Page 25 - ARUBA TODAY

BUSINESS Tuesday 16 april 2019
A25

S&P 500 dips, on pace for just its third loss in 3 weeks

By STAN CHOE Epsilon business at.
Associated Press Alliance Data Systems lost
NEW YORK (AP) — Falling 8.3%.
bank stocks pulled U.S. in- HAULING: Waste Manage-
dexes a touch lower on ment jumped to one the
Monday, and the S&P 500 biggest gains in the S&P
was on track for just its third 500 after it said it would buy
loss in the last three weeks. its smaller rival, Advanced
Goldman Sachs dropped Disposal, for $3 billion. It will
to one of the largest losses also assume $1.9 billion of
in the S&P 500 after saying debt in the deal.
it’s off to a “muted start to TRADE WATCH: Speaking
the year,” though its earn- on the sidelines of the In-
ings for the first quarter still ternational Monetary Fund
beat analysts’ expecta- and World Bank spring
tions. Citigroup also fell fol- meetings, Mnuchin said the
lowing its report, as banks U.S. and China held phone
lead off this quarter’s earn- discussions last week. He
ings season. wasn’t sure if more face to
Expectations are low for face meetings would be
the market in general, and needed. Mnuchin didn’t
analysts are expecting S&P give a timeframe for when
500 companies in upcom- negotiations might be
ing weeks to report the first wrapped up.
drop in earnings in nearly People walk past an electronic board showing Hong Kong share index outside a local bank in Mnuchin added that the
three years. Hong Kong, Monday, April 15, 2019. proposed agreement has
Still, stocks have enjoyed a Associated Press seven chapters and will al-
hot start to the year after en increases in the last two ven Mnuchin said Saturday ger profit for the first quarter low both countries to set
the Federal Reserve said it years, including a final hike that the world’s two largest than Wall Street expected, up enforcement offices to
may not raise interest rates in December, that helped economies were moving but lighter trading activity make sure the deal is fol-
at all in 2019, and the S&P send the S&P 500 to a near- closer to an agreement. during the first three months lowed. Chinese foreign
500 remains just 0.9% below ly 20% loss at one point. Treasury yields, which tend of the year meant that its ministry spokesman Lu Kang
its record set in Septem- “If you look through his- to move in sync with ex- revenue fell short of ana- said Thursday that the dis-
ber. Other indexes are also tory, recessions have been pectations for the econo- lysts’ estimates. Its shares cussions were “moving for-
close to their highs. precipitated by the Fed- my, have generally risen in fell 2.9%. ward” and “new substan-
“I think we’re going to see eral Reserve tightening and recent weeks. Citigroup also reported tial progress” was made.
equities continue to con- causing recessions — telling KEEPING SCORE: The S&P stronger profit for the first MARKETS ABROAD: Asian
found their critics and ad- banks, ‘Don’t make loans’ 500 was down 0.1%, as of 2 three months than analysts markets were mixed, with
vance,” said Margie Patel, and pulling out liquidity,” p.m. Eastern time. It flipped expected, but its stock was the Nikkei 225 in Tokyo
senior portfolio manager at she said. “This time, they from a small gain of 0.1% at flat. jumping 1.4%, South Ko-
Wells Fargo Asset Manage- got right up to the brink, the open to modest losses SHORT SHRIFT: Alliance Data rea’s Kospi gaining 0.4%
ment. She expects growth and when the market had of as much as 0.4% through Systems sank to the larg- and the Hang Seng in Hong
for both the economy and that violent reaction in De- the morning. est loss in the S&P 500 after Kong losing 0.3%.
corporate earnings to re- cember, that made them The Dow Jones industrial av- it agreed to sell its Epsilon European markets were list-
accelerate later this year, rethink their approach.” erage fell 19 points, or 0.1%, business to Publicis Groupe less. The FTSE 100 in London
in large part because of the Optimism has also grown to 26,393, and the Nasdaq for $4.4 billion in cash. That was virtually flat, and the
Federal Reserve’s pledge that the U.S. and China can composite lost 0.3%. price tag was $1 billion less French CAC 40 rose 0.1%,
to hit pause on interest rate resolve their trade dispute. BANKING ON MORE: Gold- than what analysts at BMO while Germany’s DAX was
hikes. The move follows sev- U.S. Treasury Secretary Ste- man Sachs reported stron- Capital Markets valued the up 0.2%.q