Home' Trinidad and Tobago Guardian : November 22nd 2015 Contents T
he stock market closed out its
best week of the year Friday
as big gains by retailers and
technology companies pushed
major indexes higher.
Stocks faded as Friday wore on, but they
still finished higher. The S&P 500 index
climbed almost 3.3 per cent this week. By
just a hair, that was the biggest weekly gain
for the index in 2015.
The index climbed Monday and Wednesday
as the US market didn’t seem to be affected
by a string of unsettling international events,
including last Friday’s terrorist attack in Paris.
Instead, investors saw signs the US economy
The Dow Jones industrial average rose 91.06
points, or 0.5 per cent, to 17,823.81. The Stan-
dard & Poor’s 500 index added 7.93 points,
or 0.4 per cent, to 2,089.17. The Nasdaq com-
posite index gained 31.28 points, or 0.6 per
cent, to 5,104.92. The Dow turned positive
for the year by a fraction of a point.
“Throughout the week we got more and
more news that the Federal Reserve was
assessing the economy favorably,” said Erik
Davidson, chief investment officer at Wells
Fargo Private Bank.
Davidson said investors have slowly gotten
used to the idea that the Federal Reserve is
going to raise interest rates. That prospect
worried them greatly a few months ago, but
now, stocks are rising because investors are
taking heart that the Fed believes the economy
is on solid footing. Meanwhile, new economic
stimulus in Europe could strengthen the global
Retailers rallied after solid earnings reports
from discount retailer Ross Stores and footwear
seller Foot Locker. Retail stocks got pummeled
this month after weak reports from Macy’s
and Nordstrom caused investors to worry that
the holiday shopping season would be a bust.
But some retails are doing well.
Ken Perkins, president of the research firm
Retail Metrics, said shoppers are looking for
discounts and turning to lower-priced retailers
like TJ Maxx and Ross Stores and to “fast
fashion” retailers who keep up with the latest
“All that doesn’t bode well for mall-based
retailers,” Perkins said.
Ross Stores gained US$4.64, or 10 per cent,
to US$50.84 while Foot Locker rose US$3.49,
or 5.7 per cent, to US$65.02. Gap advanced
US$1.89, or 7.5 per cent, to US$26.98 and
Urban Outfitters rose 71 cents, or 3.2 per cent,
Athletic apparel and footwear maker Nike
said it will raise its dividend, buy back US$12
billion of its own shares and split its stock.
Nike, which has nearly tripled over the last
five years, rose US$6.87, or 5.5 per cent, to
Alphabet, the parent company of Google,
led a rally in tech stocks. Alphabet rose
US$17.06, or 2.2 per cent, to US$777. That
was their biggest gain in almost a month. The
company said Wednesday that former VMWare
CEO Diane Green will run Google’s commercial
technology business. That suggests Google
wants to strengthen its enterprise business,
which is a big profit center for Amazon and
Microsoft but an area where Google has lagged.
HP Enterprise, which sells commercial com-
puter systems, software and tech services, rose
43 cents, or 2.1 per cent, to US$14.21. Web
domain-name registration company VeriSign
added US$3.70, or 4.3 per cent, to US$90.30.
TurboTax maker Intuit climbed after it
reported strong quarterly revenue and gave a
forecast for the current quarter that was better
than analysts expected. The stock added
US$5.78, or 5.9 per cent, to US$103.20.
Chipotle Mexican Grill sustained its biggest
one-day loss in three years. The shares
dropped US$75.32, or 12.3 per cent, to
US$536.19 after the Centers for Disease Con-
trol and Prevention said an E. coli outbreak
linked to Chipotle locations has been found
in three more states around the country. In
October Chipotle briefly closed all its restau-
rants in Oregon and Washington to stem the
US crude lost 15 cents to US$40.39 a barrel
on the New York Mercantile Exchange. Brent
crude, used to price international oils, rose
48 cents, or 1.1 per cent, to US$44.66 a barrel
in London. This week US crude dipped under
US$40 a barrel for the first time in almost
Wholesale gasoline was unchanged at
US$1.371 a gallon. Heating oil was also little
changed at US$1.29 a gallon. Natural gas fell
13 cents to US$2.145 per 1,000 cubic feet.
Bond prices fell. The yield on the 10-year
Treasury note rose to 2.26 per cent from 2.25
per cent late Thursday. The euro fell to
US$1.0657 from US$1.0731. The dollar edged
up to 122.87 yen from 122.86 yen.
Metals prices continued to slide. The price
of gold fell US$1.60 to US$1,076.30 an ounce.
Silver slipped 12.6 cents, or 0.9 per cent, to
US$14.10 an ounce. Copper declined 2.2 cents,
or 1 per cent, to US$2.06 a pound.
NOVEMBER 22 • 2015 www.guardian.co.tt SUNDAY BUSINESS GUARDIAN
STOCKS | SBG9
KEEPING SCORE: Japan’s bench-
mark Nikkei 225 index slipped 0.5 per
cent to 19,769.48 while South Korea’s
Kospi was flat at 1,989.55. Hong Kong’s
Hang Seng was up 0.1 per cent to
22,475.31. The Shanghai Composite Index
in China rose 0.4 per cent to 3,629.88.
Australia’s S&P/ASX 200 rose 0.4 per
cent to 5,265.60.
FED FOCUS: The euphoria in finan-
cial markets over the Federal Reserve’s
minutes that were released Wednesday
is fading. The report showed that Fed
officials agreed that a rate hike is firmly
on the cards for next month and that
the pace of rate increases after that will
The news gave a strong boost to stock
markets around the world by easing
uncertainty in the minds of investors
who have been fixated on when the Fed
would raise its policy rate. It has been at
a record low since the 2008 global finan-
ENERGY: Benchmark US crude fell
was up 19 cents to US$41.91 a barrel in
electronic trading on the New York Mer-
cantile Exchange. The contract fell 23
cents to settle at US$41.72 a barrel in
New York on Thursday. Brent crude, used
to price international oils, rose 14 cents
to US$44.32 a barrel in London.
CURRENCIES: The dollar was prac-
tically unchanged at 122.89 yen. The euro
inched up to US$1.0724 from US$1.0723
in the previous trading session.
A passer-by is
silhouetted against an
electronic stock board of
a securities firm
benchmark Nikkei 225
index that gained 6.38
points or 0.03 per cent
and closed at 19,697.77
in Tokyo, Thursday,
November 12, 2015.
World stock markets
struggled for direction
on Thursday as weak oil
prices, mixed Chinese
economic data and the
rising prospect of a Fed
rate hike dulled investor
Traders gather at the post of specialist John McNierney, background centre, at the end of the
trading day, on the floor of the New York Stock Exchange, Thursday, Novemebr 19, 2015. Stocks
are slipping as traders were disappointed by several corporate earnings and outlooks. (AP)
Asian stocks pause as Fed-fueled rally fades
US stocks march
the best week
so far this year
How the Dow Jones industrial
average fared on Friday
The Dow Jones industrial average picked
up 91.06 points, or 0.5 per cent, to
The S&P 500 index added 7.93 points, or
0.4 per cent, to 2,089.17.
The Nasdaq composite index rose 31.28
points, or 0.6 per cent, to 5,104.92.
For the week:
The Dow gained 578.57 points, or 3.4 per
The S&P advanced 66.13 points, or 3.3 per
The Nasdaq climbed 177.04 points, or 3.6
For the year:
The Dow is up 0.74 points, less than 0.1 per
The S&P is up 30.27 points, or 1.5 per cent.
The Nasdaq is up 368.86 points, or 7.8 per
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