Page 25 - ARUBA TODAY

BUSINESS Saturday 18 auguSt 2018
A25

Stocks jump as hopes rise for progress on China trade talks

By MARLEY JAY ny private.
Associated Press Tesla stock rose from about
NEW YORK (AP) — U.S. $345 a share to about $380
stocks are higher Friday following Musk's tweet,
as investors hope for more which said Tesla could go
progress in trade talks be- private for $420 a share. On
tween the U.S. and China. Friday it dropped 9 percent
The Wall Street Journal re- to $305.39.
ported that the countries Musk also gave an emo-
hope to resolve their dis- tional interview to the New
pute by November. York Times about the stress
Industrial and basic materi- he's experienced as the
als companies and health company tries to ramp up
care and technology firms production. He said this
are making some of the year has been "excruciat-
biggest gains. The report ing" and described work-
comes a day after China ing up 120 hours a week,
said it will send an envoy raising concerns about his
to Washington for the first health.
trade talks between the BONDS: Bond prices rose.
countries since June. The yield on the 10-year
Electric car maker Tesla is Treasury note fell to 2.86
falling further on reports of percent from 2.87 percent.
a wider government inves- ENERGY: U.S. crude picked
tigation into the company up 0.7 percent to $65.91 a
and concerns about CEO barrel in New York. Brent
Elon Musk's health. crude, the standard for in-
KEEPING SCORE: After a ternational oil prices, add-
morning of wobbly trading, ed 0.6 percent to $71.83
the S&P 500 index was up In this April 24, 2018, file photo replicas of Arturo Di Modica's "Charging Bull" are for sale on a street per barrel in London.
10 points, or 0.4 percent, at vendor's table outside the New York Stock Exchange in New York. Wholesale gasoline dipped
2,851 as of 3:30 p.m. East- Associated Press 0.3 percent to $1.98 a gal-
ern time. The Dow Jones lon. Heating oil inched up
Industrial Average rose 128 ress toward a trade agree- costs for raw materials and much revenue from prod- 0.1 percent to $2.10 a gal-
points, or 0.5 percent, to ment. But stocks in emerg- freight are affecting its busi- ucts used in mining digital lon. Natural gas rose 1.3
25,687. The Nasdaq com- ing markets might make ness. currencies, and its stock fell percent to $2.95 per 1,000
posite rose 10 points, or 0.1 even bigger gains. Construction equipment 5 percent to $244.52. Ap- cubic feet.
percent, to 7,816. The Rus- "The rally that could come, maker Caterpillar rose 2.7 plied Materials slumped 7.5 METALS: Gold was little
sell 2000 index of smaller- if there is a better outcome, percent to $139.94 and en- percent to $43.89. changed at $1,184.20 an
company stocks added 6 would be in emerging mar- gine maker Paccar added While big names like Netf- ounce. Silver fell 0.6 per-
points, or 0.4 percent, to kets," she said. "China has 2.5 percent to $67.30. lix, Facebook and Amazon cent to $14.63 an ounce.
1,692. suffered pretty greatly ... THE BIG STORE: Nordstrom slipped, Apple led tech- Copper added 0.5 percent
The S&P 500 is up 0.6 per- the U.S. has held up pretty jumped 12.7 percent to nology companies higher to $2.63 a pound.
cent this week after a se- well." $58.94 after raising its annu- overall. It rose 1.8 percent CURRENCIES: The dollar
ries of big swings linked to The Hang Seng index in al profit and sales forecasts to $217.08. dipped to 110.60 yen from
worries about Turkey's cur- Hong Kong has fallen 13 and posting better earn- BAD NEWS PILEUP: The Wall 110.88 yen. The euro rose to
rency crisis, China's eco- percent since early June ings and sales than analysts Street Journal reported $1.1443 from $1.1365.
nomic growth, and hopes while the S&P 500 has risen expected. It's been a most- that the Securities and Ex- OVERSEAS: The German
for trade talks between the over that time. ly difficult week for depart- change Commission start- DAX lost 0.2 percent and
U.S. and China. The con- ON THE FARM: Agricultural ment stores as Macy's and ed investigating electric France's CAC 40 fell 0.1
cerns about China's econ- equipment maker Deere J.C. Penney both plunged car maker Tesla last year to percent. The FTSE 100 in Brit-
omy have hurt technology posted stronger than ex- after issuing their quarterly determine if it made false ain was little changed.
companies in particular. pected sales and its stock reports. statements about produc- Japan's Nikkei 225 index
THE QUOTE: Marina Sev- rose 2.8 percent to $141.23. CHIPS CHOPPED: Chipmak- tion of its Model 3 sedan. added 0.4 percent and
erinovsky, an investment The stock started lower ers fell after two companies The SEC is also reported- Hong Kong's Hang Seng
strategist at Schroders, said after Deere disclosed a gave weaker forecasts for ly looking into CEO Elon gained 0.4 percent. In
stocks could rally if the U.S. smaller profit than analysts the third quarter. Nvidia Musk's comments about South Korea, the Kospi
and China make real prog- expected and said rising said it no longer expects possibly taking the compa- gained 0.3 percent.q

Turkish lira resumes fall after Trump sanctions threat

By SUZAN FRASER the NATO country. pastor Andrew Brunson, Dashing hopes for a quick imposed on Brunson.
Associated Press The lira dropped about 5 an evangelical pastor who solution to the dispute, a Meanwhile, President Re-
ISTANBUL (AP) — The Turk- percent, to about 6.11 per faces 35 years in prison on Turkish court on Friday re- cep Tayyip Erdogan's has
ish currency fell again on dollar, after U.S. President charges of espionage and jected an appeal for the consolidated power over
Friday, breaking a three- Donald Trump posted a terror-related charges. pastor's release from house the central bank, and
day quiet spell in the coun- tweet warning the country Turkey's trade minister, Ruh- detention. Upholding a pushed for it to refrain from
try currency crisis, after the of more punitive measures sar Pekcan, said her gov- lower court's decision ear- raising interest rates to sup-
United States threatened to over the continued deten- ernment would respond to lier this week, it also ruled port the currency, as ex-
impose new sanctions on tion in Turkey of American any new trade duties. against lifting a travel ban perts say it should.q