Business Update for 11/25/13
Business news for Monday, November 25.
NEW YORK (AP) — Stocks are mixed in morning trading. The weekend deal between Iran and six world powers to limit Iran’s nuclear program in exchange for loosening sanctions appears to be boosting shares, with key indexes in Europe and Asia higher. The Dow was up about 40 points by mid-morning, while the broader indexes have been wavering between small gains and losses.
LONDON (AP) — Investors are reacting positively to the deal world powers have reached with Iran, curbing Iran’s nuclear ambitions. Traders see it as reducing the risk of conflict, improving trade and possibly boosting crude oil supplies down the road. In exchange for limiting uranium enrichment to 5 percent, far below the level needed for nuclear weapons, Tehran is getting limited relief from economic sanctions. However, the embargo on Iran’s oil exports remains in place while negotiations continue for an enduring deal.
WASHINGTON (AP) — The number of Americans who signed contracts to buy homes fell in October for the fifth straight month. The National Association of Realtors says its seasonally adjusted pending home sales index dipped 0.6 percent to 102.1. Higher mortgage rates, price increases and the 16-day partial government shutdown held back sales. The Realtors group says the shutdown prevented the IRS from verifying incomes, a critical part of the mortgage-approval process.
BENTONVILLE, Ark. (AP) — There’s a change at the top for Wal-Mart. CEO and President Mike Duke is stepping down, and the world’s biggest retailer has named Doug McMillon as his successor. McMillon’s previously served as CEO of Walmart International. Duke will stay on as chairman.
DENVER (AP) — Hunters opposed to Colorado’s new gun laws had threatened to boycott the state this hunting season. But now that Colorado’s primary big game hunting seasons have closed, the initial figures suggest the boycott failed. Colorado Parks and Wildlife says they are up about 5,000 hunting licenses over last year at this time
BANGKOK (AP) — International stock markets rose today after Wall Street posted its seventh straight week of gains and a nuclear deal between world powers and Iran boosted sentiment. Benchmark U.S. crude oil fell below $94 a barrel. The dollar gained against the euro and the yen.
WASHINGTON — There are no big economic reports for traders to digest today, but tomorrow the government releases the third-quarter gross domestic product and the number of housing starts for September and October. Also due out Tuesday is the S&P/Case-Shiller index of home prices for September and the third quarter and The Conference Board’s November Consumer Confidence Index.
WARSAW, Poland (AP) — After another U.N. climate conference gave only modest results, European Climate Commissioner Connie Hedegaard says the process needs to provide a “substantial answer” to global warming in two years to remain relevant. The two-week session that ended Saturday in Warsaw nearly collapsed in overtime before agreements were watered down to a point where no country was promising anything concrete. What’s left is a vague road map to major talks in 2015.
NEW YORK (AP) — The official start of the holiday shopping season is just days away but expectations are muted. Despite signs that the economy is improving, big store chains like Wal-Mart and Kohl’s don’t expect Americans to have much holiday shopping cheer unless they see bold, red signs that offer huge discounts. As a result, shoppers are seeing big sales events earlier and more often than in previous holiday seasons.
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