Market Report: Gas Prices To Decrease as Stocks Shoot Up

1 year 9 months 1 week ago May 04, 2014 May 4, 2014 Sunday, May 04 2014 Sunday, May 04, 2014 1:43:00 PM CDT in News
By: William Joy, KOMU 8 Reporter

COLUMBIA - Stocks rose this week, and the Dow Jones Industrial Average hit a new record.

The Dow finished up 151 points, a little less than a 1 percent gain, to close at 16,512.89 as earnings reports beat their estimates. The S&P 500 also hit a record high, moving up 1 percent to 1,881.14 as Yahoo jumped up 6.9 percent, and the NASDAQ moved up 1.2 percent to finish at 4,123.90.

The reason for the big rise this week was a better-than-expected jobs report. After a winter that hurt the economy, employers added 288,000 jobs in April, which was the biggest addition in more than two years. The unemployment rate fell to 6.3 percent, a more than five-year low. There was a big downside to the report, though. The percent of people participating in the workforce fell to 62.8 percent, the lowest since March of 1978.

There's some good news for drivers. Gas prices are likely headed down soon.

Crude oil fell below $100 a barrel this week as U.S. oil stockpiles hit a record level, and AAA says gas prices may have peaked despite the summer usually bringing higher prices. Right now, the national average is around $3.64, with Missouri hovering around $3.40 for a gallon of regular.

Limes are actually more expensive by weight than a gallon of gas in some parts of the U.S.

Prices for limes have dropped recently with Cinco De Mayo on Monday, moving from around $60 for a 40-pound crate to about $40, according to CNBC. While the drop is a nice relief to restaurants and bars, the prices are still at record highs and well above historical prices of $7 or $8 for the 40-pound crate.

Finally, this week, there'll be more information out on how much Americans are borrowing, job openings and labor turnover, and chain store sales during the month of April. On top of that, head of the Federal Reserve, Janet Yellen, will speak in front of Congress Wednesday to give her outlook on the economy.

 

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