Page 24 - ATD 27MAY2017

Saturday 27 May 2017 BUSINESS
A24

Stable gas prices to boost Memorial Day road trips US durable

By The Associated Press will make a trip of at least unchanged from early Jan- Buddy. goods
Stable gasoline prices are 50 miles this weekend, up uary. In recent years, prices Vehicle sales fell about 2 orders fell for first
expected to fuel a slight in- 2.7 percent from the same have risen 35 to 70 cents percent through April, but time in 5 months
crease in long trips this Me- holiday last year. per gallon heading into sales of SUVs and trucks
morial Day weekend. The nationwide average Memorial Day, says Patrick held up better, which ana- By PAUL WISEMAN
The AAA auto club predicts price for a gallon of regular DeHaan, an analyst for the lysts attribute to stable gas AP Economics Writer
that 39 million Americans on Friday was $2.37. That’s price-comparison site Gas- prices.q WASHINGTON (AP) — U.S.
orders for long-lasting man-
More records, barely, as stocks rise for 7th day ufactured goods dropped
in April for the first time in
five months, and a key cat-
By MARLEY JAY egory that tracks business
AP Markets Writer investment went nowhere
NEW YORK (AP) — U.S. for the second straight
stocks made the tiniest month.
of gains Friday as media The Commerce Depart-
companies and sellers of ment said Friday that du-
beauty products and food rable goods orders fell 0.7
ticked higher. Major index- percent in April after rising
es added to their winning 2.3 percent in March. The
streak and record highs. April downturn was the first
Stocks spent the day flip- since durable goods orders
ping back and forth be- fell 4.6 percent in Novem-
tween small gains and loss- ber.
es. Beauty products maker Despite the April drop,
Ulta rose after a strong first- American manufacturing
quarter report and com- has bounced back in re-
petitor and Coty climbed cent months from a slump
as well. early last year.
Media companies includ- Orders for transportation
ing Comcast and Disney equipment fell 1.2 percent
also advanced while vid- last month, pulled down
eo game and drug com- by a 9.2 percent drop in
panies slipped. The market the volatile commercial
has been steady in recent Traders James Riley, left, and Mark Muller work on the floor of the New York Stock Exchange. U.S. aircraft category. Orders
months, and with investors stocks made the tiniest of gains Friday as media companies and sellers of beauty products and for military aircraft jumped
looking forward to the Me- food ticked higher. 7.1 percent. But orders for
morial Day holiday Mon- (AP Photo/Richard Drew) cars, trucks and auto parts
day, trading was light. gained $9.36, or 3.1 per- seventh day in a row. After crude, the international rose 0.3 percent last month
It was the seventh gain in cent, to $302.40. Costco a huge spike last Wednes- standard, added 69 cents, after falling in February
a row for the Standard & Wholesale rose $3.13, or 1.8 day, the 27-year-old index or 1.3 percent, to $52.15 a and March.
Poor’s 500 index and Nas- percent, to $177.86 after is trading near all-time lows. barrel in London. Orders for capital goods,
daq composite following the warehouse club had a It sank to 9.81 Friday. The On Thursday a group of 24 excluding aircraft and
their biggest loss this year. strong quarter as sales and only time it was lower was nations including the OPEC military equipment, were
“Investors have been con- member payments both in- late December 1993. countries agreed to a nine- flat for the second straight
ditioned over multiple creased. The Commerce Depart- month extension of a cut in month — potentially wor-
years to buy the dip any Uggs maker Deckers Out- ment said the U.S. econ- oil production. risome because that cat-
time there’s a market pull- door turned in earnings omy grew 1.2 percent in But energy companies, egory offers clues about
back,” said Jason Draho, that were stronger than the first quarter, which was which have lagged the where business investment
the head of American expected, and its stock still weak but better than it market dramatically this is headed.
tactical asset allocation gained $10.64, or 18.8 per- originally estimated. Draho, year, hardly budged. The Durable goods, ranging
for UBS Wealth Manage- cent, to $67.21. of UBS Wealth Manage- S&P 500’s energy company from refrigerators to battle-
ment. He said that’s one GameStop’s first-quarter ment, said that when the index is down 12 percent in ships, are items meant to
reason stocks have been results were stronger than economy is steady, the 2017 while the broader S&P last at least three years.
so steady lately. analysts expected, but market usually is, too. 500 is up almost 8 percent. Overall, American manu-
The S&P 500 index added sales of new software and The U.S. economy and In other energy trading, facturing has regained
0.75 points to 2,145.82. The wireless devices were dis- stock market have both wholesale gasoline added momentum after being
Dow Jones industrial aver- appointing. been moving up for eight 3 cents to $1.64 a gallon. hurt early last year and in
age dipped 2.67 points to The stock gave up $1.40, years. Heating oil gained 1 cent late 2015 by cutbacks in
21,080.28. or 5.9 percent, to $22.22. Draho said that as a bull to $1.56 a gallon. Natural the energy industry and a
The Nasdaq compos- Video game publishers also market gets older, stocks gas rose 5 cents to $3.24 strong dollar that makes
ite rose 4.94 points, or 0.1 fell. Activision Blizzard lost don’t move in the same per 1,000 cubic feet. U.S. products pricier over-
percent, to 6,210.19. The 94 cents, or 1.6 percent, to direction as often. When The dollar sank to 111.19 seas. The Institute for Sup-
Russell 2000 index of small- $58.28 and Electronic Arts one stock or one sector yen from 111.80 yen. The ply Management, a trade
company stocks fell 1.14 slid $1.70, or 1.5 percent, to rises and another falls, that euro fell to $1.1176 from group of purchasing man-
points, or 0.1 percent, to $112.13. Take-Two Interac- makes the overall market $1.1205. agers, reported earlier this
1,382.24. tive Software shed $1.46, or flatter and less volatile. As the dollar weak- month that its manufactur-
Some of the market’s big- 1.9 percent, to $77.07. Crude oil prices bounced ened, gold rose $11.70 to ing index showed U.S. fac-
gest moves were based The VIX, an index that is back from a sharp drop the $1,268.10 an ounce and tories expanding in April for
on company earnings, called Wall Street’s “fear day before. Benchmark silver gained 13 cents to the eighth straight month.
and many of those came gauge” because it mea- U.S. crude rose 90 cents, $17.32 an ounce. Cop- The Labor Department says
from consumer-focused sures how much volatility or 1.8 percent, to $49.80 a per fell 3 cents to $2.57 a factories have added jobs
companies. Ulta Beauty investors expect, fell for the barrel in New York. Brent pound. q for five straight months.-