A new report indicates that consumers are wasting billions of dollars on the purchase of multivitamins.
An editorial in a prominent medical journal says there is no evidence that multivitamins prevent death or heart attack, or ward off memory loss. This could hurt sales of Nature Made, One A Day, and Centrum, which is made by Pfizer (PFE), as well as at retailers such as GNC (GNC), Walgreens (WAG), CVS (CVS) and Rite Aid (RAD).
The Energy Department says domestic production of oil is increasing so quickly that it will push global prices lower over the next few years, which could bring down prices at the pump. The report also says the U.S. will need to import just 25 percent of the oil we use by 2016, down from about half just a few years ago.
Global auto sales are expected to rise by about 3.7 percent next year. The business research firm IHS forecasts total sales of 85 million vehicles next year, and 100 million by 2018. It says the U.S. market will continue to grow, but the main driver will come from emerging markets, where wealth is on the rise.
Meanwhile, General Motors (GM) says it plans to spend $1.3 billion to upgrade five factories in the Midwest.
Boeing (BA) has agreed to give billions of dollars back to shareholders. The aerospace giant is boosting its dividend by 50 percent, and it's planning to buy back up to $10 billion of stock.
Here on Wall Street, the Dow Jones industrial average (^DJI) jumped 129 points Monday, the Nasdaq composite (^IXIC) rose 28 points and the Standard & Poor's 500 index (^GPSC) and gained 11 -- snapping a four-day losing streak.
Discount retail chain Loehmann's has filed for bankruptcy and plans to close all of its stores next month if it doesn't find a buyer. Several other discount chains have gone out of business in the past few years, including Syms, Daffy's and Filene's Basement. They've all been hurt by competition from chains such as T.J. Maxx (TJX), Ross Stores (ROST) and Burlington Coat Factory (BURL).
-Produced by Drew Trachtenberg.
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