Stocks Rise as Confidence Soars Ahead of Fed Rate Decision
The Conference Board reports June consumer confidence at 101.9, beating May and estimates, supporting a stronger economy. The Dow rises 56.34 to 10,413.43, S&P 500 up 2.85, Nasdaq up 15.11 as investors scale back inflation fears before the Fed policy move.
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June consumer confidence hits two-year high on job gains
The Conference Board reported June consumer confidence rose to 101.9 from 93.1, the strongest since June 2002, driven by improving employment and easing gas prices. The Present Situation index rose to 104.8 and the Expectations index to 100, while analysts note temporary weather and fuel effects on retail weakness.
MENTIONED IN THIS ARTICLE
New York
Conference Board
Lynn Franco
Consumer Research Center
Franco
Iraq
U.S
Mark Witner
Wachovia Corp
Wal-Mart Stores Inc
Target Com
Sara Lee to close two Texas bakeries in Houston and San Antonio
Sara Lee Bakery Group will shut its Houston and San Antonio bread and bun bakeries, eliminating 306 jobs as it refocuses on branded products. Houston closes Sept 18 with 187 cuts. San Antonio closes Dec 31 with 119 cuts, with production moved to Dallas. Assets of the Houston plant will be sold to Howers Foods.
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Texas
Dallas
Houston
San Antonio
St. Louis
Sara Lee
Earth Grains
Iron Kids
Houston Bread and Bun Bakery
San Antonio Bread and Bun Bakery
Lubbock
Hadlingen
Is Houston Bakery
Howers Foods
Thomasville
Richard 4. Noll
Sera Lee Com
Crude futures slide to 11 week lows in New York
Crude oil futures fell to 11 week lows as speculators exit long positions amid easing supply fears. Iraq output disruption and Norway normalization, plus Shell resuming Gulf of Mexico production, supported the move as U S inventories rise and traders anticipate a global supply glut.
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Iraq
Norway
Shell Exploration and Production Co
Gulf of Mexico
Tim Evans
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Organization of Petroleum Exporting
U.S
Department of Energy
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