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BUSINESSTuesday 23 February 2016
Oil prices lift the market again as energy stocks rally
MARLEY JAY the price of oil, which Andrew Samuel, center, CEO of Sunshine Bancorp, applauds during the opening bell ceremony
AP Markets Writer means they have mostly with guests and employees at the Nasdaq MarketSite, Monday, Feb. 22, 2016 in New York. The
NEW YORK (AP) U.S. stocks gone down. On Monday regional bank is headquartered in Plant City, Fla.
jumped Monday as the the International Energy
price of oil surged again, Agency that it doesn’t ex- (AP Photo/Mark Lennihan)
lifting energy stocks as well pect oil prices to recover
as mining and chemicals significantly until 2017, but global economy, and climbed Monday, with alu- tion of wealthy and devel-
companies. Indexes in Eu- it expects slower growth in when prices rise, they are minum producer Alcoa up oping economies, is also
rope and Asia also rose as global supplies. reassured. $1.03, or 13.2 percent, to meeting this week, and in-
investors hoped for stimulus Benchmark U.S. crude Last week was the best of $8.91. That was its biggest vestors hope that will lead
to strengthen the econo- climbed $1.84, or 6.2 per- the year for the major U.S. one-day gain in almost sev- to moves that strengthen
mies of those regions and cent, to $31.48 a barrel indexes, and Monday’s en years. Metals producer the world economy.
boost sales of energy, in New York. Brent crude, gains bought the Dow and and oil and gas company Quincy Krosby, a market
building materials and oth- which is used to price in- the S&P 500 to their highest Freeport-McMoran added strategist with Prudential Fi-
er goods. ternational oils, rose $1.68, levels since Jan. 6. Still, both $1.01, or 14.6 percent, to nancial, said investors are
The price of U.S. oil rose or 5.1 percent, to $34.69 a indexes are down almost 5 $7.93. Freeport-McMoran hoping the governments of
more than 6 percent af- barrel in London. The price percent this year. stock has nearly doubled Japan and China as well
ter a group of oil-import- of wholesale gasoline in- Chemicals and mining in value since mid-January, as European leaders will in-
ing countries said energy creased almost 6 percent companies have also strug- when it hit its lowest price in crease spending, leading
stockpiles will grow at a and heating oil rose 3 per- gled as investors worried a decade. to higher demand for com-
slower pace. Metals com- cent. that the global economy is Finance ministers from the modities like metals and
panies Alcoa and Free- Chevron gained $2.32, or losing steam. Those stocks Group of 20, an organiza- chemicals. q
port-McMoRan climbed as 2.7 percent, to $88.82 and
investors hoped a stronger Marathon Oil added 76
global economy will mean cents, or 11.3 percent, to
greater demand for their $7.49. “Stock market prices
products. Amazon led a and oil prices have been
rally in consumer stocks. tracking each other like a
The Dow Jones industrial shadow through the first
average gained 228.67 part of the year,” said Mi-
points, or 1.4 percent, to chael Scanlon, managing
16,620.66. The Standard & director and portfolio man-
Poor’s 500 index climbed ager for John Hancock As-
27.72 points, or 1.5 percent, set Management.
to 1,945.50. The Nasdaq Scanlon said that usually
composite index added doesn’t happen for long
66.18 points, or 1.5 percent, stretches. He that when
to 4,570.61. oil prices fall, investors get
This year stocks have tend to get concerned
moved up and down with about the health of the
Lumber Liquidators stock plunges on revised CDC report
NEW YORK (AP) — Lumber vention now says people more likely to get cancer 2011. It is a colorless gas tests.
Liquidators’ stock plunged exposed to certain types than the agency previously with a pungent smell, used The CDC says homeowners
Monday as the Centers for of the company’s laminate predicted. among other things to can reduce the amount
Disease Control and Pre- flooring were three times The CDC said that in its manufacture building ma- of formaldehyde in their
original report it had used terials and household prod- homes by letting in fresh air
an incorrect value for ceil- ucts. It’s a common indoor for a few minutes every few
ing height. It said that re- air pollutant. Researchers days and choosing prod-
sulted in health risks calcu- say the amount of formal- ucts with low or no formal-
lated using airborne con- dehyde given off by new dehyde.
centration elements about products ebbs over time. The health agency said
three times lower than they Lumber Liquidators said in it’s not necessary to test
should have been. a statement Monday that it homes unless there’s a
It now estimates the risk of has strengthened its “qual- strong chemical smell or
cancer at six to 30 cases ity assurance procedures,” someone is having symp-
per 100,000 people. It previ- such as testing sample toms — burning of the eyes,
ously estimated two to nine products. nose and throat — and
cases per 100,000 people. The company stopped only experiencing them in
The agency said that its selling the Chinese-made the home.
recommendations will likely laminate floors in May, a Earlier this month, it was
stay the same -- that peo- few months after CBS news announced in a separate
ple take steps to reduce show “60 Minutes” report- case that Lumber Liquida-
exposure to formaldehyde ed that those floors contain tors would pay more than
emitted from the Chinese- high levels of formalde- $13 million for illegally im-
made flooring. hyde. Lumber Liquidators, porting hardwood flooring,
Formaldehyde was added based in Toano, Virginia, after the company plead-
to the government’s list also began providing cus- ed guilty to environmental
of known carcinogens in tomers with free air quality crimes last year.q
