Athens Review, Athens, Texas

Breaking News

In the News

June 27, 2013

Stocks gain; consumer spending rose in May

NEW YORK —

NEW YORK (AP) — Better news on jobs and consumer spending pushed stocks higher early Thursday.

The Dow Jones industrial average rose more than 100 points after the first half-hour of trading, putting it on track for its third jump in as many days. Bond yields eased for a second day, easing worries that a sudden spike in interest rates could hurt the economy.

Consumer spending rose 0.3 percent last month as incomes increased at the fastest pace in three months, the government reported. The number of Americans seeking unemployment benefits fell 9,000 to 346,000 last week. The report added to evidence that the job market is improving modestly.

The stock market has rallied in the last three days as investors took advantage of lower prices after a sell-off last week. The plunge came after Federal Reserve Chairman Ben Bernanke said that the central bank could cut back on its stimulus later this year and possibly end it next year, if the economy continued to improve.

The central bank is buying $85 billion of bonds every month to hold down long-term interest rates and encourage spending. Fed's stimulus has underpinned a stock market rally that started in March 2009 by encouraging investors to put money into risky assets.

"What's driving that market up is that people are realizing that they are in a 'win-win' situation," said Rick Robinson, a regional Chief Investment Officer at Wells Fargo Private Bank. "If you have good economic data that should be good for stocks, if you have poor economic data....that means the Fed will probably have its (stimulus) longer."

The Dow Jones industrial was up 125 points, or 0.8 percent, to 15,035 as of 10:10 a.m. Eastern Daylight Time.

The Standard & Poor's 500 index climbed 11 points, or 0.7 percent, to 1,617. All 10 industry groups in the index rose, led by telecommunications stocks.

The yield on the 10-year Treasury note fell to 2.48 percent from 2.54 percent. The yield climbed as high 2.66 on Monday, its highest since August 2011. The rate has surged since May 3, when it touched its low for the year of 1.63 percent. Concern that the Fed is poised to start pulling back on its stimulus prompted investors to sell bonds, pushing the yield higher. A higher yield on the note translates to higher borrowing costs on many kinds of loans including home mortgages.

In commodities trading, the price of oil rose 52 cents, or 0.55 percent, to $96.05 a barrel. Gold recovered after a plunge the day before. Gold rose $2.80, or 0.2 percent, to $1.232.30 an ounce.

In other trading, the Nasdaq composite rose 27 points, or 0.8 percent, to 3,403.

The dollar fell against the euro and the Japanese yen.

 

1
Text Only
In the News
  • How states fared on unemployment benefit claims

    Applications for U.S. unemployment benefits increased slightly last week to a seasonally adjusted 304,000.

    April 17, 2014

  • bomb1 VIDEO: A year after marathon bombing, Boston remains strong

    The City of Boston came together Tuesday to honor those who were injured and lost their lives at the Boston Marathon on the one-year anniversary of the bombing. While the day was sure to be emotional, those affected by last year's race are showing they won't let the tragedy keep them down.

    April 15, 2014 1 Photo

  • Conjoined boys separated at chest to exit hospital

    The conditions of conjoined twins separated last summer have steadily improved, and officials say they'll be released this week from a Dallas hospital.

    April 14, 2014

  • Police: Utah mom admitted to killing her 6 babies

     Authorities say a Utah woman accused of killing six babies that she gave birth to over 10 years told investigators that she either strangled or suffocated the children and then put them inside boxes in her garage.

    April 14, 2014

  • Texas grand jury to be seated in Perry ethics case

     A Texas judge is expected to seat a grand jury in an investigation into whether Republican Gov. Rick Perry abused his power by vetoing funding for public corruption prosecutors.

    April 14, 2014

  • VIDEO: CBS taps Colbert as Letterman’s Late Show successor

    Bloomberg’s Jon Erlichman reports that CBS has announced Stephen Colbert as its choice to replace the retiring David Letterman as host of “The Late Show” on Bloomberg Television’s “Lunch Money.”

     

    April 11, 2014

  • mfp file Hoffner Big win for college coach wrongly accused of child porn

    The ex-coach of Minnesota State University-Mankato - cleared on child porn charges - gets his old job back or could take the difference in pay should he decide to stay in a new position in North Dakota, an arbitrator has ruled. Todd Hoffner was accused when a technician found videos of his young children on his school-issued cellphone. Officials in Mankato fired him even though a judge had thrown out the charges.

    April 11, 2014 1 Photo

  • Mabank’s Cassiddy Petty takes first, second in Dairy Cattle

    Not many agriculture students travel to a county’s stockshow, and wins every place in their particular category.
    But, that’s what happened Wednesday night at the Henderson County Livestock Show with Cassiddy Petty, a senior at Mabank High School, and a member of the Chandler 4-H.

    April 10, 2014

  • Screen Shot 2014-04-10 at 10.25.07 AM.png VIDEO: Cement truck crashes into minivan

    A professor at Texas A&M University was fortunate to escape serious injury recently when a cement truck ran a red light at a College Station intersection and crashed head-on into his minivan. A dash camera that Dr. Guan Zhu had installed about a year ago captured the entire incident.

    April 10, 2014 1 Photo

  • BREAKING NEWS...Authorities investigate East Texas fatal shooting

     An East Texas shooting has left one person dead.

    April 10, 2014

Biz Marquee
AP Video
Obama Hopeful on Ukraine, Will Watch Russians Flamingo Frenzy Ahead of Zoo Construction Crew Criticized Over Handling of Ferry Disaster Agreement Reached to Calm Ukraine Tensions Raw: Pope Francis Performs Pre-easter Ritual Raw: Bulgarian Monastery Dyes 5000 Easter Eggs Diplomats Reach Deal to Ease Tensions in Ukraine U.S. Sending Nonlethal Aid to Ukraine Military Holder: Americans Stand With KC Mourners Obama Greets Wounded Warriors Malaysia Plane: Ocean Floor Images 'Very Clear' Sparks Fly With Derulo and Jordin on New Album Franco Leads Star-studded Broadway Cast Raw: Two Lucky Kids Get Ride in Popemobile Boston Bombing Survivors One Year Later Sister of Slain MIT Officer Reflects on Bombing