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BUSINESS Wednesday 3 May 2017
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Stocks scuffle as slowing auto sales worry Wall Street

0.2 percent, to 20,949.89. $9.23, or 6.1 percent, to
The Nasdaq composite $160.56. The company said
set another record as it demand from construc-
picked up 3.76 points, or tion and mining sales grew
0.1 percent, to 6,095.37. compared with the same
The Russell 2000 index of period a year ago, but
small-company stocks sank truck production in North
8 points, or 0.6 percent, to America fell.
1,399.36. Benchmark U.S. crude
The six largest auto makers lost $1.18, or 2.4 percent,
in the U.S. all said their sales to $47.66 a barrel in New
fell in April. Vehicle sales York. That’s its lowest price
have set records the last since mid-November. Brent
few years and analysts are crude, used to price inter-
worried the streak is end- national oils, shed $1.06,
ing and car companies or 2.1 percent, to $50.46 a
are relying too much on barrel in London.
discounts and incentives Health care stocks shook
to keep their sales numbers off an early loss. Merck
high. climbed after it reported
Ford lost 50 cents, or 4.4 strong sales of newer medi-
percent, to $10.92 and GM cations including its cancer
gave up $1, or 2.9 percent, drug Keytruda and hepa-
Trader Thomas Ferrigno, left, and specialist Frank Masiello, right, work on the floor of the New York to $33.20 while Fiat Chrys- titis C drug Zepatier, and
Stock Exchange. Despite strong results from industrial companies, U.S. stocks couldn’t get any ler skidded 49 cents, or 4.3 its stock gained 32 cents
momentum going Tuesday after car makers said their sales are shrinking.
(AP Photo/Richard Drew) percent, to $10.92. Car re- to $62.70. Hospital chain
tailers, rental companies Tenet Healthcare jumped
MARLEY JAY first-quarter earnings. A late make loans to help people and parts suppliers slipped $3.31, or 21.6 percent, to
AP Markets Writer slump took the price of oil buy cars. as well. $18.66 after it agreed to
NEW YORK (AP) — Despite to its lowest price in almost “It’s more a story specific to Industrial companies made sell three hospitals to HCA
strong results from indus- six months. Ford, General the auto sector as opposed some of the biggest gains. Holdings for $725 million
trial companies, U.S. stocks Motors and Fiat Chrysler all to a slowdown in consumer Cummins reported a far and said it will rejoin insurer
couldn’t get any momen- fell after they said sales de- spending,” he said. bigger profit and better Humana’s network.
tum going Tuesday after clined in April. Thanks to an upturn in the sales than analysts expect- Technology stocks rose fur-
car makers said their sales Chris Zaccarelli, chief in- last few minutes of trading, ed, and its stock climbed ther. q
are shrinking. vestment officer for Cor- the Standard & Poor’s 500
Engine maker Cummins nerstone Financial Partners, index rose 2.84 points, or 0.1
sent manufacturers and said auto sales have weak- percent, to 2,391.17. The
other industrial companies ened because lenders are Dow Jones industrial aver-
higher after reporting solid growing a bit hesitant to age added 36.43 points, or

Italy to loan struggling Alitalia $650 million

COLLEEN BARRY Alitalia board acknowl- holder Etihad Airways, with
AP Business Writer edged the failure of a a 49-percent share, and a
MILAN (AP) — Struggling government-brokered re- consortium of Italian inves-
Italian air carrier Alitalia en- launch plan, which workers tors that controls a 51-per-
tered its second period of overwhelmingly rejected cent stake.
bankruptcy protection in despite softened job and Economic Development
a decade on Tuesday with salary cuts, out of concern Minister Carlo Calenda said
the government approving it lacked a realistic strategy the goal in the short term is
a 600 million-euro ($650 mil- to revive revenue. to seek buyers while pro-
lion) bridge loan to keep The plan’s failure blocked tecting service, routes and
the airline operating as it a planned 2 billion-euro workers and “spending as
seeks a new buyer. ($2.2 billion) investment little government money as
The move came after the from both managing share- possible.”q