Market Report: Wings Prices Drop as Heating Costs Shoot Up

3 years 4 months 4 weeks ago January 26, 2014 Jan 26, 2014 Sunday, January 26 2014 Sunday, January 26, 2014 2:53:00 PM CST 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
JEFFERSON CITY - The congregation at the First Church of God in Jefferson City was treated to a unique experience... More >>
41 minutes ago June 25, 2017 Jun 25, 2017 Sunday, June 25 2017 Sunday, June 25, 2017 4:59:00 PM CDT in News
JEFFERSON CITY, Mo. (AP) — The number of Missouri House races lacking major-party opposition has been on the rise. ... More >>
53 minutes ago June 25, 2017 Jun 25, 2017 Sunday, June 25 2017 Sunday, June 25, 2017 4:47:00 PM CDT in News
JEFFERSON CITY - A domestic dispute ended with gunshots Saturday night after the Jefferson City Police responded to a weapons... More >>
3 hours ago June 25, 2017 Jun 25, 2017 Sunday, June 25 2017 Sunday, June 25, 2017 1:53:00 PM CDT in News
ST. JOESPH, Mo. (AP) — Missouri Western State University is closing the oldest residence hall on campus. The St.... More >>
4 hours ago June 25, 2017 Jun 25, 2017 Sunday, June 25 2017 Sunday, June 25, 2017 12:48:00 PM CDT in News
ST. JOSEPH, Mo. (AP) — A northwestern Missouri boy with a rare genetic disorder has fulfilled his dream of being... More >>
5 hours ago June 25, 2017 Jun 25, 2017 Sunday, June 25 2017 Sunday, June 25, 2017 12:40:00 PM CDT in News
COLUMBIA – The Strengthening and Conditioning Factory is hosting a fundraiser for the Children’s Miracle Network on Sunday. The... More >>
11 hours ago June 25, 2017 Jun 25, 2017 Sunday, June 25 2017 Sunday, June 25, 2017 6:11:00 AM CDT in News
COLUMBIA - Four people made it out safely of a house on Rosemary Lane in Columbia Saturday morning after a... More >>
21 hours ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 7:41:00 PM CDT in News
COLUMBIA - Columbia Police responded to shots heard at the 800 block of Spencer Avenue on Saturday just before 5:00... More >>
23 hours ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 5:53:00 PM CDT in News
JEFFERSON CITY - Cheerleaders rolled up their sleeves and got dirty while washing cars Saturday as athletes at Capitol City... More >>
1 day ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 3:51:00 PM CDT in News
FULTON - A man was taken into custody and charged Friday night after leading authorities on a chase through the... More >>
1 day ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 3:51:00 PM CDT in News
COLUMBIA - Members of the Central Missouri Radio Association are inviting mid-Missourians to participate in the National Amateur Radio Field... More >>
1 day ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 3:48:00 PM CDT in News
COLUMBIA – Aspen Dental provided veterans with free services in mid-Missouri and across the U.S. Saturday for the Aspen Day... More >>
1 day ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 2:29:00 PM CDT in News
JEFFERSON CITY, Mo. (AP) — Some GOP state lawmakers want to give the Missouri attorney general authority to prosecute violations... More >>
1 day ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 1:21:00 PM CDT in News
ST. LOUIS (AP) — A St. Louis judge has pushed back until Jan. 8 the retrial of a man accused... More >>
1 day ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 12:59:00 PM CDT in News
ST. LOUIS (AP) — St. Louis County police are investigating the case of a toddler who died after the vehicle... More >>
1 day ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 12:47:00 PM CDT in News
ST. LOUIS (AP) — St. Louis police are searching for a man now accused of killing a couple and another... More >>
1 day ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 12:42:00 PM CDT in News
CALLAWAY COUNTY - Callaway County Sheriff’s Office deputies responded to an initial 911 call Saturday morning reporting an airplane flying... More >>
1 day ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 11:43:00 AM CDT in News
JEFFERSON CITY— The Sam B. Cook Healthplex hosted the 5th Annual Sweatin' to Make a Difference on Saturday. The... More >>
1 day ago June 24, 2017 Jun 24, 2017 Saturday, June 24 2017 Saturday, June 24, 2017 11:40:00 AM CDT in News
Columbia, MO
Broken Clouds 77°
6pm 77°
7pm 75°
8pm 71°
9pm 67°

Select a station to view its upcoming schedule:

Coming Up Next

5:30p
NBC Nightly News with Lester Holt
6:00p
Sunday Night with Megyn Kelly
7:00p
Despicable Me
3:30p
The Legend of Zorro
6:00p
Road House
8:00p
Marvel's Agents of S.H.I.E.L.D.

Tonight's Schedule

7:00p
Despicable Me
9:00p
Little Big Shots: Forever Young
6:00p
Road House
8:00p
Marvel's Agents of S.H.I.E.L.D.
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld