Page 24 - ARUBA TODAY

Wednesday 8 February BUSINESS
A24

Tiny move: Nasdaq notches new high as US stocks inch higher

and technology compa- points, or 0.2 percent, to
nies rose. Energy compa- 5,674.22. The Russell 2000
nies fell along with the price index of small-company
of crude oil. stocks fell 5.60 points, or 0.4
For the most part, investors percent, to 1,361.06.
continued to focus on the More stocks fell than rose
latest batch of company on the New York Stock Ex-
earnings and outlooks. But change.
traders also have an eye on Several oil and gas compa-
lawmakers in Washington nies slumped as crude pric-
to gauge whether expec- es fell. Chevron fell the most
tations of business-friendly among the 30 companies
policies, which helped fuel in the Dow, shedding $1.59,
the market rally last fall, will or 1.4 percent, to $111.39.
be fulfilled. Other big energy decliners
“Certainly earnings have included Newfield Explo-
been supportive, but the ration, which slid $1.69, or
other thing that’s been 4.2 percent, to $39.02, and
supportive is the hope that Murphy Oil, which gave
we’ll get some policy stimu- up $1.14, or 3.9 percent, to
lus,” said Mike Baele, man- $27.95.
aging director at the Pri- This year, though, the sec-
vate Client Reserve at U.S. tor is off 5.1 percent, the
Trader Joseph Dente, left, works on the floor of the New York Stock Exchange. Wall Street capped Bank. “Now we’re waiting second-biggest decliner
a subdued day of trading Tuesday with a tiny gain and another milestone. to see if that hope is justi- behind phone companies.
(AP Photo/Richard Drew) fied or not.” “Concern over additional
ALEX VEIGA day with a tiny gain and gains and losses, U.S. stock The Dow Jones industrial supply coming into the
AP Business Writer another milestone. indexes closed slightly average rose 37.87 points, market has hit some of the
Wall Street capped a sub- After spending much of the higher, nudging the Nas- or 0.2 percent, to 20,090.29. energy stocks,” Baele said.
dued day of trading Tues- day drifting between small daq composite to another The Standard & Poor’s 500 Benchmark U.S. crude slid
high, eclipsing the record it index added 0.52 points, or 84 cents, or 1.6 percent, to
set last Friday. 0.02 percent, to 2,293.08. close at $52.17 a barrel in
Consumer goods makers The Nasdaq gained 10.67 New York.q

BP earns disappoint as it cuts costs, investment

DANICA KIRKA last year. That missed ana- sets after oil prices plunged
Associated Press lyst forecasts for $540 mil- to 12-year lows in January
LONDON (AP) — Oil pro- lion, as surveyed by data of last year. Brent crude,
ducer BP’s earnings rose provider FactSet. The profit the international bench-
less than expected in the measure, which excludes mark, averaged about $44
fourth quarter, as it sought fluctuations in the value of a barrel last year, down
to adapt to low energy inventories, is the industry’s from more than $100 as re-
prices with cost cuts, asset preferred gauge of earn- cently as September 2014.
sales and a pullback in in- ings. Brent traded at $55.87 a
vestment plans. Shares in BP fell 2.6 percent barrel on Monday in Lon-
A key measure of net in- to 464.25 pence in London don.
come, the underlying re- after the release of the fig- “We have delivered solid
placement cost profit, rose ures. results in tough conditions
to $400 million from $196 Oil companies have been — and are well prepared
million in the same period cutting costs and selling as-
for any volatility in oil pric-
ing,” CEO Bob Dudley said
in a statement. “We have
adapted by cutting our
controllable cash costs by
$7 billion from 2014 — a full
year earlier than planned.”
Net income for the quarter
totaled $497 million, com-
pared with a loss of $3.31
billion a year earlier.
Oil and gas production,
excluding the contribution
from BP’s stake in Russian
oil company Rosneft, fell
5.5 percent in the quarter
to the equivalent of 2.2 mil-
lion barrels a day. Includ-
ing Rosneft, production
was steady at 3.34 million
barrels a day.q