Dow Adds Over 140 Points: Acadiana Business Index
Markets rally after European leaders make announcement on Greece while the Dow adds over 140 points. Mark Lasseigne has more on what's happening on Wall Street.
- Markets rallied after Germany's Chancellor, Merkel and France's President Sarkozy said they would stand behind commitments to keep Greece in the euro zone. The comments came after the European Central Bank provided U.S. dollar loans to European banks, and after Moody's Investors Service downgraded the ratings of two French banks.
Dow Jones Industrial Average added 141 points to 11,106.
- U.S. Retail sales for August were flat, and the previous month's numbers were revised downward. Separately, U.S. business inventories in July were lower than expected.
- In corporate news, General Electric advanced 2 ½ % after the conglomerate said it would pay $3.3 billion to buy back the preferred shares held by Warren Buffett's Berkshire Hathaway.
- Cisco Systems trimmed its outlook for future revenue, predicting annual growth over the next three years of 5% to 7%. Previously, the company said it would expand 12% to 17% a year. CSCO down 12 cents to 16.33.
- Oil futures were lower as traders look past a sharp decline in U.S. weekly oil inventories, and focused on rising stockpiles and sliding demand.
- Crude oil settled at $88.91 a barrel.
- Gold closed at $1,826/ounce.