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A8 BUSINESS East Oregonian Saturday, April 13, 2019 S&P 500 notches 3rd straight weekly gain as U.S. stocks rally By ALEX VEIGA Associated Press AP Photo/Patrick Sison Pedestrians walk past the Lucky Lee’s restaurant in the Greenwich Village neighborhood of New York on Thursday. NYC Chinese eatery heats up cultural appropriation debate By TERRY TANG Associated Press A New York City restaurant owner who touted her “clean” Amer- ican-Chinese cuisine and derided Chinese dishes as swimming in “globs of processed butter,” sodium and MSG is renewing the long-simmering debate about stereotyping and cultural appropriation in the restaurant world. Arielle Haspel, who is white and a certifi ed health coach, told the din- ing website Eater that she wanted to offer modifi ed, “clean” versions of typi- cal Chinese menu items. In a now deleted Insta- gram post, Haspel said that a Chinese noodle dish, lo mein, can make people feel “bloated and icky.” Online critics pounced, including New York Bao- haus restaurateur and author Eddie Huang who dismissed Lucky Lee’s as “the Fyre Fest of food & ‘wellness,’” on the restau- rant’s Instagram page. Haspel has since apol- ogized, but her comments are the latest misstep in a succession of restaura- teurs and TV chefs who have been criticized for insensitivity when deal- ing with food from a cul- ture that’s not their own. Robert Ku, a professor of Asian American studies and food studies at Bing- hamton University, New York, said Haspel came off as relying on age-old stereotypes of Chinese food being unsanitary or grotesque. It was espe- cially tone-deaf in New York City where most locals regularly eat Chi- nese food, he added. “These are long-stand- ing tropes that have fol- lowed specifi cally Chi- nese food more than any other cuisine,” said Ku, who has written about the cultural politics of Asian food in the U.S. “What she’s focused on is health and being clean, which implies the others were not.” He also said it’s a myth that Chinese-American restaurants use MSG. Most cut it out of their kitchens in the 1970s because it was so unpop- ular, making Haspel’s ref- erence problematic, Ku said. Haspel was apologetic in an interview Friday with the New York Times. “We were never trying to do something against the Chinese community. We thought we were com- plementing an incredi- bly important cuisine, in a way that would cater to people that had certain dietary requirements,” she said. “Shame on us for not being smarter about cultural sensitivities.” Stocks notched solid gains on Wall Street Friday, erasing most of the losses the market sustained after an uneven week of trading. The strong fi nish gave the S&P 500 its third straight weekly gain. The bench- mark index is now just under 1% from its most recent all- time high set on Sept. 20, refl ecting the strong rebound for the market this year after a dismal slide in December. Banks led the gains Fri- day after a solid quarterly profi t report from JPMor- gan Chase opened the latest round of highly anticipated company earnings. Banks have been benefi ting from higher interest rates, which allow them to book fatter profi ts from making loans. Disney surged to an all- time high after it announced plans to offer its own video streaming service. Disney will be going head-to-head with Netfl ix, which declined. The market was coming off a wobbly week as inves- tors worried that the early fi rst-quarter earnings reports would come in even weaker than the low expectations analysts already have. The solid results from major banks on Friday were encouraging, but investors need to see more, said Sam Stovall, chief investment strategist at CFRA. “In general, you need to have the fi nancial compa- nies participate in order for a market advance to con- tinue,” Stovall said. “Inves- tors will be waiting, listening for other news that would be benefi cial not only to banks, but to industrial and technol- ogy stocks.” The S&P 500 index rose 19.09 points, or 0.7%, to 2,907.41. The Dow Jones Industrial Average climbed 269.25 points, or 1%, to 26,412.30. The average still AP Photo/Richard Drew The logos for The Walt Disney Company and Chevron appear above a trading post on the fl oor of the New York Stock Exchange on Friday. fi nished slightly lower for the week. The Nasdaq composite gained 36.80 points, or 0.5%, to 7,984.16. The Russell 2000 index of smaller-com- pany stocks picked up 5.66 points, or 0.4%, to 1,584.80. Bond prices fell. The yield on the benchmark 10-year Treasury rose to 2.56% from 2.50% late Thursday. Indexes in Europe and Asia closed broadly higher. In addition to banks, technology, communica- tions and industrial compa- nies helped lift U.S. stocks Friday. Health care was the only sector to lose ground. So far this year, it’s lagging the other 10 sectors in the S&P 500. The market got an early boost from new economic data out of China showing the world’s second-largest economy benefi ted from a surge in exports last month, even as Beijing and Wash- ington continued to nego- tiate a resolution to their costly trade war. The gain marks a turn- around from a severe con- traction in February and helped put investor fears over a global economic slow- down in check. The data on Chi- nese exports suggests that growth is potentially going to rebound, said Tom Mar- tin, senior portfolio manager with Globalt Investments. “It wasn’t as bad as peo- ple had expected it might be,” he said. Investors will be focusing over the next few weeks on company earnings reports in hopes of gleaning clues about the trajectory of the U.S. economy and corporate profi ts. Citigroup, United- Health Group and Johnson & Johnson are among the larger companies releasing results next week. Analysts expect compa- nies in the S&P 500 to report a 3.4% drop in earnings per share from a year ear- lier, which would be the fi rst decline since the spring of 2016. The expected drop in profi ts is due almost entirely to weaker profi t margins. Traders were encouraged Friday by JPMorgan’s quar- Wellness Screening Galloway new area manager for Stearns home loans PEN DLETON oversight of loan — Stearns Lending production, recruit- announced Greg ing and business Galloway of Pend- development efforts leton is the compa- in the Pacifi c North- ny’s new area man- west market. Jim ager for home loans. Linnane, Stearns Galloway was Galloway national head of branch manager retail lending, said for Stearns and has more the company was excited to than 20 years of retail lend- add the industry veteran. ing experience. The com- “Greg Galloway brings pany in a written state- a tremendous background ment explained Galloway’s of leadership to Stearns,” responsibilities include Linnane stated. “He has terly report card. The invest- ment banking giant rose 4.7% after it reported solid profi ts for the fi rst quarter. Wells Fargo initially rose after its results beat ana- lysts’ forecasts, but its shares turned lower by midmorn- ing and never recovered. The stock fell 2.6%. JPMorgan and Wells Far- go’s latest results show that higher interest rates during the quarter drove increases in revenue. Those higher rates allow banks and fi nan- cial companies to charge more for loans and credit cards. The trend helped boost shares in other major banks. Goldman Sachs picked up 2.5%, Bank of America added 3.8% and Citigroup rose 2.3%. Disney surged 11.5% after it released plans to offer a streaming entertainment service dubbed Disney Plus. The service is scheduled to roll out on November 12 at $6.99 per month. 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