Page 15 - ARUBA BANK

Wednesday 22 March 2017 BUSINESS
A24

Banks nosedive as Trump health care speedbump tanks stocks

MARLEY JAY Banks had their worst day in
AP Markets Writer nine months as bond prices
NEW YORK (AP) — U.S. rose. The yield on the 10-
stocks took their biggest loss year Treasury note declined
in five months Tuesday as a to 2.42 percent from 2.46
health care bill backed by percent. Bank of America
President Donald Trump ran fell $1.42, or 5.8 percent, to
into trouble in Congress, $23.02. KeyCorp sank $1.18,
which raised some ques- or 6.5 percent, to $16.90,
tions about his agenda of the biggest loss in the S&P
faster economic growth 500. JPMorgan Chase gave
spurred on by lower taxes up $2.64, or 2.9 percent,
and cuts in regulations. to $87.39. Still, banks have
Banks plunged as bond done far better than the
yields continued to fall, rest of the market since the
which will mean lower in- election.
terest rates on loans. Trans- Among transportation
portation companies in- companies, United Con-
cluding airlines, railroads tinental lost $2.21, or 3.3
and rental car companies percent, to $65.28 and
dropped, and so did ma- railroad operator CSX de-
terials companies like steel clined $1.26, or 2.7 percent,
and chemicals makers. The to $45.62. Hertz Global skid-
dollar weakened. Small- Executives and guests of Safe Bulkers, Inc. fill the podium for the closing bell at the Exchange, ded $1.86, or 8.7 percent,
company stocks, which Tuesday, March 21, 2017 in New York. The Dow Jones industrial average fell 237.85 points, or 1.1 to $19.40. Companies that
stand to benefit the most percent, to 20,668.01 as a health care bill backed by President Donald Trump ran into trouble in make steel, chemicals,
from Trump’s policy pro- Congress, which raised some questions about his agenda of faster economic growth spurred on and other basic materials
posals of lower taxes and by lower taxes and cuts in regulations. (Courtney Crow/New York Stock Exchange via AP) also slid. AK Steel plunged
looser regulations, fell more 86 cents, or 10.4 percent,
than the rest of the market. or 1.1 percent, to 2,344.02. the stocks on the New York uled to vote on the Re- to $7.51 and U.S. Steel
“President Trump promised That was its biggest drop Stock Exchange fell. publican-backed Ameri- lost $3.34, or 9 percent, to
that this health care bill since Oct. 11. The Dow Stocks have fallen for four can Health Care Act, and
would be signed, sealed, Jones industrial average days in a row, though the despite support from the $33.76.
delivered within the first fell 237.85 points, or 1.1 per- previous losses were small. president on Tuesday, it’s The price of copper also
couple of weeks of him tak- cent, to 20,668.01. Tuesday’s losses were a re- not clear if the House or the dropped. The metal’s price
ing office,” said Jack Ablin, The Nasdaq composite sur- versal of the patterns that Senate will approve the bill. tends to rise when investors
chief investment officer for rendered 107.70 points, or have endured since Trump The administration hopes are more optimistic about
BMO Capital Markets. “All 1.8 percent, to 5,793.83. The was elected in November, to get a major tax reform the economy, and copper
this is doing is pushing the Russell 2000 index of small- but overall stocks are still package to Congress by has risen 14 percent over
rest of the agenda out.” company stocks plunged sharply higher since then. August, and a big infra- the last year. It sank 5 cents,
The Standard & Poor’s 500 37.55 points, or 2.7 percent, On Thursday the House of structure spending propos- or 1.8 percent, to $2.62 a
index tumbled 29.45 points, to 1,346.55. Four-fifths of Representatives is sched- al may follow next year. pound on Tuesday.q
Wells Fargo: All ATMs will take phone codes, not just cards

KEN SWEET their cellphones instead of While banks like JPMorgan out. found at a small percent-
AP Business Writer traditional bank cards. Chase and Bank of Amer- To access their money, cus- age of branches, mostly in
NEW YORK (AP) — Wells The announcement was ica have announced simi- tomers would get unique major metropolitan areas
Fargo plans to upgrade made by Wells Fargo CEO lar upgrades to their ATMs, eight-digit codes from their like New York City or Chi-
all 13,000 of its ATMs next Tim Sloan on Tuesday at an those are still being rolled Wells Fargo smartphone cago.
week to allow customers employee town hall in Or- app, and enter the code The announcement comes
to access their funds using lando. into the ATM along with as Wells Fargo is looking
their PIN number. The ma- for ways to woo back the
chines will still accept debit customers it alienated after
cards as well. the San Francisco-based
“Whether a customer hap- bank admitted that em-
pens to have a card on ployees opened as many
them or not, (the upgrade) as 2 million checking and
provides another simple credit card accounts for
and secure way to with- their customers without
draw cash at any of our getting authorization. The
ATMs,” said Adam Vancini, bank said Monday that
head of virtual channel op- activity at its branches re-
erations at Wells Fargo. mains depressed from a
One limitation of the one- year ago, with customers
time code, though, is that opening 40 percent fewer
it won’t work on the secure checking accounts per
doors that many branches day last month compared
have for non-business hours to a year earlier, while the
that require a customer to number of customer inter-
swipe an ATM or debit card actions with branch bank-
to gain entry. Wells Fargo ers per day was down 17
said those secure doors are percent.q