Banks drag stocks as credit crisis weighs on economy
Wall Street closed near flat after Bank of America results signaled dislocations in capital markets. Dow swung from a 60 point drop to modest losses as investors weighed possible Fed rate cuts amid rising unemployment claims and a weak labor market.
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Allstate shares fall after Q3 earnings miss
Allstate Corp. shares slid after the insurer posted third quarter results that missed Wall Street expectations. Underwriting and investment income declined while Allstate Financial lagged. Auto insurance also weakened as loss costs rose and the standard auto loss ratio climbed to 65.8 percent. Chief Executive Thomas Wilson cited margin control and broader competition on the conference call.
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Stockyards Springfield Hog Prices and Purchases
Eastern Cornbelt carcass prices per half inch bf range from 42.50 to 62.11 dollars with several widths noted. Today’s negotiated Illinois Direct Hogs total 15,744 with steady trading, moderate demand and heavy offerings. 1 300 to 400 lb hogs 19.00 to 23.00, 400 to 500 lb 23.00 to 25.00, 500 to 600 lb 25.00 to 26.00, over 600 lb 26.00 to 28.00. Boars under 300 lb 15.00 to 21.00, some 23.00, over 300 lb 6.00 to 13.00.
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Grain futures rise on CBOT led by corn and soybeans
Agriculture futures finished higher on Thursday at the Chicago Board of Trade with gains across corn soybeans wheat and oats. December wheat added 5 cents to 8255 a bushel December corn rose 9.25 cents to 36725 a bushel December oats up 3.25 cents to 282 a bushel and November soybeans jumped 17.25 cents to 9915 a bushel.
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