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

5 years 1 month 2 days ago Sunday, September 15 2013 Sep 15, 2013 Sunday, September 15, 2013 5:12:00 PM CDT September 15, 2013 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
ST. LOUIS (AP) — Authorities say a St. Louis police officer has shot and wounded a suspect during a struggle... More >>
1 minute ago Thursday, October 18 2018 Oct 18, 2018 Thursday, October 18, 2018 10:48:28 AM CDT October 18, 2018 in News
HOUSE SPRINGS, Mo. (AP) — Authorities say it appears that a man was killed after his car fell on top... More >>
14 minutes ago Thursday, October 18 2018 Oct 18, 2018 Thursday, October 18, 2018 10:35:41 AM CDT October 18, 2018 in News
(CNN) -- The former head of USA Gymnastics has been accused of removing documents linked to the Larry Nassar sexual... More >>
1 hour ago Thursday, October 18 2018 Oct 18, 2018 Thursday, October 18, 2018 8:56:00 AM CDT October 18, 2018 in News
LAKE OF THE OZARKS - A 78-year-old Fenton man drowned Wednesday afternoon at Lake of the Ozarks. The incident... More >>
3 hours ago Thursday, October 18 2018 Oct 18, 2018 Thursday, October 18, 2018 7:39:00 AM CDT October 18, 2018 in News
COLUMBIA - Centerpointe Hospital is opening a new location on International Drive in Columbia. The Tennessee-based company has one... More >>
3 hours ago Thursday, October 18 2018 Oct 18, 2018 Thursday, October 18, 2018 6:55:00 AM CDT October 18, 2018 in News
(CNN) -- Facebook has set up a "war room" at its California headquarters as part of its plans to avoid... More >>
4 hours ago Thursday, October 18 2018 Oct 18, 2018 Thursday, October 18, 2018 6:32:00 AM CDT October 18, 2018 in News
COLUMBIA - November candidates want to earn your vote by discussing disability-related issues on Thursday. The City of Columbia... More >>
7 hours ago Thursday, October 18 2018 Oct 18, 2018 Thursday, October 18, 2018 3:49:00 AM CDT October 18, 2018 in News
CALLAWAY COUNTY - The man killed in a helicopter crash east of Fulton on Wednesday has been identified as Charles... More >>
14 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 8:14:00 PM CDT October 17, 2018 in News
GASCONADE COUNTY - A school in Gasconade County went on lockdown on Wednesday after a juvenile threatened to self-harm nearby,... More >>
15 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 7:39:00 PM CDT October 17, 2018 in News
COLUMBIA - The Columbia City Council approved a request on Monday to change the zoning of nearly 50 properties in... More >>
16 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 6:33:00 PM CDT October 17, 2018 in News
JEFFERSON CITY- Andy Neidert's building on the corner of East High Street and Madison Street has been collapsing and held... More >>
19 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 3:47:00 PM CDT October 17, 2018 in News
PANAMA CITY, Fla. - A former Missouri woman, now living in Florida's panhandle, said Wednesday she is experiencing the "catastrophic"... More >>
19 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 3:41:00 PM CDT October 17, 2018 in News
COLUMBIA - Claire McCaskill's office has responded to a investigative piece by Project Veritas,which focuses on her campaign office. ... More >>
19 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 3:24:00 PM CDT October 17, 2018 in News
(CNN) -- A white woman has been fired after video emerged of her confronting and blocking the entry of a... More >>
19 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 3:23:00 PM CDT October 17, 2018 in News
JEFFERSON CITY – Robert Pinhero created a GoFundMe page and is recruiting drivers to help get voters without a car... More >>
19 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 2:58:00 PM CDT October 17, 2018 in News
Cole County – From oil-dripping trucks to ones without seatbelts, Cole County Fire District officials say there's a pressing need... More >>
20 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 2:38:00 PM CDT October 17, 2018 in News
KINGDOM CITY - Eight people were arrested after the Callaway County Sherrif's Office found 3.5 pounds of methamphetamine, about one... More >>
20 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 2:23:00 PM CDT October 17, 2018 in News
(CNN) -- At least 92 people in 29 states have been infected with a strain of multidrug-resistant salmonella after coming... More >>
21 hours ago Wednesday, October 17 2018 Oct 17, 2018 Wednesday, October 17, 2018 1:11:43 PM CDT October 17, 2018 in News
Columbia, MO
Broken Clouds 50°
11am 51°
12pm 54°
1pm 56°
2pm 58°