Page 25 - ARUBA TODAY

BUSINESS Friday 14 September 2018
A25

US stocks jump as inflation slows; tech rebounds

By MARLEY JAY that it won't do as much
Associated Press damage and property in-
NEW YORK (AP) — U.S. surers won't have to pay
stocks are climbing Thurs- out as much as they had
day after the Labor Depart- feared.
ment said inflation slowed Allstate rose 1.2 percent
a bit in August. Technol- to $98.71 while Renaissan-
ogy companies like Apple ceRe jumped 3.1 percent
and Microsoft made some to $131.49 and Everest Re
of the largest gains after a climbed 2.6 percent to
recent bout of uncertainty, $219.65.
and chipmaker Qualcomm OVERSEAS: The German
jumped after it announced DAX added 0.2 percent
a big stock repurchase. and France's CAC 40
Stock indexes in Turkey and slipped 0.1 percent. In Brit-
other emerging markets ain, the FTSE 100 fell 0.4 per-
rose after the Turkish cen- cent.
tral bank raised interest Japan's benchmark Nikkei
rates sharply in response to 225 added 1 percent and
the nation's currency crisis. the South Korean Kospi rose
KEEPING SCORE: The S&P 0.1 percent.
500 index gained 14 points, CENTRAL BANKS: The Eu-
or 0.5 percent, to 2,903 as ropean Central Bank con-
of 12:15 p.m. Eastern time. firmed it will halve its bond-
The Dow Jones Industrial buying stimulus program,
Average rose 139 points, or a step it announced ear-
0.5 percent, to 26,138. The lier this summer. The Bank
Nasdaq composite jumped of England held off any
69 points, or 0.8 percent, to changes to its policies as
8,023. The Russell 2000 in- it monitors developments
dex of smaller-company In this Aug. 22, 2018, file photo specialist Anthony Matesic, left, and trader Anthony Carannante in the Brexit talks this fall.
stocks added 1 point, or 0.1 work on the floor of the New York Stock Exchange. ENERGY: Benchmark U.S.
percent, to 1,717. Associated Press crude slid 2.3 percent to
TECH TUNAROUND: Apple $68.71 a barrel in New York.
climbed 3.2 percent to 31.76. The stock jumped 7.7 The stock indexes of Argen- percent over an eight-day It jumped 4.3 percent Tues-
$228.24 and Microsoft add- percent Wednesday after tina, Russia and Mexico also losing streak. On Monday, day and Wednesday. Brent
ed 1.1 percent to $112.93. the company announced rose. Hong Kong's Hang the shares nosedived 25 crude, used to price inter-
Technology companies a deal that will make more Seng index jumped 2.5 per- percent after Acorda said national oils, shed 1.9 per-
slumped last week as inves- of its programming avail- cent after it fell for nine of an appeals court ruled cent to $78.20 a barrel in
tors worried about the pros- able on the streaming ser- the previous 10 days. that four patents on its drug London.
pect of heavier regulation vice Hulu. DRUG DEVELOPMENT: Pro- Ampyra are not valid. That BONDS: Bond prices were
for companies like Face- CLEANUP IN AISLE FOUR: genics Pharmaceuticals paves the way for other little changed. The yield on
book and Alphabet. Supermarket company sank 16.7 percent to $6.08 companies to launch ge- the 10-year Treasury note
The sector has bounced up Kroger dropped 10.1 per- after an imaging agent it neric versions of the drug, stayed at 2.96 percent.
and down this week, and cent to $28.54 after its sales is developing for use in the which is intended to help CURRENCIES: The dollar
it is about 1 percent away fell short of Wall Street fore- treatment of prostate can- multiple sclerosis patients rose to 111.90 yen from
from the all-time high it set casts. cer treatment failed in a walk. 111.22 yen. The euro rose to
in late August. TALKING TURKEY: Turkey's clinical study. INSURANCE ASSURANCE: $1.1674 from $1.1632.q
Qualcomm rose 3.7 per- central bank raised its key Acorda Therapeutics Insurance companies rose
cent to $74.43 after it an- interest rate to 24 percent dropped 4.3 percent to and reversed their recent
nounced a $16 billion share from 17.75 percent in an $17.75 after announcing loses as Hurricane Florence
buyback program. Other attempt to contain the na- that the Food and Drug Ad- weakened somewhat. The
chipmakers including Sky- tion's currency crisis as well ministration will take three slow-moving storm is ex-
works and Broadcom also as inflation. The Turkish lira more months to review its pected to reach the East
rose. They stumbled a day rose 3.9 percent against inhaled Parkinson's disease Coast Friday and might re-
earlier. the U.S. dollar and Turkey's treatment Inbrija. main around the Carolinas
PRICES: The Department main stock index gained The stock has plunged 36 for days, but investors figure
of Labor said its index of 2.4 percent.
consumer prices edged up Experts have said that Tur-
0.2 percent in August, and key needed to raise interest
it's risen 2.7 percent over rates, but President Recep
the past year. That's a bit Tayyip Erdogan repeatedly
slower than the 2.9 percent and publicly pushed it to
it reported in July. Investors keep rates low. That shook
have worried that faster in- investors' confidence, as
flation could threaten eco- they grew worried about
nomic growth and the cur- the bank's independence
rent bull market. and Turkey's ability to react
MUST SEE: Cable channel to rising inflation, slowing
operator Discovery rose growth, and its diplomatic
another 3.5 percent to spat with the U.S.