Cheap prices inspire investors to buy
Stocks moved higher Monday as investors took advantage of cheaper prices and momentarily put aside fears about a slowing economy.
Wall Street managed the advance despite warnings from more companies that future profits would be weak. Analysts are split about whether the market is poised to rally or whether investors simply are bargain hunting temporarily.
The Dow Jones industrial average rose 95.99 to 10,562.30.
Traders angled for position Monday at the New York Stock Exchange (above), where volume was the lightest this year as a winter storm struck the Northeast.
Investment
German group buys stake in Chrysler Building
A German investment group has bought a 75 percent share in the Chrysler Building for $300 million.
The group, TMW, will own the majority share in the 77-story Art Deco landmark, but the building's current owners Tishman Speyer Properties and Travelers Group will retain operating control of the tower. The deal included the 32-story Kent Building, adjacent to the Chrysler tower.
Oversight
Bush nominates Ferguson for Fed term
President Bush will nominate current Federal Reserve Vice Chairman Roger Ferguson for another term on the board, the White House announced Monday.
Two other vacancies remain on the seven-member Fed board.
Ferguson, the first black ever to serve in the No. 2 position at the Fed, first was nominated to the central bank in 1997 by then-President Clinton, who elevated him to vice chairman in 1999.
Reorganization
Coca-Cola shares fizzle as president resigns
Coca-Cola's stock dipped to its lowest level in more than five months as investors absorbed news that Jack Stahl, Coke's president and chief operating officer, resigned amid a major reorganization of top management.
Coke shares fell as low as $49.53, down 5.7 percent from Friday's closing price. The company's stock has slipped more than 16 percent in less than two weeks as analysts question Coke's decision to enter a juice- and snack-marketing joint venture with consumer-products giant Procter & Gamble.
Agriculture
Wheat crop struggles
Frigid winter temperatures and harsh winds continue to hit the state's wheat.
Kansas Agricultural Statistics Service reported Monday that 30 percent of Kansas wheat was in excellent or good condition, down from 40 percent a year ago.
The service rated 39 percent of the crop fair, 19 percent poor and 12 percent very poor. A year ago the ratings were 40 percent fair, 15 percent poor and 4 percent very poor.
About 15 percent of the crop has received severe to moderate wind damage, while 11 percent has suffered severe to moderate freeze damage.
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