Market Report: Chipotle Raises Prices as Stock Rebound
COLUMBIA - Stocks boomed back on this shortened week after a technology sell-off drove them down last week.
The Dow Jones Industrial Average rose 2.4 percent up to 16,408.54, to cap its best week of the year. The NASDAQ also jumped up 2.4 percent, climbing to 4,095.52, and the S&P 500 had its best week since July, moving to 1,864.85, up 2.7 percent after major banks, as well as Yahoo Inc., released earnings that beat estimates.
There was some negative business news for mid-Missouri, though.
Each of the 12 Federal Reserve districts put out a report called the "Beige Book" eight times a year, and, when the most recent report came out this week, the St. Louis region, which includes Columbia, joined Cleveland as the only two areas where economic activity declined. The report showed, while manufacturing in the district was up, real estate was down. The report also noted the service sector has been negative, with gaming, food and healthcare companies planning layoffs.
The cost of a burrito is going up. Chipotle announced this week it'll be increasing its prices.
The Mexican food chain said Thursday that prices for all its menu items will go up 3 to 5 percent for the first time in three years. The price increases will go into effect over the next three to six months. Chipotle says the increasing cost of beef and avocados is the reason behind the change.
Americans are spending significantly more on Easter now than they have in years past.
The National Retail Federation said the average American expects to spend $137.46 on Easter this year, which is up 42 percent from a decade ago. In all, Americans are expected to spend $15.9 billion. The No. 1 thing people spend money on is food, followed by clothing, and then gifts. People in the Midwest spend the most on candy, while Southerners spend the most on clothing, and people in the Northeast pay the most for flowers.
For the week ahead, the main reports to watch are initial jobless claims on Thursday and consumer sentiment on Friday.