Caroline Woods brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Monday April 8.
Full Video Transcript Below:
CAROLINE WOODS: I'm Caroline Woods reporting from the New York Stock Exchange.
Stocks were mixed to close out today's session. The Dow closed down just 10 points, the Nasdaq closed fractionally higher, and the S&P closed fractionally lower. Investors are looking ahead to key inflation data out this week – consumer prices on Wednesday and producer prices on Thursday. These reports will be closely watched ahead of the Fed’s May policy meeting.
In other news - as the U.S. economy continues to get back on track, some economists say there’s one thing that could derail progress: surging oil prices. U.S. oil prices are quickly approaching $90 a barrel, and if they go much higher it could curb consumer spending, as well as delay interest rate cuts from the Federal Reserve.
Speaking with CNN, Moody’s Chief Economist Mark Zandi said, "It’s the most serious threat to the economy. Nothing does more damage to the economy more quickly than higher oil prices."
Both oil and gas prices have been increased due to a number of factors. Ongoing tensions, and potentially escalating conflicts, in the Middle East are one reason. Another is OPEC’s decision to continue scaling back on oil supplies.
The average price for a gallon of gas in the United States has jumped by 20 cents in the last month alone, according to AAA. The national average now sits at almost $3.60 a gallon. Seven states now have an average of more than $4.00 a gallon, with California seeing the highest price at $5.35. Georgia has the cheapest gas in the country with an average of $3.31.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
