Stocks rise as Fed signals nearing end to rate hikes
New York stocks advanced after the Federal Reserve kept rates at 3.5 percent and hinted one more increase, while implying longer term inflation expectations remain contained. Dow gained 78.74 to 10615.67, S&P 500 rose 8.25, Nasdaq up 9.80, oil eased to 63.07, labor productivity slowed, and yields eased.
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Wheeling-Pitt profits slip in second quarter decline
Wheeling-Pittsburgh Corp shares fell 6 percent after a slim second quarter profit of 2.6 million dollars. CEO James G. Bradley noted progress including converting to an electric arc furnace while costs from a December ductwork collapse and high metallurgical coal prices eased versus Q1. The company seeks more than 40 million dollars in business-interruption insurance for the furnace accident and has sued Central West Virginia Energy Co. for breach of contract over unfulfilled coal orders.
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