US Economy Expands In 2011 Fourth Quarter – Acadiana Business Index
Wall Street ends mixed on global growth concerns as the Dow Jones Industrial Average added 20 points. Mark Lasseigne has Thursday's Acadiana Business Index.
- Broader markets were lower.
- The Commerce Department said, in its third and final estimate for the fourth quarter of 2011, that the economy expanded for that period at 3%.
In corporate news,
- Best Buy unveiled plans to cut 400 back-office jobs and to close 50 stores as it seeks to better compete with online retailers. Shares down 7%.
- And, Mosaic (MOS) fell 5% as its quarterly profit slumped.
- Oil futures slid to their lowest level in six weeks as a combination of factors put a pin in the market, from weakening supply-and-demand fundamentals to end-of-quarter profit-taking by asset managers.
- Light sweet crude settled at $102.78 a barrel.
- Gold closed at $1,652 an ounce.