 20 due to
watching the economy, political uncertainty ush-
and that they see the risks ered in by the resignation
as balanced,” said Warne. of Prime Minister Matteo
Banks made small gains. Renzi this week.
The S&P 500 financial in- In a statement late Friday
Athene Holding Ltd. Chairman and CEO Jim Belardi, center, is applauded as he rings a ceremo- dex has climbed 18.5 per- after an emergency board
nial bell to mark the beginning of trades in his company’s IPO, on the floor of the New York Stock cent since Nov. 9, twice as meeting, the bank said
Exchange, Friday, Dec. 9, 2016. much as any other sector.
(AP Photo/Richard Drew) The S&P 500 overall is up 3.1 it hadn’t “received any
communication” from the
percent. Banks are trading
gains went to companies points, or 0.6 percent, to ter President-elect Donald at their highest prices since ECB and was continuing its
that have been mostly left 2,259.53. The Nasdaq com- Trump said he wants to re- normal activity as a result.
out of the post-election posite gained 27.14 points, duce drug prices. Bristol- early 2008. It called another meeting
rally, including health care or 0.5 percent, to 5,444.50. Myers Squibb gained $1.81, Benchmark U.S. crude oil for Sunday.
companies and makers of The Russell 2000 index of or 3.3 percent, to $57.04 jumped 66 cents, or 1.3 Shares in MPS fell 10.6 per-
household goods. smaller-company stocks and Botox maker Allergan percent, to $51.50 a barrel cent Friday to 19.50 euros
Stocks were solidly higher edged up 1.71 points, or 0.1 rose $3.78, or 2 percent, to in New York. Brent crude, after being down as much
throughout the day and percent, to 1,388.07. $192.25. the international standard, as 16 percent and tempo-
jumped an hour before the The S&P 500’s six-day win- Overall, health care com- added 44 cents to $54.33 a rarily suspended from trad-
close of trading. Coca-Co- ning streak is its longest in panies are nearly flat since barrel in London. ing.
la and Pfizer both gained two and a half years. Nov. 8. Gold lost $10.50 to $1,161.90 Renzi quit after voters
2.5 percent. Investors have Among household goods Technology stocks rose for an ounce. Silver fell 13 rejected constitutional
mostly avoided consumer companies, PepsiCo the sixth consecutive day cents to $16.97 an ounce. changes he backed. It
goods makers and health gained $1.42, or 1.4 per- and completed their best Copper picked up 2 cents appears that some inves-
companies in recent cent, to $103.57. Energy week in a year. They’ve to $2.65 per pound. Gold tors were cautious about
weeks. Instead they’ve drink maker Monster Bever- slightly lagged the mar- reached a 10-month low committing money to MPS
bought banks and ma- age also rose, as did drug- ket since Election Day. Friday, and that helped pull while it was uncertain who
chinery companies, which store chains CVS and Wal- Chipmaker Broadcom mining companies lower. would lead the govern-
could benefit more from a greens. rose $8.38, or 4.9 percent, Basic materials makers also ment next.
faster-growing economy. Coca-Cola climbed as in- to $179.09 after report- struggled. Failure to obtain private
“What we’re seeing today vestors reacted positively ing earnings that were far In other energy trading, capital would raise the
is investors who are fearful to the company’s CEO above expectations. The wholesale gasoline was possibility that the Italian
they’ll be left behind,” said transition plans. Coke said company also doubled its little changed at $1.51 a government would have
Kate Warne, investment Muhtar Kent will give up his quarterly dividend. Apple gallon. Heating oil picked to bail out MPS.
strategist for Edward Jones. CEO title in May, and Chief gained $1.83, or 1.6 per- up 1 cent to $1.64 a gallon. The ECB had no immediate
“So it may not be surpris- Operating Officer James cent, to $113.95. Google Natural gas gained 5 cents, comment Friday.
ing that they’re buying less Quincey, a 20-year veteran parent Alphabet reversed or 1.4 percent, to $3.75. q A bailout threatens to be
politically explosive be-
US wholesalers cut stockpiles, clearing way for new orders cause new European
Union rules could force
AP Economics Writer The Commerce Depart- and businesses are spend- pharmaceuticals, and steel losses on the bank’s bond-
WASHINGTON (AP) — U.S. ment says that wholesale ing more, and that whole- and other metals led the holders as a condition of
permitting state aid. Many
wholesale businesses cut inventories fell 0.4 percent, salers are clearing out a cutbacks. Many firms piled
back their stockpiles while the largest drop in eight backlog of goods. That up too many goods and of the bondholders are
small retail investors who
sales rose in October. That’s months. Sales rose 1.4 per- suggests they will have to have spent much of this
a trend that could boost cent. Higher sales and order more goods to meet year reducing their new or- may not have been suffi-
ciently aware of the risk of
demand for factory goods a drop in inventories are future demand. Wholesal- ders, which has slowed fac-
in the months ahead. good signs that consumers ers of computer products, tory output. q losing their money.q