GloucesterTimes.com, Gloucester, MA

February 26, 2013

Business briefcase


Gloucester Daily Times

---- — Gloucester native named to city editor

Gloucester native and former resident Peter Strescino was recently promoted to city editor of The Pueblo Chieftain, a 40,000-subscription daily paper in southern Colorado.

Strescino has been with the paper since 1988, and has worked as a cityside reporter, feature writer and feature editor. He has held several other editing positions with the paper.

Strescino attended St. Ann Grammar School, St. Peter High School and Gloucester High School. He is a 1986 graduate of Chaminade University of Honolulu.

His parents were Peter J. and Rita C. (Moses) Strescino.

Gas prices up another 4 cents

Massachusetts gasoline prices have jumped another four cents per gallon in the past week and have now soared 31 cents in the past month.

AAA Southern New England announced Monday that self-serve, regular is selling for an average of $3.76 per gallon.

The current price is a penny below the national average and eight cents per gallon higher in-state than at the same time last year.

AAA found self-serve, regular selling for as low as $3.65 per gallon and as high as $3.89.

Prices on Cape Ann ranged Monday from $3.77 per gallon in Manchester to $3.94 a gallon in Rockport.

To find the lowest prices on Cape Ann, visit the Times’ Gas Watch, gloucestertimes.com/gas, when you need to fill up.

Warren addresses business group

BOSTON (AP) — U.S. Sen. Elizabeth Warren says she does not know at this point what can be done to prevent what she calls a “mindless across the board approach” to cutting federal spending.

The Massachusetts Democrat was asked during a breakfast meeting of business leaders in Boston on Monday about the $85 billion in automatic spending cuts scheduled to take effect Friday unless a compromise is reached in Washington.

Warren told the New England Council she believes President Barack Obama has offered a “balanced” plan that calls for revenue increases along with targeted cuts. But she said she did not know at this point whether a deal could be struck with reluctant Republicans in Congress.

Massachusetts would stand to lose millions in funding for education, medical research, defense-related work and other programs.

Stocks edge lower; Hertz jumps

NEW YORK (AP) — Stocks edged lower on Wall Street Monday, erasing an early rally, following signs that Italy could be headed for political gridlock.

The Dow Jones industrial average was down 51 points, or 0.4 percent, to 13,950 as of 12:06 p.m. EST. It had been up as much as 81 points. The Standard & Poor’s 500 fell five points, or 0.3 percent, to 1,510 and the Nasdaq composite dropped 3, or 0.1 percent, to 3,158.

Stocks rallied in the early going as exit polls showed that a center-left coalition in Italy that favored economic reforms in the euro region’s third-largest economy was leading in the polls. That gain evaporated after another poll showed that the elections appear to be heading toward gridlock.

The yield on Italy’s 10-year government bond edged up to 4.43 percent as investors sold them. The country’s benchmark stock index, the FSTE MIB, was up just 0.7 percent, giving up an early gain of 4 percent.

On the New York Stock Exchange, Barnes & Noble rose $1.33, or 10 percent, to $14.85 after founder and chairman Leonard Riggio told the bookseller he is going to try to buy the company’s retail business. Hertz advanced $1.15 to $19.87, despite posting a fourth-quarter loss, after the rental car company said that pricing improved, volume rose and it cut costs.

The Standard & Poor’s 500 had its first weekly decline of the year last week. Investors sent stocks plunging after minutes from the Federal Reserve’s latest policy meeting revealed disagreement over how long to keep buying bonds in an effort to boost the economy.

The yield on the U.S. 10-year Treasury note, which moves inversely to its price, fell two basis points to 1.93 percent.

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