WORLD
Saturday, January 26, 2019
East Oregonian
A11
Tech rises, but four-week
winning streak for stocks ends
By MARLEY JAY and
DAMIAN J. TROISE
AP Markets Writers
NEW YORK — Stocks
closed higher on Wall Street
Friday, recovering a chunk
of their losses from earlier
in the week. Technology
and industrial companies
jumped.
Traders took a brighter
view on the economy, and
U.S. companies continued
to report solid results for the
fourth quarter. Energy and
consumer-focused compa-
nies as well as basic mate-
rials makers all did better
than the broader market.
Those industries and stocks
tend to benefit the most
when economic growth
improves.
Markets didn’t react
much to news that President
Donald Trump and congres-
sional leaders reached a deal
to reopen the federal govern-
ment for three weeks while
talks continue over Trump’s
demands for money to build
a wall along the U.S. border
with Mexico.
Trump announced the
agreement to break the
35-day impasse as delays
at airports and widespread
disruptions brought new
urgency to efforts to end the
partial shutdown. Trump
almost immediately threat-
ened another shutdown or
emergency action if he does
not get a “fair deal.”
The S&P 500 surged 10
percent during the shut-
down, which started when
the stock market was at its
low point in December.
Some experts feel that the
standoff won’t have a last-
ing effect on the market or
the economy, with govern-
ment employees resum-
ing their spending as soon
as they are repaid for their
work in January.
But Kristina Hooper,
chief global market strat-
AP Photo/Alessandra Tarantino
Pope Francis listens to the words of an inmate at the Las
Garzas de Pacora detention center for minors before the
start of a penitential Mass in Panama on Friday.
Pope brings World
Youth Day to prisoners,
hears confessions
By NICOLE WINFIELD
and TRISHA THOMAS
Associated Press
AP Photo/Richard Drew, File
LAS GARZAS, Pan-
ama — Pope Francis on Fri-
day brought World Youth
Day to Panama’s juvenile
delinquents, celebrating an
emotional penitential lit-
urgy inside the country’s
main youth prison since the
inmates couldn’t participate
in the Catholic Church’s big
festival of faith outside.
Fulfilling his belief that
no one should be separated
from God’s mercy, Francis
also heard the confessions
of five inmates at the Las
Garzas de Pacora deten-
tion center. At least one of
them wept uncontrollably
afterward.
“There are no words to
describe the freedom I feel
in this moment,” one of the
inmates, Luis Oscar Mar-
tinez, told the pope at the
start of the service inside
barbed wire-ringed facility
outside Panama City.
It was an emotional
highlight of Francis’ four-
day trip to Panama and a
hands-on demonstration
of his belief that prisoners
deserve the same dignity as
everyone else — as well as
hope.
In this Jan. 18, 2019, file photo, specialist Michael Pistillo works on the floor of the New York
Stock Exchange.
egist for Invesco, said the
magnitude of the shutdown
might have major effects on
consumers’ confidence.
“If the government can’t
work together in times
where there are no real cri-
ses, imagine what would
happen in an environment
where there was a real cri-
sis,” she said. “It’s hard to
envisage Congress and the
executive branch putting
their differences aside and
working together.”
She added that the gov-
ernment’s
dysfunction
might contribute to the
U.S.’ credit being down-
graded, and if that happens,
investors are likely to flee
the stock market and pour
money into the bond mar-
ket. That’s what they did
when the country’s credit
rating was cut in 2011.
The S&P 500 index rose
22.43 points, or 0.8 percent
to 2,664.76, but the index
fell 0.2 percent for the week
after big gains in the past
four. The Dow Jones Indus-
trial Average added 183.96
points, or 0.7 percent, to
24,737.20.
The Nasdaq compos-
ite climbed 91.40 points,
or 1.3 percent, to 7,164.86.
The Russell 2000 index of
smaller company stocks
increased 18.45 points, or
1.3 percent, to 1,482.85.
Hard drive maker West-
ern Digital vaulted 7.5 per-
cent to $43.16 after the
company said it expects
business to improve in the
second half of its fiscal year.
That overshadowed a weak-
er-than-expected
second
quarter. Competitor Seagate
Technology also gained 6.6
percent to $43.66.
Other tech stocks also
climbed. Apple rose 3.3 per-
cent to $157.76. Those gains
outweighed disappointing
quarterly results and weak
forecasts from the world’s
largest chipmaker, Intel. Its
shares slumped 5.5 percent
to $47.04.
Starbucks rose 3.6 per-
cent to $67.09 after the com-
pany reported revenue and
profit growth with the help
of a strong holiday season.
The results topped expecta-
tions and the company gave
an upbeat outlook for the
year.
The Wall Street Journal
reported that the Federal
Reserve might soon halt the
shrinking of its bond portfo-
lio. The Fed bought trillions
of dollars in bonds following
the recession in 2008 to help
keep interest rates low and
aid an economic recovery.
It started gradually letting
its portfolio shrink recently,
but investors are concerned
that will tighten credit con-
ditions, which could slow
economic growth.
“Although the economic
data are pretty solid right
now, the markets have basi-
cally told us that we are not
tolerating additional tight-
ening,” said Guy LeBas,
chief fixed income strate-
gist at Janney Montgomery
Scott.
Bond prices fell. The
yield on the 10-year Trea-
sury note rose to 2.75 per-
cent from 2.71 percent.
In his homily, Fran-
cis lamented that society
tends to label people good
and bad, the righteous and
the sinners, when it should
instead spend its time cre-
ating opportunities for
them to change.
“This attitude spoils
everything, because it
erects an invisible wall that
makes people think that, if
we marginalize, separate
and isolate others, all our
problems will magically
be solved,” he said. “When
a society or community
allows this, and does noth-
ing more than complain
and backbite, it enters into
a vicious circle of division,
blame and condemnation.”
Francis has made a tra-
dition of visiting prisoners
during his foreign visits,
and has long made prison
ministry part of his voca-
tion to minister to the most
marginal in society. Just
last year, Francis changed
church teaching on the
death penalty, saying it was
inadmissible in all cases.
The change was in keep-
ing with his belief that pris-
oners can always change
and deserve chances for
rehabilitation so they can
re-enter society after serv-
ing their terms.
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