Stocks close with gains
NEW YORK, April 25 (UPI) -- Stocks moved higher on Wall Street Wednesday, despite a slew of negative economic reports.
The Office of National Statistics in Britain said the country's gross domestic product fell 0.2 percent in the first quarter. Although the report is considered "preliminary" as it is the first of three estimates, the fall puts Britain technically in a recession.
In Washington, the Commerce Department said durable goods orders in March fell 4.2 percent from February to $202.6 billion. Economists expected a considerably less dramatic drop of 1.5 percent.
The economic news was offset by a particularly robust quarterly report from Apple Inc., which said its profits nearly doubled in its second fiscal quarter, largely due to strong sales in China.
By close of trading, the Dow Jones industrial average added 89.16 points or 0.69 percent to 13,090.72. The tech-dominated Nasdaq composite index gained 68.03 points or 2.3 percent to 3,029.63. The Standard and Poor's 500 index gained 18.72 points or 1.36 percent to 1,390.69.
On the New York Stock Exchange, 2,351 stocks advanced and 706 declined on a volume of 3.8 billion shares traded.
The 10-year treasury note fell 1/32 to yield 1.99 percent.
The euro rose fell to $1.3218 from Tuesday's $1.3197. Against the yen, the dollar rose to 81.34 yen from Tuesday's 81.32 yen.
In Tokyo, the Nikkei 225 index added 0.98 percent, 92.97, to 9,561.01.
In London, the FTSE 100 index added 0.16 percent, 9.40, to 5,718.89.
Bernanke says QE3 is possible
WASHINGTON, April 25 (UPI) -- U.S. Federal Reserve Chairman Ben Bernanke asserted Wednesday that a third round of quantitative easing was an option policy makers would use if necessary.
"We remain prepared to do more as needed to make sure that this recovery continues and that inflation stays close to target," Bernanke said at a news conference following the Fed's policy decision announcement.
The Fed said it would continue with a federal funds rate of zero to 0.25 percent and a program of rolling over its portfolio to exchange short-term notes to longer-term securities.
However, Bernanke was asked "Some of your critics … think you're still being too cautious … is the committee now any closer to QE3 than it was at its last meeting?"
Bernanke said the Federal Open Market Committee "certainly has been bold and aggressive in terms of easing monetary policy."
Regarding a new round of securities purchases, "Those tools remain very much on the table and we will not hesitate to use them, should the economy require that additional support," he said.
Quantitative easing involves the central bank buying assets, which keeps demand for securities high and interest rates low. The last round was widely criticized by the international community as a side effect of the move is that it weakens the value of the dollar, which can be viewed as manipulating currency rates to favor U.S. exporters.
Burger King liberates its source for eggs
MIAMI, April 25 (UPI) -- The Humane Society of the United States claimed a victory Wednesday as Burger King said it would switch to buying eggs from cage-free sources.
"What this does is send a clear message to these industries that their customers and the public don't want animals confined for their entire lives in cages. They will have to make changes," CNNMoney quoted food policy director for the Humane Society Matt Prescott as saying.
The United Egg Producers, an industry trade group, countered that eggs from cage-free hens creates a larger "carbon footprint," leads to health problems and costs more than eggs from caged birds. Prescott, however, said a UEP study shows the added costs are not as steep as the trade group now says.
The group claims production costs rise 25 percent with cage-free hens and the cost of eggs triples.
"If retailers are jacking the price up for people who want cage-free eggs, that's not representative of the costs. I think what Burger King is doing is going to open the market up for cage-free producers and consumers who want that product," Prescott said.
Then there is the purely humane side to the argument.
"It doesn't take a scientist to look at five to eight animals crammed into a cage the size of a file cabinet drawer and say this is wrong," Prescott said.
Crude oil prices stall at $104
NEW YORK, April 25 (UPI) -- Crude oil prices stalled near $104 per barrel in New York Wednesday with gains held in check by an increase in U.S. inventories.
The Energy Information Administration reported a buildup of 4 million barrels in the week ending April 20. Supplies reached 373 million barrels in the fifth consecutive week of increased inventories.
West Texas Intermediate crude for June delivery topped $104 but settled lower at $103.92 on the New York Mercantile Exchange.
Home heating oil prices lost 0.24 cents to $3.1645 per gallon. Reformulated blendstock gasoline added 1.9 cents to $3.121 per gallon.
Natural gas prices rose 2.1 cents to $2.17 per million British thermal units.
At the pump, the national average price of unleaded gasoline dropped to $3.84 per gallon Wednesday from Tuesday's $3.849, AAA said.
