U.S. stocks retreated this week, with the Standard & Poor’s 500 Index having its biggest decline since December, amid weaker-than-estimated housing data and reports showing manufacturing contracted in Europe and China.
Stocks rose on March 23 as a jump in oil prices lifted energy shares. The rally failed to help the industry avoid posting the worst performance for the week among the S&P 500’s 10 groups, falling 3 percent as Baker Hughes Inc. (BHI) slumped 11 percent. The Dow Jones Transportation Average lost 2.5 percent, the most since Nov. 25, as FedEx Corp. tumbled amid a disappointing earnings forecast. Apple Inc. (AAPL) advanced 1.8 percent after announcing its first dividend in 17 years.
Kingdom heading for healthier trade balance
The economic environment is favorable for local businesses and the depreciation of currencies against the dollar will support a healthier trade balance, a local bank says in its report.
Kuwait crude oil at $99.59
The price of Kuwaiti crude oil spiked 45 cents in Friday’s transactions, reaching the level of $99.59 a barrel compared to $99.14 the day before, according to oil prices announced by Kuwait Petroleu
Mobily fund to invest in technology startups
Mobily to foster its position of innovation and market leadership by the launch of “Mobily Ventures”, the Corporate Venture Capital arm of Mobily. Mobily Ventures invests in high-tech startup compani