Here are the stories making headlines in Monday's Bloomberg Market Report.
Gasoline wholesale prices fell for a third straight day on speculation refinery production will increase. Prices at the pump are down to roughly $3.79 a gallon, on average, but that's still 30 cents a gallon more than a year ago. The Wall Street Journal says refiners that process cheaper crude oil are selling gas into a global market where crude prices are up seven percent this year.
Stocks closed higher after a better than expected retail sales report and CitiGroup's earnings which topped estimates.
Chrysler, the automaker controlled by Fiat, says it's making its natural gas-powered ram pickup available for sale to retail buyers. The Ram 2500 heavy duty CNG features both compressed gas storage tanks and a conventional gasoline fuel tank. The new vehicle will set buyers back more than $47,000.
News Corp's Fox Sports media group has signed an eight year extension of its contract to carry Nascar racing. Fox and Nascar did not disclose financial terms when they announced the agreement; however, the Associated Press reports Fox will pay $300 million dollars a year or $2.5 billion over eight years.
