Page 25 - ARUBA TODAY

BUSINESS Wednesday 29 august 2018
A25

US stocks slip after early gains, but remain near records

By MARLEY JAY pened to Macy's, Gap and
Associated Press J.C. Penney in the second
NEW YORK (AP) — U.S. quarter.
stocks are slightly lower On Tuesday Best Buy fell 7
Tuesday after giving up an percent to $75.97 after is-
early gain. Energy compa- suing a disappointing fore-
nies and banks are taking cast for the current quarter.
modest losses. Retailers in- TECH ON TOP: Apple add-
cluding DSW and Tiffany ed 0.6 percent to $219.31
are climbing after strong as technology companies,
quarterly reports. the most valuable part of
Major stock indexes the S&P 500, did better
reached record highs after than the rest of the mar-
strong gains the past two ket. Chipmaker Xilinx rose
days. 1.4 percent to $76.26 and
KEEPING SCORE: The S&P Qualcomm gained 2.7 per-
500 index fell 1 point, or cent to $69.17.
0.1 percent, to 2,895 as CURRENCIES: The dollar
of noon Eastern time. The continued to slip as inves-
Dow Jones Industrial Aver- tors reacted to signs the
age rose 13 points, or 0.1 U.S. was making progress in
percent, to 26,063. The Nas- resolving some of its trade
daq composite fell 1 point In this April 5, 2018, file photo a sign for a Wall Street subway station is shown. disputes. The Trump admin-
to 8,016. The Russell 2000 Associated Press istration has announced
index of smaller-company numerous tariffs this year,
stocks dipped 3 points, or North American Free Trade pany raised its estimates for cent years as they faced and those tariffs have
0.2 percent, to 1,724. Agreement. the rest of the year. growing competition from made the dollar stronger.
Canada's foreign minister RETAIL RESULTS: Shoe retail- Tiffany did the same and online retailers and sinking The dollar fell to 111.06
is traveling to Washington er DSW surged 20.1 percent its stock jumped added sales in stores. Their stocks yen from 111.10 yen. The
Tuesday to restart talks on to $32.67 percent after re- 1.1 percent to $131.31 DSW have climbed recently as euro rose to $1.1722 from
trade, a day after stocks porting second-quarter re- stock has climbed 53 per- they improved their online $1.1680.
rose on news that the sults that were far stronger cent in 2018 and Tiffany has businesses, but when they COLD SOUP: Campbell
Trump administration had than analysts expected. rallied 26 percent. fall short of expectations Soup lost 1.4 percent to
reached a preliminary deal Sales surpassed Wall Street Like many other retailers, the stocks have taken pre- $40.15 after the New York
with Mexico to replace the forecasts, and the com- they had slumped in re- cipitous drops. That hap- Post reported that the
company is wrapping up
US consumer confidence rises to 18-year high a strategic review and is
unlikely to try to sell itself.
Campbell announced the
review in May along with
By MARTIN CRUTSINGER declined in June and July, the departure of CEO De-
Associated Press bounced back in August nise Morrison.
WASHINGTON (AP) — and continue to suggest The Post reported in July
Americans' consumer con- solid economic growth for that activist investor Dan-
fidence rose in August to the remainder of 2018," said iel Loeb is pushing the
the highest level in nearly Lynn Franco, director of company to sell, and if it
18 years as their assess- economic indicators at the decides not to, he could
ment of current conditions Conference Board. "These launch a bid for control of
improved further and their historically high confidence
expectations about the fu- levels should continue to the company.q
ture rebounded. support health consumer
The Conference Board spending in the near term."
reported Tuesday that its The overall economy, as In this July 3, 2018, file photo, a shopper carries bags in San Fran-
consumer confidence in- measured by the gross do- cisco.
dex rose to 133.4 in August, mestic product, grew at Associated Press
up from a reading 127.9 a 4.1 percent rate in the
in July. It was the highest April-June quarter, the best records for longevity next mist at MUFG Union Bank in
reading since confidence performance since 2014. summer," said Chris Rup- New York.q
stood at 135.8 in October That estimate will be re- key, chief financial econo-
2000. vised Wednesday. Many
Consumers' confidence in economists believe growth
their ability to get a job and has slowed a bit in the cur-
the overall economy are rent quarter to around 3
seen as important indica- percent but will remain far
tors of how freely they will ahead of the weak 2.2 per-
spend, especially on big- cent GDP growth rate in
ticket items such as cars, in the first quarter.
coming months. Consumer "Confidence is soaring to
spending accounts for 70 new heights which makes
percent of economic ac- us bullish on growth and
tivity. forecasts that this expan-
"Expectations, which had sion may indeed shatter