Page 25 - ARUBA TODAY

BUSINESS Wednesday 5 september 2018
A25

Tech and health stocks slip; Amazon hits $1 trillion

By MARLEY JAY niversary "Just Do It" cam-
NEW YORK (AP) — U.S. paign. Investors feared a
stocks are lower Tuesday possible backlash from cus-
as technology and health tomers.
care companies slip. Am- Two seasons ago Kaeper-
azon fared better than nick began a wave of pro-
the rest of the market and tests by NFL players, kneel-
briefly traded above $1 tril- ing during the national
lion in market value. Apple anthem to protest police
became the first U.S. pub- brutality and racial inequal-
licly traded company to ity. He hasn't played in the
reach that mark last month. NFL since the end of the
Nike is sliding after it gave 2016 season and is suing
a major endorsement deal the league, saying owners
to former NFL quarterback conspired to keep him out
Colin Kaepernick, known of the game because of his
for his protests of police bru- protests of social injustice.
tality and racial injustice. TRILLION TIMES TWO: Ama-
Investors are looking ahead zon became the second
to Congressional hearings publicly-traded company
on social media and trade to reach $1 trillion in market
talks between the U.S. and value. It later gave up some
Canada as trading re- In this Aug. 21, 2018, file photo screens above trading posts on the floor of the New York Stock of that gain, but was still
sumes after the Labor Day Exchange show the NSE logo. trading up 1.2 percent to
holiday. Associated Press $2,036.40, which gave it a
KEEPING SCORE: The S&P market value of $993 billion.
500 index slid 11 points, $111.32 and Seagate Tech- interfere in U.S. elections. bet, Google's parent com- Amazon stock has climbed
or 0.4 percent, to 2,890 nology fell 9.7 percent to Twitter CEO Jack Dorsey pany and the recent target 74 percent in 2018. Apple
at noon Eastern time. The $48.34 as technology com- is also scheduled to testify of complaints by President became the first company
Dow Jones Industrial Av- panies declined. before a House commit- Donald Trump, lost 1.5 per- to top $1 trillion on Aug. 2.
erage fell 94 points, or 0.4 Executives from Facebook tee, which wants to know cent to $1,213.52. WPP WIPEOUT: Advertis-
percent, to 25,870. The Nas- and Twitter are scheduled how Twitter monitors and UNLACED: Nike stock fell ing company WPP fell 7.8
daq composite gave up 46 to testify before the Sen- polices content. Without 3 percent to $79.71 after percent to $76.38 after it
points, or 0.6 percent, to ate Intelligence Commit- evidence, conservatives the company announced reported weak results from
8,063. The Russell 2000 in- tee Wednesday about how have accused Twitter of a new endorsement deal North America in the sec-
dex lost 16 points, or 1 per- the companies are dealing limiting their reach online. with Colin Kaepernick. The ond quarter.
cent, to 1,724. with efforts by Russia and Facebook slid 2.7 percent former San Francisco 49ers JD.COM CEO: Chinese
NO TECH SUPPORT: Mi- other countries to influence to $170.90 and Twitter fell 1.7 quarterback will be one of e-commerce company
crosoft lost 0.9 percent to social media platforms and percent to $34.58. Alpha- the faces of Nike's 30th an- JD.com slid 5.6 percent to
$29.44 after founder and
US construction spending rose 0.1 percent in July CEO Richard Liu was arrest-
ed in the U.S. late Friday. Liu
was arrested in Minneapo-
lis on suspicion of criminal
By JOSH BOAK the building of schools and sexual conduct and was
Associated Press a 0.4 percent advance in released pending charg-
WASHINGTON (AP) — constructing highways and es. JD.com said he has re-
Spending on U.S. construc- streets. turned to China.q
tion projects ticked up 0.1 Construction spending
percent in July, led by an growth helps to support the
increase in homebuilding broader expansion of the
and the publicly funded U.S. economy. The build-
building of schools and ings not only create jobs for
highways. carpenters, welders, roof-
The Commerce Depart- ers, bricklayers, engineers
ment said Tuesday that the and architects, but they In this July 3, 2018, file photo, a construction worker lowers him-
slight July increase brought also provide housing and self on a forklift at a construction site in Chicago.
total construction spending workspace that contrib- Associated Press
to a seasonally-adjusted ute to additional hiring in
annual rate of $1.32 trillion, sectors outside of the con-
5.8 percent higher than a struction industry.
year ago. The U.S. economy expand-
Nonresidential construc- ed at a brisk 4.2 percent
tion — offices, stores, fac- annual pace in the second
tories and other buildings quarter, nearly doubling
— tumbled 0.3 percent in the growth rate for gross
July. Some of that decline domestic product during
was offset by a 0.6 percent the first three months of the
gain in homebuilding. year. The private construc-
Public construction rose tion component of GDP
0.7 percent in July, includ- rose 2.1 percent during the
ing a 2.1 percent jump in first quarter.q