NEW YORK (Reuters) – The Dow and the S&P 500 indexes were little changed on Thursday as a drop in oil prices fueled investor optimism about consumer spending and offset a warning of further write-downs from Citigroup (C.N).
U.S. oil prices fell more than $4 to $132.45 a barrel on the prospect of lower demand from China. That eased fears about the toll of higher fuel costs on American consumers and businesses.
Shares of big manufacturers, including Boeing Co (BA.N), rose on the back of the lower oil prices. Shares of retailers also benefited, with Home Depot (HD.N) stock more than 1 percent.
Technology shares were another standout, lifting Nasdaq stocks.
“The good news is it looks like oil is down, some of the retailers are holding up,” said Todd Clark, managing director of stock trading at Nollenberger Capital Partners in San Francisco. “(But) until financials can stabilize, it’s tough to be overly positive about the market.”
The Dow Jones industrial average (.DJI) rose 36.23 points, or 0.30 percent, to 12,065.29. The Standard & Poor’s 500 Index (.SPX) gained 2.80 points, or 0.21 percent, to 1,340.61. The Nasdaq Composite Index (.IXIC) climbed 23.71 points, or 0.98 percent, to 2,453.42.
Boeing shares rose 2.3 percent to $76.39 on the New York Stock Exchange. Among retailers, home improvement chain Home Depot shares gained 1.2 percent to $26.87. The S&P retail index (.RLX) rose nearly 1 percent.
On Nasdaq, shares of iPod and iPhone maker Apple Inc (AAPL.O) were a top boost, rising 1.3 percent to $181.14.
But Citigroup shares, down 3.3 percent at $19.73, were among the top drags on the S&P 500. Also weighing on the index were shares of JPMorgan Chase & Co (JPM.N), down more than 3 percent at $37.48, and Bank of America (BAC.N), whose stock fell more than 4 percent to $27.13.
Citigroup Chief Financial Officer Gary Crittenden told investors on a Deutsche Bank Securities investor conference call that the largest U.S. bank could have substantial write-downs in the second quarter, triggering a drop in Citigroup shares of nearly 4 percent.
U.S. oil prices fell amid the prospect of lower oil demand from China, which raised gasoline and diesel fuel prices for the first time in eight months.
(Reporting by Deborah Jian Lee; Editing by Jonathan Oatis)
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Gore’s Mansion Uses More Energy After ‘Going Green’
By Randy Hall
CNSNews.com Staff Writer/Editor
June 19, 2008
(CNSNews.com) – In the year since Al Gore took steps to make his home more energy efficient, the power use at the former vice president’s house has increased more than 10 percent, a nonprofit research group reported Tuesday.
“A man’s commitment to his beliefs is best measured by what he does behind the closed doors of his own home,” said Drew Johnson, president of the Tennessee Center for Policy Research, in a news release. “Al Gore is a hypocrite and a fraud when it comes to his commitment to the environment, judging by his home energy consumption.”
Using data obtained through a public records request to the Nashville Electric Service, the Center determined that during the past year, Gore’s mansion in the Belle Meade area of Nashville used 213,210 kilowatt-hours (kWh) of electricity, enough to power 232 average American households for a month.
As Cybercast News Service previously reported, the Center revealed in February 2007 that the former vice president’s home “consumes more electricity every month than the average American household uses in an entire year.”
A few days later, President Bush’s “Western White House” in Crawford, Texas, was praised as an “eco-friendly haven” by the conservative Competitive Enterprise Institute.
Gore promised to make his mansion — an 80-year old house that received a gold certification from the U.S. Green Building Council — more efficient by adding solar panels, installing a geothermal system, replacing existing light bulbs with more efficient models and overhauling the home’s windows and ductwork.
Since taking those steps, the former vice president uses an average of 17,768 kWh per month — 1,638 kWh more energy per month than before the renovations — at a cost of $16,533, Johnson noted.
By comparison, the average American household consumes 11,040 kWh in an entire year, according to the Energy Information Administration.
While a spokesman for an investment firm co-founded by the former vice president told Cybercast News Service that Gore has not been profiting from his crusade against global warming, Johnson strongly disagreed.
“In the wake of becoming the most well-known global warming alarmist, Gore won an Oscar, a Grammy and the Nobel Peace Prize,” he said. “In addition, Gore saw his personal wealth increase by an estimated $100 million thanks largely to speaking fees and investments related to global warming hysteria.
“Actions speak louder than words, and Gore’s actions prove that he views climate change not as a serious problem, but as a money-making opportunity,” Johnson added. “Gore is exploiting the public’s concern about the environment to line his pockets and enhance his profile.”
However, Gore spokesperson Kalee Kreider disputed the Center’s claims.
The utility bills for the former vice president’s mansion have gone down 40 percent since the makeover, Kreider told The Tennessean. The drop was largely due to the home’s new geothermal heating and cooling system, which relies on the stable temperatures of the earth or groundwater beneath a building to power its heating and cooling systems.
As for the increase in the electric bills, Kreider said that the three-year renovation on the structure wasn’t completed until November, so it’s a bit early to attempt a before-and-after comparison.
In addition, the Gores take part in the Nashville Electric Service’s Green Power Switch program, which allows them to buy their electricity from renewable sources like wind power, solar energy or methane gas.
“When they do use power, it’s green power,” Kreider added, noting that 33 solar panels also supply about 4 percent of the household’s power needs.
While Johnson told Cybercast News Service that the Center stands behind its data, the Gore home is also the target of another group critical of the former vice president’s stance on global warming.
As part of its cross-country “Hot-Air Tour,” Americans for Prosperity (AFP) hopes to fly its hot-air balloon over the former vice president’s mansion on Friday in an attempt to “remind him of all the hot air in the global warming debate,” AFP President Tim Phillips said on the group’s Web site.
“Alarmists who are pushing economically devastating climate change policies are out of touch with average Americans,” Phillips stated. “We think American families need to know what these proposals will cost them — lost jobs, even higher energy prices and less freedom.”
wE CELEBRATE THIS DAY IN REMEMBRANCE OF WHAT JESUS DID! He died for our sins and on the third day he rose...
2 Comments
June 19, 2008 at 10:46 pm
[...] (CNSNews.com) – In the year since Al Gore took steps to make his home more = energy efficient, the power use at the former vice president=92s hou= se has increased more than 10 percent, a nonprofit research group reported = Tuesday. …Posted from By nannabee [...]
May 20, 2009 at 6:18 pm
Great info=) Will come back!