Market Report: Summers Withdraws Name, Corn, Soy Prices Drop

3 years 5 months 1 week ago September 15, 2013 Sep 15, 2013 Sunday, September 15 2013 Sunday, September 15, 2013 5:12:00 PM CDT in News
By: William Joy, KOMU Reporter
loading

The three major indexes posted their second-straight week of gains and so far this month, all three are up more than three percent.

The Dow Jones Industrial Index rose 453.56 to finish the week at 15,376.06, its second best weekly gain this year. Meanwhile the NASDAQ saw a 1.7 percent gain finishing the week up 62.17 to 3,722.18, and the S&P 500 closed the week up just under 2 percent to finish at 1,687, a 32.82 gain.

Disney and Microsoft were the big gainers for the Dow this week, but the biggest news for the index was a company shake-up. Starting September 23, the Dow will no longer include HP, Alcoa, or Bank of America, while Nike, Goldman Sachs and Visa will be joining the 30-stock index.

A big reason behind the move to add larger stocks was decreasing IBM's influence.

Gains this week came despite some disappointing reports.

Consumer confidence dropped to a five-month low of 76.8, and retail sales rose only 0.2 percent in August, which is the smallest gain in four months.

In some other market news, Dell is going private, as shareholders agreed to sell the company to founder Michael Dell, who will work to turn the company around. At the same time, social media giant, Twitter announced it has filed paperwork to go public in the near future.

Word that the U.S. and Russia have begun constructive talks about Syria led to a drop in crude oil and gas futures this week, meaning you can expect gas prices to decrease in the near future. Prices for Columbia are around $3.17 for a gallon of regular, below the Missouri average of $3.33

As we near the thick of harvesting season, the USDA raised its expectations for corn output, which lowered December future prices to $4.59/bushel, while soybeans fell 1 percent to $13.815/bushel.

Those prices are down $3 and $4 respectively from the drought-ridden season last year.

This week is all about the fed and the news has already started as Larry Summers is withdrawing his name from replacing Ben Bernanke as head of the Federal Reserve, which makes Janet Yellen the front-runner now.

This week the Fed will meet to discuss interest rates and whether it should begin pulling back on its bond buying. Some experts believe tapering back the buying would hurt the recovering economy .Initial jobless claims come out on Thursday and housing permits and housing starts, which is the registered start of a new building are released Wednesday. Those numbers will show how quickly the economy is improving.

 

 

More News

Grid
List
KANSAS CITY (AP) — A Kansas City man has been convicted of fatally shooting an acquaintance and dumping the body... More >>
1 hour ago February 28, 2017 Feb 28, 2017 Tuesday, February 28 2017 Tuesday, February 28, 2017 7:13:09 AM CST in News
JEFFERSON CITY - Workplace discrimination was the topic of conversation on the Senate floor for close to five hours Monday... More >>
7 hours ago February 28, 2017 Feb 28, 2017 Tuesday, February 28 2017 Tuesday, February 28, 2017 1:04:00 AM CST in News
JEFFERSON CITY - Local marijuana legalization advocates are heading to the state capitol Tuesday to lobby members of the Missouri... More >>
7 hours ago February 28, 2017 Feb 28, 2017 Tuesday, February 28 2017 Tuesday, February 28, 2017 12:38:00 AM CST in News
COLUMBIA - A local cleaning company is washing its hands of dirty business, but probably not for the last time.... More >>
12 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 7:54:00 PM CST in Target 8
JEFFERSON CITY (AP) — A Missouri judge said the state Corrections Department intentionally delayed fulfilling a Sunshine request for the... More >>
13 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 7:19:00 PM CST in News
JEFFERSON CITY (AP) — The Missouri public defender system says Gov. Eric Greitens' proposal to restore some of its budget... More >>
13 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 7:06:56 PM CST in News
ROLLA - Determination, courage and spunk run in Danny Shelton's blood. But factor IX, a vital clotting protein, does not.... More >>
13 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 7:05:00 PM CST in News
JEFFERSON CITY – The Missouri State Highway Patrol is searching for more state troopers after experiencing a decrease in applicants.... More >>
13 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 7:05:00 PM CST in News
JEFFERSON CITY - A proposed bill will introduce the idea of charter schools in the state of Missouri. Missouri... More >>
14 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 6:06:00 PM CST in News
KINGDOM CITY - The North Callaway R-1 School District decided to move to a four-day school week for the 2017-2018... More >>
15 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 4:39:00 PM CST in News
ST. LOUIS (AP) Three people are facing charges after being arrested at a St. Louis rally in support of LGBTQ... More >>
17 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 3:23:25 PM CST in News
COLUMBIA - New nationwide standards for staffing fire departments suggest Columbia needs 95 more firefighters. This number comes from... More >>
17 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 2:51:00 PM CST in News
COLUMBIA - Results from the Missouri Quality Initiative for Nursing Homes (MOQI), show that advanced practice registered nurses, or APRNs,... More >>
18 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 1:52:00 PM CST in News
COLUMBIA - Passengers at Columbia Regional Airport (COU) will soon have more flight options. United Airlines confirmed it will... More >>
19 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 1:01:00 PM CST in Top Stories
COLUMBIA - "Not enough time" is one of the most frequently-used reasons to not exercise. What if I told you... More >>
19 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 12:59:00 PM CST in News
ST. JAMES (AP) — An elderly husband and wife are dead after a head-on crash in central Missouri. The... More >>
22 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 9:46:22 AM CST in News
ST. LOUIS (AP) — A 32-year-old St. Louis native is a key player in President Donald Trump's White House. ... More >>
22 hours ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 9:43:50 AM CST in News
KANSAS CITY, Mo. (AP) — Kansas City police say one of the victims of a double shooting has died. ... More >>
1 day ago February 27, 2017 Feb 27, 2017 Monday, February 27 2017 Monday, February 27, 2017 7:07:00 AM CST in News
Columbia, MO
Broken Clouds 62°
9am 61°
10am 65°
11am 68°
12pm 70°

Select a station to view its upcoming schedule:

Coming Up Next

7:00a
Today
11:00a
Rachael Ray
12:00p
KOMU 8 News @ Noon
8:00a
The Steve Wilkos Show
9:00a
The Steve Wilkos Show
10:00a
Jerry Springer

Tonight's Schedule

7:00p
The Voice
8:00p
NBC News Special: Presidential Address
9:30p
The Wall
7:00p
The Flash
8:00p
Riverdale
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld