Page 25 - ARUBA TODAY

BUSINESS Tuesday 23 May 2017
A25

Stocks bounce back as technology

and defense companies climb

MARLEY JAY prices continued their re- Russell 2000 index of small-
AP Markets Writer cent climb. er-company stocks picked
NEW YORK (AP) — Strong Sameer Samana, a strate- up 9.81 points, or 0.7 per-
gains for technology com- gist for Wells Fargo Invest- cent, to 1,377.14.
panies like software and ment Institute, said people The technology compo-
chip makers helped lead continue to spend more nent of the S&P 500 index
U.S. stocks higher Monday. money on personal elec- has soared 18 percent this
Defense contractors also tronics while businesses year, almost three times as
climbed as the market invest in automation and much as the broader S&P
continued to bounce back software to boost their pro- 500. On Monday chip-
from a bout of turbulence ductivity. “In a low-growth maker Qualcomm gained
last week. environment, you’ve got $1.61, or 2.8 percent, to In this Friday, Nov. 13, 2015, file photo, the American flag flies
Stocks rose for the third day to squeeze more out of ev- $59.28 and Cisco Systems, above the Wall Street entrance to the New York Stock Exchange.
in a row. Technology com- ery dollar of investment,” which sells equipment like Associated Press
panies are closing in on all- Samana said. At the same routers, switches and soft-
time highs and continued time, he added, some over- ware, rose 38 cents, or 1.2 hamper President Trump’s added 40 cents to $50.73
to rise Monday, led by big seas markets have been percent, to $31.59. Adobe agenda of tax cuts and de- a barrel in New York. Brent
names like Cisco Systems stronger than expected this Systems picked up $2.42, or regulation, knocked those crude, used to price inter-
and Qualcomm. year. 1.8 percent, to $138.85 and indexes back from their national oils, rose 26 cents
Aerospace and defense The Standard & Poor’s 500 design software maker Au- highs. The Russell 2000 of to $53.87 a barrel in Lon-
companies rose after Presi- index jumped 12.29 points, todesk jumped $3.45, or 3.1 smaller companies, which don.
dent Donald Trump pre- or 0.5 percent, to 2,394.02. percent, to $113.36. would benefit more than Wholesale gasoline gained
sided over a huge sale of The Dow Jones industrial av- Both the S&P 500 and tech- large ones from Trump’s 1 cent to $1.66 a gallon.
military equipment to Saudi erage added 89.99 points, heavy Nasdaq composite proposals, is down 3 per- Heating oil rose 2 cents to
Arabia. Amazon led con- or 0.4 percent, to 20,894.83. set records early last week cent from the record it set $1.60 a gallon. Natural gas
sumer-focused companies The Nasdaq composite before worries about grow- a month ago. climbed 7 cents, or 2.3 per-
higher. Energy companies gained 49.91 points, or 0.8 ing political uncertainty in Oil prices continued to rally. cent, to $3.33 per 1,000 cu-
lagged even though oil percent, to 6,133.62. The Washington, which could Benchmark U.S. crude oil bic feet.q

Sony chief promises profitability, but is short on specifics

YURI KAGEYAMA including its lucrative Play- announced an ambitious
AP Business Writer Station video-game busi- goal of achieving operat-
TOKYO (AP) — Sony’s lead- ness, which just came out ing profit of 500 billion yen
er promised a comeback with a popular virtual-reali- ($4.5 billion) for the fiscal
for the Japanese elec- ty headset. year ending March 2018.
tronics and entertainment Hirai also told reporters Sony’s woes have stemmed
company having its best another important area is from having so many di-
profitability in two decades. Sony’s TV sector, which has verse areas it has been al-
“We are a company that been in the black for the most impossible to do well
moves people,” said Chief last few years, after losing across the board.
Executive Kazuo Hirai, as money for a decade. When questioned how
he outlined the strategy for He also said profits will be profitability will be gained
the company at its Tokyo improved in smartphones in the movies division, Hirai
headquarters Tuesday. and movies. said he hoped to get a hit
But he said he cannot give Hirai, who took leadership by working with creators Sony Corp. Chief Executive Kazuo Hirai outlines its strategy at
away details of products in of the company five years with a good “batting aver- the company’s headquarters in Tokyo Tuesday, May 23, 2017.
the works such as those us- ago, acknowledged Sony age,” and take advantage Associated Press
ing artificial intelligence or has never in its seven de- of hit content it already
the “internet of things,” or cades experienced ex- has, such as the “Spider- pleted, he added. Sony computer business. That
IoT, technology. tended periods of profit- Man” series. has been selling its assets, was needed because
He stressed the profitabil- ability. But the major task of re- to ensure profitability, in- Sony could not hope to be
ity in sprawling Sony Corp., He stressed that Sony has structuring has been com- cluding its Vaio personal unique in PCs, Hirai said.q