Market Updates
U.S. Movers: Hershey, Krispy Kreme, McCormick, Mondelez
Scott Peters
26 Mar, 2024
New York City
Stocks on Wall Street edged higher, and tech and financial sector stocks were among the leading gainers in early trading.
The S&P 500 index increased 0.2% to 5,246.13, and the Nasdaq Composite rose 0.3% to 16,460.05.
The yield on 2-year Treasury notes decreased to 4.60%, 10-year Treasury notes inched up to 4.24%, and 30-year Treasury bonds edged down to 4.41%.
Krispy Kreme jumped 19.4% to $14.86 after the company said it plans to sell donuts in McDonald's restaurants across the nation by 2026.
McCormick jumped 6.6% to $74.60 after the spice company reported better-than-expected revenue and earnings in its latest quarter.
Hershey Co. decreased 1.3% to $190.13, and Mondelez International declined 0.7% to $70.80 after the price of cocoa surged to a record high above $10,030 per ton in Tuesday's trading before edging down to $9.712 per ton.
The supply of cocoa from Western African nations is likely to drop by as much as 60% because of dry weather conditions and the spread of a virus that damaged crop yields.
The cocoa price has soared more than 135% in the year so far.
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