Strong Gains Bring Great Start To New Year: Acadiana Business Index
Stocks kicked off the New Year with strong gains. A report on the U.S. manufacturing sector sweetened the mood, showing higher expansion in December than analysts had expected. Mark Lasseigne has your stock market report on today's Acadiana Business Index.
- The Dow Jones Industrial Average moved 180 points higher to 12,397.
- Chesapeake Energy advanced 5.9% to $23.60 after the company said it sold a minority stake in its Ohio shale discovery to a subsidiary of France's Total for $2.32 billion.
- 3M agreed to acquire Avery Dennison's office and consumer products business for $550 million. Shares rose 2.2%, to $83.49.
- And, China Petrochemical struck a $2.2 billion dollar deal with Devon Energy for a one-third stake in five U.S. shale oil and gas fields.
- Oil futures finish at their highest level in eight months as heightening tensions between Iran and the West raised fears of supply disruptions. Light, sweet crude closed at $102.96 a barrel on the New York Mercantile Exchange.
- And gold climbed to $1,600 an ounce.