Page 25 - ARUBA TODAY

BUSINESS Wednesday 10 May 2017
A25

Nasdaq sets another record; energy stocks hold back S&P 500

for the S&P 500 during that lazy drift, with few events
span has been 0.6 percent, on the calendar with mar-
as investors keep crossing ket-moving potential.
off reasons to fear. Last “We’re in a little bit of a lull
week’s solid jobs report here, and I think traders are
gave reassurance that the thinking it’s like a Seinfeld
U.S. economy is improving episode where it’s all about
despite a weak showing at nothing,” Jacobsen said.
the start of the year. The day’s biggest excite-
Companies have been ment involved energy
turning in a series of stron- stocks, which deepened
ger-than-expected profit their losses for the year. En-
reports, which has tem- ergy stocks in the S&P 500
pered concerns that stocks lost 0.9 percent, tied for
have grown too expensive most among the 11 sectors
relative to earnings. And that make up the index.
the recent presidential They’re now down 10.8
election in France raised percent for 2017, when the
confidence that voters S&P 500 is up 7.1 percent.
may be turning their back The sector followed the
on a nationalistic brand price of oil lower. Bench-
of politics that could hurt mark U.S. crude fell 55
global trade. cents to settle at $45.88 per
Specialist Peter Giacchi, right, calls out prices on the floor of the New York Stock Exchange. The “This is almost like the post- barrel. Brent crude, the in-
Nasdaq composite index ticked higher to another record Tuesday, but a drop by energy stocks celebration letdown,” ternational standard, fell 61
held other indexes back. said Brian Jacobsen, chief cents to $48.73 per barrel.
(AP Photo/Richard Drew) portfolio strategist at Wells High-dividend stocks were
By STAN CHOE have been stuck in a large- last half hour. It slipped 2.46 Fargo Funds Management. also weak. Utilities in the
AP Business Writer ly listless trading pattern in points, or 0.1 percent, to “Everyone is just relaxing, S&P 500 lost 0.9 percent,
NEW YORK (AP) — The recent weeks, as investors 2,396.92. trying to figure out what di- while telecoms fell 0.6 per-
Nasdaq composite index see few reasons to make The Dow Jones industrial rection to go next.” cent.
ticked higher to another big moves in either direc- average fell 36.50 points, It could stay that way for a Demand has dulled for
record Tuesday, but a drop tion. or 0.2 percent, to 20,975.78, few days, unless something high income-paying stocks
by energy stocks held other The Nasdaq rose 17.93 and the Russell 2000 index unexpected happens to as bonds have begun to
indexes back. points, or 0.3 percent, to of smaller stocks ticked up knock the market out of its pay more in interest. q
It was the third straight day 6,120.59. The Standard & by 0.22 points, or less than
that the Nasdaq notched Poor’s 500 index bobbed 0.1 percent, to 1,391.86.
an all-time high, but each around its own record Markets have been placid
of those has been by only through the day, before the last two weeks, and
a marginal amount. Stocks losing momentum in the the biggest one-day move

Disney beats 2Q profit forecasts

BURBANK, Calif. (AP) — average estimate of nine $13.48 billion.
The Walt Disney Co. (DIS) analysts surveyed by Zacks Disney shares have climbed
on Tuesday reported fis- Investment Research was 7.5 percent since the be-
cal second-quarter net in- for earnings of $1.45 per ginning of the year, while
come of $2.39 billion. share. the Standard & Poor’s 500
On a per-share basis, the The entertainment com- index has risen 7 percent.
Burbank, California-based pany posted revenue of In the final minutes of trad-
company said it had profit $13.34 billion in the period, ing on Tuesday, shares hit
of $1.50. which missed Street fore- $112.03, a climb of slightly
The results topped Wall casts. Five analysts sur- more than 6 percent in the
Street expectations. The veyed by Zacks expected last 12 months.q