Market Report: Wings Prices Drop as Heating Costs Shoot Up

3 years 11 months 3 weeks ago Sunday, January 26 2014 Jan 26, 2014 Sunday, January 26, 2014 2:53:00 PM CST January 26, 2014 in News
By: William Joy, KOMU 8 Reporter
loading

COLUMBIA - This past week on Wall Street was the worst for U.S. stocks since 2012.

The Dow Jones Industrial Average tumbled 3.52 percent on this holiday shortened week down to 15,879.11, marking this its worst week since November 2011. The major index was weighed down by poor reports from IBM and DuPont with a little good news coming from Netflix's 2 million person boost in subscribers. The NASDAQ dropped 1.65 percent down to 4,128.17 and the S&P 500 fell 2.63 percent to 1,790.29.

On top of the poor market performance, it was a bad week of job losses, too. Walmart announced it's laying off 2,300 workers at Sam's Club, roughly 2 percent of the workforce, its biggest layoff since 2010. The disappointing holiday season also hit Target workers. The company announced they're laying off 475 employees at its corporate office and leaving 700 open positions unfilled. Texas Instruments also announced a job cut, losing 1,100 people worldwide.

The chilling temperatures over the past month have led to an increased demand for propane and a decrease in supply in the Midwest as people try to heat their homes. Propane heats an estimated 12 million homes in America. Nationwide prices are up 17 percent compared to last year, but in Missouri, the price is up 32 percent from 2013. Natural gas has also shot up, moving to its highest price in 4 years.

Experts say decreasing your temperature by one degree in the 60 to 70 degree range can save you three percent on heating costs.

Americans are expected to eat 1.25 billion chicken wings on Super Bowl Sunday and they'll be cheaper this year than they have been in a while. According to Bloomberg, wholesale wings sold by processors in Georgia are $1.31 per pound, which is the lowest since 2011 and 32 percent below the all-time high of $2.04, set last year. The reason for the drop is that the price of corn, which is used to feed chickens, dropped 40 percent this year.

Looking ahead to next week, new home sales come out on Monday, and then on Wednesday, the FOMC will give its report and say if the recent poor market performance will affect the taper. On Thursday, the U.S. GDP reading is due. Finally, major companies, Apple, Amazon, and Facebook, are releasing quarterly earnings reports this week.

 

More News

Grid
List
OVERLAND PARK, Kan. (AP) — Authorities say an officer has shot and killed a suburban Kansas City teenager while responding... More >>
1 hour ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 7:16:00 AM CST January 22, 2018 in News
KANSAS CITY (AP) — Authorities say a 9-year-old has been fatally shot in an exchange of gunfire in Kansas City.... More >>
1 hour ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 7:00:00 AM CST January 22, 2018 in News
LAKE WALES, Fla. (CNN) -- Two improvised explosive devices detonated at a Florida mall on Sunday that has left police... More >>
2 hours ago Monday, January 22 2018 Jan 22, 2018 Monday, January 22, 2018 5:58:00 AM CST January 22, 2018 in News
JEFFERSON CITY - Gov. Eric Greitens will release his budget recommendations for 2019 at 4 p.m. Monday. A press... More >>
10 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 10:24:00 PM CST January 21, 2018 in News
COLUMBIA - Some say, the summer body is made in the winter, and Clovers Natural Market is hoping a clean... More >>
13 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 7:32:00 PM CST January 21, 2018 in News
BOONE COUNTY - A fire broke out Sunday afternoon on 3300 KMJ Road in northern Boone County of garage with... More >>
14 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 6:05:00 PM CST January 21, 2018 in News
COLUMBIA - Winter weather didn't stop a group of yoga lovers from giving back to Mother Nature on Sunday in... More >>
15 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 5:34:00 PM CST January 21, 2018 in News
COLUMBIA - The Worley Street Roundtable met to discuss concerns and new initiatives aimed at helping struggling Columbia Public Schools'... More >>
15 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 5:25:00 PM CST January 21, 2018 in News
JEFFERSON CITY, Mo. (AP) — More than 200 people gathered at Missouri's Capitol this weekend to celebrate the first year... More >>
17 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 3:19:27 PM CST January 21, 2018 in News
COLUMBIA- A Columbia resident's Facebook status went viral after he posted a video of an Eagle Stop gas pump charging... More >>
19 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 12:53:00 PM CST January 21, 2018 in News
ST. LOUIS (AP) — The University of Missouri is using its Extension program to bring the faculty, research and students... More >>
20 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 12:01:00 PM CST January 21, 2018 in News
COLUMBIA - The city is hosting six Vision Zero town hall meetings, beginning on Monday night, to discuss Vision Zero... More >>
22 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 10:23:00 AM CST January 21, 2018 in News
COLUMBIA - The man wanted for his alleged involvement in the deadly New Year's Day Waffle House shooting has been... More >>
22 hours ago Sunday, January 21 2018 Jan 21, 2018 Sunday, January 21, 2018 9:54:00 AM CST January 21, 2018 in News
BOONVILLE - The gym filled with over 100 people roared with applause and laughter. In the gym, two-year-old Finn Shikles... More >>
1 day ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 10:41:00 PM CST January 20, 2018 in News
ST. LOUIS (AP) — U.S. Sen. Claire McCaskill of Missouri was among a handful of Democrats in the Senate... More >>
1 day ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 6:19:00 PM CST January 20, 2018 in News
COLUMBIA - Hundreds of Missourians gathered at the Boone County Courthouse Plaza Saturday to march 10 blocks with the intention... More >>
1 day ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 5:20:00 PM CST January 20, 2018 in News
JEFFERSON CITY - One year ago, President Donald Trump was sworn into office, and on Saturday, supporters held a rally... More >>
1 day ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 5:00:00 PM CST January 20, 2018 in News
ST. LOUIS - A CNN report that the FBI has opened an inquiry into Gov. Eric Greitens "would not be... More >>
1 day ago Saturday, January 20 2018 Jan 20, 2018 Saturday, January 20, 2018 4:05:00 PM CST January 20, 2018 in News
Columbia, MO
Broken Clouds 48°
9am 46°
10am 47°
11am 46°
12pm 45°

Select a station to view its upcoming schedule:

Coming Up Next

7:00a
Today
9:00a
Megyn Kelly TODAY
10:00a
Today with Kathie Lee & Hoda
8:00a
The Steve Wilkos Show
9:00a
The Steve Wilkos Show
10:00a
Jerry Springer

Tonight's Schedule

7:00p
The Wall
8:00p
Better Late Than Never
9:00p
The Brave
7:00p
Supergirl
8:00p
Valor
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld