News Summary: Price of cocoa surges 3 percent

AP News
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Posted: Oct 16, 2012 3:47 PM
News Summary: Price of cocoa surges 3 percent

SWEET TOOTH: The price of cocoa surged 3 percent as new, positive signs for the U.S. economy are raising hopes that consumers may splurge on more chocolate confections in the months ahead.

BRIGHT SPOTS: New reports showed consumer price increases were tame in September. Builder confidence improved in October. But factory production grew modestly last month, which is an indication that the economy still was weak.

WINNERS, LOSERS: Prices rose for gold, most industrial metals, oil, corn and soybeans. Wheat, copper, natural gas and wholesale gasoline fell.