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.
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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. That’s well
below the $13 monthly price
tag for rival Netfl ix, whose
stock fell 4.5%.
a proven track record of
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