The Clinton Herald, Clinton, Iowa

National News

March 4, 2014

Stocks slide as tension rises in Ukraine

(Continued)

As investors sold risky stocks, they bought safer assets such as gold and U.S. government debt securities. The dollar and the Japanese yen also increased in value.

The price of gold rose $28.70, or 2.2 percent, to $1,350.30 an ounce, its biggest gain of the year. The yield on the 10-year Treasury note, which moves inversely to its price, fell to 2.60 percent from 2.64 percent on Friday.

The price of crude following warnings by Washington and other governments that Russia, a major oil exporter, might face sanctions after it seized control of Ukraine’s Crimean Peninsula. Russia was the world’s second-largest producer of oil in 2012, accounting for 12.6 percent of global supplies, according to the International Energy Agency.

The prices of crude oil climbed $2.33, or 2.3 percent, to $104.92 a barrel, its highest price of the year.

Russian stocks that trade in the U.S. were also hit hard. Mechel, a mining company, fell 18 cents, or 9.5 percent, to $1.72; Phone company VimpelCom fell 51 cents, or 5 percent, to $9.65. Energy company LukOil fell $3.20, or 5.9 percent, to $51.20.

The drop in stocks might also present investors with the opportunity to buy stocks at lower prices, said Terry Sandven, chief equity strategist for U.S. Bank.

“Clearly geopolitical risks are elevated, but it’s too early to tell about the longer-term implications,” Sandven said. “It’s still a buy-on-the-dip equity market and the fundamental backdrop is still favorable for equities to trade higher.”

The developments in the Ukraine also overshadowed some encouraging developments on the U.S. economy.

Manufacturing in the U.S. expanded at a faster pace in February as new orders and businesses boosted their stockpiles. The Institute for Supply Management, a group of purchasing managers, said Monday that its manufacturing index rose to 53.2 in February from 51.3 in January. Any reading above 50 signals growth.

Text Only
National News
  • 20140727-AMX-GUNS271.jpg Beretta, other gun makers heading to friendlier states

    In moving south and taking 160 jobs with it, Beretta joins several other prominent gunmakers abandoning liberal states that passed tough gun laws after the Newtown shooting.

    July 29, 2014 1 Photo

  • Fast food comes to standstill in China

    The shortage of meat is the result of China's latest food scandal, in which a Shanghai supplier allegedly tackled the problem of expired meat by putting it in new packaging and shipping it to fast-food restaurants around the country

    July 29, 2014

  • Medicare hospital fund to last 4 years longer

    Medicare's finances are looking brighter, the government said Monday. The program's giant hospital trust fund won't be exhausted until 2030 — four years later than last year's estimate.

    July 28, 2014

  • After 6 weeks, finally a deal on VA health care

    After more than six weeks of sometimes testy talks, House and Senate negotiators have agreed on a compromise plan to fix a veterans health program scandalized by long patient wait times and falsified records covering up delays.

    July 28, 2014

  • Brother sues W.Va. senator over business loan

    U.S. Sen. Joe Manchin III faces a $1.7 million civil suit filed by a brother over a lifeline to save a family carpet business.

    July 25, 2014

  • Official: Hospital gunman intended to kill others

    A psychiatric patient ranted about a hospital gun ban before opening fire at the suburban medical complex, killing his caseworker and grazing his psychiatrist before the doctor pulled out his own weapon and fired back, authorities said Friday.

    July 25, 2014

  • 10 things to know for today

    Your daily look at late-breaking news, upcoming events and the stories that will be talked about today:

     

    July 25, 2014

  • Illinois woman, 47, dies rescuing boy in Wisc. lake ARLINGTON HEIGHTS, Ill. (AP) — Friends and family are mourning the death of an Illinois woman who drowned while rescuing a 9-year-old boy in a Wisconsin lake.The (Arlington Heights) Daily Herald reports 47-year-old Karen Wessel of Arlington Heights d

    July 25, 2014

  • Taiwan plane crash photo Air travel a leap of faith for passengers WASHINGTON (AP) — Airline travel requires passengers to make a leap of faith, entrusting their lives to pilots, airlines, air traffic controllers and others who regulate air travel.Even after a week of multiple tragedies in worldwide aviation, “There

    July 25, 2014 1 Photo

  • Arizona's prolonged lethal injection is fourth in U.S. this year

    Arizona's execution of double-murderer Joseph Wood marked the fourth time this year that a state failed to dispatch a convict efficiently, according to the Constitution Project, a bipartisan legal group.3

    July 24, 2014

AP Video
Facebook