The Clinton Herald, Clinton, Iowa

Business & Technology

August 29, 2013

Stocks edge higher as worries linger

NEW YORK — The stock market edged higher Wednesday as investors continued to focus on the likelihood of a U.S.-led attack on Syria. Energy stocks rose sharply as the price of oil increased to the highest in more than two years.

The Dow Jones industrial average rose 48.38 points, or 0.3 percent, to close at 14,824.51. The Standard & Poor’s 500 index gained 4.48 points, or 0.3 percent, to 1,634.96. The Nasdaq composite rose 14.83 points, or 0.4 percent, to 3,593.35.

The quick rise in the price of oil has caused investors to worry. Costlier oil almost always translates into higher fuel expenses for businesses and consumers, weighing on consumer spending and the economy. While Syria produces little oil, a regional conflict in the Middle East could lead to supply disruptions in an area where half the world’s proven oil reserves lie.

“When you add it all up — the problems in Libya, Egypt, Syria -- you’re looking at 3 million barrels a day in potential production outages,” said Nick Koutsoftas, a commodities-focused portfolio manager at Cohen & Steers.

Oil rose $1.09, or 1 percent, to $110.10 a barrel, the highest price since May 2011. It went as high as $112 a barrel overnight.

Energy companies were the biggest gainers in the S&P 500. Marathon Oil rose $1.22, or 4 percent, to $34.60 and Dow component Chevron climbed $3, or 3 percent, to $121.81.

1
Text Only
Business & Technology
  • U.S. stock market rebounds after choppy day A stock market swoon turned into a comeback Tuesday. Stocks managed a late-afternoon rebound for the second time in two days as investors seemed to brush off a report of lower confidence among homebuilders and simmering tensions in the Ukraine. The l

    April 16, 2014

  • Document shredding offered CLINTON -- A Clinton bank will provide document shredding this weekend. The free service will be held from 9 to 11 a.m. Saturday at Citizens First Bank's office at 1442 Lincoln Way. This is the 10th year the bank has offered this service, Citizens Fi

    April 15, 2014

  • Why Facebook is getting into the banking game

    Who would want to use Facebook as a bank? That's the question that immediately arises from news that the social network intends to get into the electronic money business.

    April 14, 2014

  • Screen shot 2014-04-11 at 4.49.09 PM.png Train, entertain your pets with these 3 smartphone apps

    While they may not have thumbs to use the phone, pets can benefit from smartphone apps designed specifically for them.

    April 13, 2014 1 Photo

  • Millions of Android phones, tablets vulnerable to Heartbleed bug

    Millions of smartphones and tablets running Google's Android operating system have the Heartbleed software bug, in a sign of how broadly the flaw extends beyond the Web and into consumer devices.

    April 11, 2014

  • Tax fraud Bogus tax refunds a growing problem WASHINGTON, D.C. -- An Internet connection and a bunch of stolen identities are all it takes for crooks to collect billions of dollars in bogus federal tax refunds. And the scam is proving too pervasive to stop. A government report in November said t

    April 11, 2014 1 Photo

  • Investors flee tech stocks again, pummeling Nasdaq NEW YORK -- The high-flyers are laying the stock market low -- once again. Investors turned against biotech, Internet and other once-soaring stocks on Thursday, driving the Nasdaq composite index to its worst day since 2011. The sell-off in tech name

    April 11, 2014

  • Family Dollar to cut jobs, close about 370 stores

    Family Dollar plans to cut some jobs and close about 370 underperforming stores as it tries to reverse sagging sales and earnings. The discount store operator will also lower prices on about 1,000 basic items.

    Family Dollar did not provide details on how many jobs were expected to be eliminated.

    April 10, 2014

  • US stocks rally on Fed minutes, earnings news NEW YORK -- Once again, it was the Federal Reserve to the rescue for the stock market. Major U.S. indexes rose broadly Wednesday, helped by a report out of the nation's central bank that showed Fed policymakers want to be absolutely certain the U.S.

    April 10, 2014

  • 'Skilled Iowa' participation on the rise CLINTON -- Last year, 66 Clinton employers had agreed to support the new Skilled Iowa Initiative. A year later, that number has more than doubled to 157 businesses. Doug Rempfer, a business service representative with the Davenport office of Iowa Wor

    April 10, 2014

Facebook