| Wheat's next: Soaring costs raise grocery prices
If you think the cost of gassing up your car is outrageous, wait until you need to restock your pantry. The price of wheat has more than tripled during the past 10 months, making Americans' daily bread -- and bagels and pizza and pasta -- feel a little like luxury items. And baked goods aren't the only ones getting more expensive: Experts expect some 80 percent of grocery prices will spike too, and could remain steep for years. "It's going to affect everything ... impact on every section of the grocery store," said Michael Bittel, senior vice president of King Arthur Flour Co. in Norwich, Vt. Consumers such as Maria Cardena feel trapped by the prices. She said the bread she buys has jumped from 69 cents a loaf to $1.09 in recent weeks. "You have to buy it," said Cardena, a 29-year-old mother from Lubbock, Texas.
Major Averages Set Fresh Intraday Lows
(RTTNews) - Selling pressure has intensified in mid-afternoon trading on Friday, sending stocks into negative territory. Investors have shrugged off a relatively positive report on personal income, instead focusing on a profit warning for a key retailer. JP Penny (JCP) issued a profit warning for its first-quarter earnings, which renewed concerns about the well being of consumers. The department store operator said it now expects to report earnings of about $0.50 per share, down from its prior forecast of $0.75 to $0.80 per share. Before the markets opened, the Commerce Department released its report on personal income and spending in the month of February. The report showed that personal income rose 0.5 percent in February compared to a 0.3 percent increase in January.
Hot Stock Highlights: UDTT, BSC, ABI, YHOO
Wall Street Press Wire (www.WallStreetPressWire.com) is pleased to highlight its "stocks on the move" for Tuesday. Our list includes: Universal Detection Technology (OTC BB:UDTT.OB - News), Bear Stearns Companies Inc. (NYSE:BSC - News), Applied Biosystems Group (NYSE:ABI - News) and Yahoo! Inc. (NasdaqGS:YHOO - News). .
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