Dow Ends Positive After Horrible Two Days: Acadiana Business Index
After two horrible days on Wall Street, the market pushed higher, after Fed Chair Ben Bernanke said the Fed remains committed to do whatever's needed to help economy. Mark Lasseigne fills you in on today's Acadiana Business Index.
- The Dow Jones Industrial Average gained 178 points, to 11,836.
- Federal Reserve officials expressed more gloom over the economy, lowering growth targets for the US, and predicting unemployment could remain above 7% through 2014.
- In economic news, Private payroll company ADP, said the U.S. added 110,000 new private-sector jobs in October, a touch above expectations.
- Thursday the government’s monthly jobs report will be released.
- In corporate headlines, MasterCard surged 7%, after reporting a jump in profit as spending with its credit and debit cards increased. EOG Resources jumped 11.8% helped by its production of more-lucrative liquid fuels. Pioneer Natural Resources gained 12.5% after third-quarter earnings more than tripled. And MF Global, which filed for bankruptcy protection Monday, dropped 79% after its trading suspension was lifted.
- Crude oil settled higher to $92.51 a barrel.
- And Gold closed at $1,729 an ounce.