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BUSINESS Thursday 14 March 2019
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US stocks rise, led by technology and health care

By DAMIAN J. TROISE beat view of the economy. global expansion plans.
Associated Press U.S. wholesale prices barely BRANCHING OUT: Oak-
NEW YORK (AP) — U.S. rose increased last month af- tree Capital Management
broadly in morning trading ter falling for three straight surged on news that Brook-
on Wall Street Wednesday, months, a sign there is field Asset Management is
powered by technology little inflation pressure in buying 62 percent of the
and health care compa- the economy. A report company. The deal cre-
nies, as the market pushes on orders to U.S. factories ates a combined compa-
for its third straight day of showed that business in- ny with $475 billion assets
gains. vestment rose 0.8 percent and $2.5 billion in annual
The broader market has after two months of de- fee-related revenue, the
been rebounding this week clines, marking the biggest companies said. The deal
following its worst week gain since a 1.5 percent includes options that could
since December. The Dow July bump. have Brookfield owning all
Jones Industrial Average Investors are still waiting for Traders gather at the post that handles Oaktree Capital Group of Oaktree by 2029.
on the floor of the New York Stock Exchange, Wednesday,
joined other indexes in details on a potential trade March 13, 2019.
moving higher after it was deal between the U.S. and Associated Press IN THE BAG: Vera Bradley
weighed down for several China, and the British Par- surged 18.8 percent after
days by drops in Boeing. liament is set to vote on RITE AID PURGE: The drug- leaving the company. beating Wall Street fore-
Chipmaker Nvidia added whether the country should store chain rose 3.1 per- PELTZ SEES GREEN: The Ca- casts for the fourth quarter
3.1 percent, helping to crash out of the European cent after it announced a nadian marijuana compa- and giving analysts a sur-
lead technology stocks Union on March 29 without purge of its top manage- ny Aurora Cannabis surged prisingly good outlook for
higher. CVS Health rose a deal. ment and plans to cut 400 8.6 percent after it tapped the year.
3.7 percent as health care KEEPING SCORE: The Dow full-time jobs. hedge fund manager Nel- The maker of luggage and
stocks rose broadly. Rite Jones Industrial Average CEO John Stanley will step son Peltz as an adviser. handbags reported lower
Aid climbed 3.7 percent rose 115 points, or 0.4 per- down when the company Peltz is the CEO and a sales during the quarter,
after the drugstore opera- cent, to 25,666 as of 10:45 finds a replacement. Chief founding partner of Trian but the results still topped
tor announced a manage- a.m. The S&P 500 rose Financial Officer Darren Fund Management. Au- forecasts. Both revenue
ment purge. 0.6 percent and the Nas- Kast and Chief Operating rora said he will help the and profit forecasts for the
Several government re- daq composite rose 0.6 Officer Kermit Crawford are company explore potential current fiscal push beyond
ports gave investors an up- percent. also among the executives partnerships and advise its Wall Street expectations.q

US construction spending up strong 1.3 percent in January

By MARTIN CRUTSINGER cent in January following 0.8 percent in January with spending. spending on single-family
Associated Press two months of declines. It spending on office build- It pushed total public con- homes which was partially
WASHINGTON (AP) — was the biggest gain since ings, hotels and the cat- struction spending to a offset by a 1.4 percent rise
Spending on U.S. construc- spending was up 1.7 per- egory that covers shopping seasonally adjusted annual in the smaller apartment
tion projects in January cent in April. Spending on centers all showing gains. rate of $313.6 billion, the sector.
posted the biggest gain in residential projects fell 0.3 Spending on government highest level since Septem- Home construction has
nine months, as strength in percent in January, the projects jumped 4.9 per- ber 2010. been weak over the past
nonresidential construction sixth consecutive monthly cent, the biggest increase The 1.3 percent overall gain year, falling at an annual
and government projects decline for a sector that since March 2004. The Jan- pushed total spending to a rate of 3.5 percent in the
offset continued weakness was hurt last year by rising uary strength reflected a seasonally adjusted annual fourth quarter. That helped
in home construction. mortgage rates and higher 4.9 percent rise in spending rate of $1.28 trillion. lower overall growth in the
The Commerce Depart- home building costs. on state and local building The weakness in home fourth quarter to a rate of
ment says that construc- Spending on nonresiden- projects and a 4.2 percent construction in January re- 2.6 percent.q
tion spending rose 1.3 per- tial construction increased rise in federal construction flected a 0.7 percent fall in