U.S. stocks edged higher on Wednesday as mining and energy shares surged because of high oil prices. The energy sector advanced 0.38 percent as oil price hit its highest level since Sept. 26, 2008.
Meanwhile, basic materials shares, the best performers on Wednesday, also rose 1.39 percent as investors were expecting that the higher rebuilding cost of Japan’s disaster will lead to great demand on basic material sector.
The Japanese government said that the estimated damage from the devastating earthquake and tsunami were over 300 billion U.S. dollars. Companies such as Toyota and Honda have suspended their production at some plants.
On economic front, data showed sales of new homes in the United States plunged in February to the lowest level on records dating back nearly half a century, a dismal sign for an already-weak housing market.
Bank of America dropped 1.87 percent after the Federal Reserve rejected to its plan for raising its dividend in the second half of this year. The financial share also declined 0.01 percent because of it.
The Dow Jones industrial average gain 67.39 points, or 0.56 percent, to 12,086.02. The Standard & Poor’s 500 Index advanced 3. 77 points, or 0.29 percent, to 1,297.54. The Nasdaq was up 14.43 points, or 0.54 percent, to 2,698.30.
Thai Mango growers complain of low prices and fewer exports
Because of the global COVID-19 pandemic, their mangoes are not being exported, due to fewer buyers, and their prices have plunged to between 10 and 20 baht per kilogram, depending on size.
Mango orchard owners in Thailand’s northern province of Phitsanuloke are seeking help from the provincial administration to promote the sale of their sweet fruit, particularly Barracuda Mango variety.(more…)
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