Stocks wobbled after a falling dollar, weakness in manufacturing and a sales slump at Wal-Mart Stores Inc. heightened concerns about an economic slowdown.
Among gainers, shares of Exelon Inc. advanced after its Commonwealth Edison subsidiary dodged a bullet in Springfield. Lawmakers were unable to agree on extending a rate freeze for Edison into next year, a prospect that the company warned might force it into bankruptcy.
The end of the freeze means consumer electric bills could rise next month by 22 percent or more.
Exelon stock ended at $61.39, up 20 percent from a 52-week low of $51.13.
The stock of Archer Daniels Midland Co., the world’s biggest grain processor and ethanol producer, got a modest boost after the company said it will increase the capacity of North American plants that crush oilseeds.
Expansions are planned in Illinois, Indiana, Missouri, Nebraska and Iowa. Two plants that crush canola also will be expanded in North Dakota and Alberta, Canada.
“Expanding our crush capacity will enable us to meet the increased demands for vegetable oil and oilseed proteins, driven by the world’s growing need for energy and food,” said Scott Fredericksen, president of North American oilseed processing.
Shares of Decatur-based ADM finished at $34.83, up 49 percent from a 52-week low of $23.37.
On the downside, a sell-off in brokerage stocks hammered shares of the Chicago Mercantile Exchange, which is merging with the Chicago Board of Trade.
The two exchanges are pushing in the direction of electronic trading. However, some analysts warn that a lack of hands-on trading-floor experience will mean fewer young people learning the ropes. In the long run, that could diminish the expertise on which the exchanges have prospered.
Shares of the Merc finished at $531.40, down 5 percent from a recent high of $557.97. And the Board of Trade closed at $156.44, off 5 percent from a high of $165.27.
The stock of Deere & Co. slipped even though the Moline-based farm equipment-maker said it plans to look for acquisitions to aid growth.
Deere is interested in expanding in to water and irrigation, as water may be “as important as oil” over the next decade, Vice President Marie Ziegler told a Bear Stearns conference in New York.
Moline-based Deere’s stock closed at $94.48, off 7 percent from a recent high of $101.40.
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wsluis@tribune.com
