Oil rises to 2-year high near $91 as equities jump

Treasury prices fall, stocks end flat as holiday weekend begins
U.S. stocks ended a strong week on a quiet note Thursday, as mixed economic data kept investors from jumping in ahead of a long holiday weekend. The Dow Jones industrial average edged up 14 points, or 0.1%; the S&P 500 fell 2 points, or 0.2%; and the NASDAQ slipped 6 points, or 0.2%. The three major indexes were about 1% higher for the week. On Wednesday, stocks ended at fresh two-year highs as Oil Prices topped $90 a barrel. Reports Thursday showed Jobless Claims barely budging, new home sa...

Stocks poised to open flat after economic reports
A report that consumers did not increase their spending as much as analysts predicted pointed to a flat opening for Wall Street Thursday. The Commerce Department said that Americans spent 0.3 percent more in November. Analysts forecasted a bump of 0.5 percent, following an increase of 0.4 percent in October. Consumer Spending, which accounts for approximately 70 percent of economic activity in the U.S., is seen as a bellwether of where The Economy is headed. Separately, the Labor Department said...

Economic growth ticks up to 2.6%
NEW YORK (CNNMoney.com) -- The U.S. economy grew at a slightly faster pace during the Third Quarter than previously estimated, driven by stronger Consumer Spending, the government said Wednesday. Gross domestic product, the broadest measure of the nation's economic activity, grew at an annual rate of 2.6% in the three months ended in September, according to the Commerce Department, up from the previous reading of a 2.5% rise. Email Print Comment Economists expected the third and final reading ...

Soybeans, corn rise on Argentina weather concerns
NEW YORK — Grain prices rose Wednesday as investors worried that a drought in Argentina might damage soybeans and corn growing in that country. Argentina is the world’s second-largest exporter of corn and the third-largest exporter of soybeans. The country has had dry weather for the past seven weeks. If that keeps up, it could reduce the size of the country’s harvest. "The fear is the pattern is going to continue," said Tim Hannagan, senior grain analyst for brokerage PFG Bes...

Gasoline Grinch arrives with pump prices above $3
Pump prices continue to rise in the Washington metropolitan area. Gasoline prices ticked up a penny over the past week. NEW YORK -- The national average for a gallon of regular gasoline topped $3 a gallon on Thursday, just in time for the holiday driving trips millions of Americans will take this week. The average pump price rose about a cent and a half a gallon overnight, to $3.01, according to AAA, Wright Express and Oil Price Information Service. That's 14 cents more than a month ago and 43 ...

Oil rises above $90...
SINGAPORE (AP) -- Oil Prices rose above $90 a barrel Wednesday in Asia after a report showed U.S. crude supplies dropped more than expected for a second week, which suggests demand is improving. Benchmark oil for February delivery was up 19 cents to $90.01 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 45 cents to settle at $89.82 on Tuesday. The American Petroleum Institute said late Tuesday that crude inventories fell 5.8 ...

Factory orders outside of autos and airplanes soar
WASHINGTON (AP) — Orders for long-lasting manufactured goods outside of the volatile transportation category rose by the largest amount in eight months in November. Factories saw demand increase for computers, appliances and heavy machinery. The Commerce Department says total orders for durable goods dropped 1.3 percent, a decline that reflected sagging demand for Aircraft and autos. But excluding transportation, orders rose 2.4 percent, the best showing since last March. The widespread ga...

PPG to pay $3.75 million in export control fines
The U.S. Department of Commerce says a Chinese subsidiary of U.S.-based PPG Industries Inc. has pleaded guilty to violating U.S. export controls by exporting high-tech coatings to a nuclear reactor in Pakistan. A Commerce Department statement said PPG and its wholly owned subsidiary PPG Paints Trading (Shanghai) Co. will pay a combined $3.75 million in fines and forfeit the $32,319 earned by the deal. It said the fine, one of the biggest ever paid for an export violation, was for sending coating...

Economic agenda: Wednesday, Dec. 22, 2010
WikiLeaks' Assange says he'll release bank information in Jan. At some point in the last couple of years--we would place it sometime after Lehman Brothers went down but before the automakers were bailed out--Washington became the financial capital of the world. "Now that we're all used to pre-nups, it's time to start thinking about Divorce Insurance: Ever had that sinking feeling that the person your friend is marrying is perfectly awful? Of course not, because you love everyone. But should it ...

Stocks mixed ahead of home sales, GDP reports
NEW YORK (AP) — Expectations that the U.S. economy is growing faster than first thought will be the focus of Wall Street Wednesday. The Commerce Department will issue its final estimate of gross domestic product growth for the July-to-September period. Analysts predict that the number will be bumped up to 2.8 percent annual growth from early estimates of 2.5 percent. Investors will also learn how the housing market fared in November, with the release of data on sales of previously occupied...

New home sales rise 5.5 percent in November
More people purchased new homes in November, but not enough to signal better times are ahead for the battered housing industry. The Commerce Department says sales of new homes rose 5.5 percent last month to a seasonally adjusted annual rate of 290,000 units. That gain came after sales had fallen to the second-lowest level in 47 years in October. Economists believe it could take three years to get back to a more normal rate of 600,000 sales per year given a continued glut of unsold homes and fall...

Oil, grains rise as economic reports improve
Better news on The Economy is sending prices for oil and other commodities mostly higher. The Commerce Department reported Thursday that consumers spent more in November than the month before. Also the Labor Department said the number of people applying for Unemployment Benefits fell by 3,000 last week. Crude Oil for January delivery rose $1.03 to settle at $91.51 on the New York Mercantile Exchange. Grain prices rose, but metals fell....

New-home sales up 5.5% in November
Source: MarketWatch Sales of New Single-family homes climbed 5.5% in November, a government report said Thursday, as the Housing Market continues to show stability at weak levels. The Commerce Department said new-home sales rose to a seasonally-adjusted annual rate of 290,000, from a downwardly revised 275,000 in October. The sales level missed the MarketWatch-compiled Economist total of 295,000, and the initial government report said October sales were 283,000. The pace of sales is 21.2% below...

Navistar diesel division to expand SC operations
A division of Navistar Inc. that makes diesel engine fuel parts says it will expand its Columbia operations and add 200 jobs. The South Carolina Commerce Department said Tuesday that Pure Power Technologies will invest $25 million in an expansion of its research and development facility and add the jobs over the next three years. Navistar bought part of Continental Diesel Systems U.S. LLC in 2009 and turned it into Pure Power. The division is based in Columbia and has a Manufacturing plant in ne...

New home sales improve - but recovery sluggish
NEW YORK (CNNMoney.com) -- New Home Sales edged higher in November, but the recovery remains sluggish. Sales of new homes rose 5.5% to an annual rate of 290,000 in November, the Commerce Department reported Friday. And while that shows improvement, sales are still off 21.2% from a year ago. Email Print Comment The results also fell short of analysts' expectations. Housing experts at Briefing.com expected sales to increase to a seasonally adjusted annual rate of 300,000 units, from a revised 27...

New home sales rise 5.5 percent in November
WASHINGTON (AP) — More people purchased new homes in November, but not enough to signal better times are ahead for the battered housing industry. The Commerce Department says sales of new homes rose 5.5 percent last month to a seasonally adjusted annual rate of 290,000 units. That gain came after sales had fallen to the second-lowest level in 47 years in October. Economists believe it could take three years to get back to a more normal rate of 600,000 sales per year given a continued glut ...

Factory orders outside of autos and airplanes soar
Orders for long-lasting manufactured goods outside of the volatile transportation category rose by the largest amount in eight months in November. Factories saw demand increase for computers, appliances and heavy machinery. The Commerce Department says total orders for durable goods dropped 1.3 percent, a decline that reflected sagging demand for Aircraft and autos. But excluding transportation, orders rose 2.4 percent, the best showing since last March. The widespread gain outside of transporta...

Economic agenda: Thursday, Dec. 23, 2010
WikiLeaks' Assange says he'll release bank information in Jan. At some point in the last couple of years--we would place it sometime after Lehman Brothers went down but before the automakers were bailed out--Washington became the financial capital of the world. "Now that we're all used to pre-nups, it's time to start thinking about Divorce Insurance: Ever had that sinking feeling that the person your friend is marrying is perfectly awful? Of course not, because you love everyone. But should it ...

Stocks flat as GDP growth falls below estimates
Source: AP NEW YORK (AP) — Stocks are essentially flat in early trading after a report said the U.S. economy did not grow as quickly during the summer as analysts predicted. The Commerce Department said the country's gross domestic product rose 2.6 percent between July and September, a small gain from its earlier estimate of 2.5 percent. Analysts hoped for a gain of 2.8 percent. Economic reports will likely remain a focus of Wall Street. The National Association of Realtors will release its repo...

ED MORRISSEY: Time To Abolish The FCC? Why do we need the FCC in the 21st century? Most televis
ED MORRISSEY: Time To Abolish The FCC? Why do we need the FCC in the 21st century? Most television channels are narrowcasters, using satellites and cable channels that don’t eat up limited broadcast space in local markets. The phone system in the US is no longer monopolized, and the issues of access and competition in those areas could be handled by state public-utility commissions, as they are now. The licensing of broadcast stations could be handled by the Commerce Department, or by a grea...

Americans earn more - but save less
NEW YORK (CNNMoney.com) -- Just in time for the holiday shopping season: Americans earned and spent more money in November than they did during the previous month. They also saved less. Personal Income rose 0.3% in November, following a downwardly revised 0.4% increase in October, according to data released Thursday by the Commerce Department. Spending by individuals ticked up 0.4%, compared to an upwardly revised 0.7% spike the prior month. Email Print Comment Income was expected to increase b...

FCC Regulation is About as Important as Buggy Whip Regulation
Ed Morrissey makes a good point about the FCC: Why do we need the FCC in the 21st century? Most television channels are narrowcasters, using satellites and cable channels that don’t eat up limited broadcast space in local markets. The phone system in the US is no longer monopolized, and the issues of access and competition in those areas could be handled by state public-utility commissions, as they are now. The licensing of broadcast stations could be handled by the Commerce Department, o...

Gasoline, nationally, tops $3 per gallon
NEW YORK, Dec. 23 (UPI) -- The national average price of gasoline breached the $3 mark Thursday as oil prices in New York flirted with two-year highs. Crude oil prices have escalated on encouraging economic news, cold winter weather and recent draws in U.S. stockpiles. Drivers have also increased time spent on the road this year, giving momentum to oil, which is a bellwether for consumer prices. AAA said a gallon of unleaded gasoline across the country cost on average $3.013 Thursday, up from $2...

Stocks open flat
NEW YORK (CNNMoney.com) -- Stocks opened flat Wednesday morning, as investors begin to pack up for the holidays and prepare for 2011. The Dow Jones industrial average (INDU), S&P 500 (SPX) and NASDAQ (COMP) all gained about 3 points at the opening bell. Email Print Comment Trading is expected to be light heading into the Holiday Season. But though there's little news on tap for the rest of the year, stocks have trended upward. December has been a strong month for stocks -- the blue-chip Do...

Stocks poised for flat open
NEW YORK (CNNMoney.com) -- U.S. stocks were poised for a muted open Wednesday morning ahead of several economic reports, as investors pack up for the holidays and prepare for 2011. Dow Jones industrial average (INDU), S&P 500 (SPX) and NASDAQ (COMP) futures were nearly unchanged ahead of the opening bell. Futures measure current index values against perceived future performance. Email Print Comment On Tuesday, U.S. stocks rose modestly but managed to close at their highest levels in more t...