Your Valentine's chocolate could be more expensive this year

TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Monday, February 12.

Full Video Transcript Below:

J.D. DURKIN: I’m J.D. Durkin - reporting from the New York Stock Exchange.

Stocks were mixed to close out today's session. The Dow closed up 126 points after hitting a fresh record high. The Nasdaq closed down three tenths of a percent, and the S&P closed fractionally lower.

Investors are awaiting some important economic data – consumer inflation Tuesday, retail sales Wednesday, and wholesale inflation Friday. The Federal Reserve has made it clear that it would not cut interest rates until inflation has sufficiently cooled.

In other news - more than 90 percent of Americans say they plan to buy chocolate and candy for Valentine’s Day, according to the National Confectioners Association, and it’s going to cost more than usual. The price of cocoa, the main ingredient in chocolate, is at an all-time high and is continuing to rise.

Sales at Hershey and Mondelez, two of the biggest chocolate-makers in the world, both fell last quarter - and Hershey said falling sales caused the company to lay off 5 percent of its workforce. But what’s driving up the price of cocoa?

West Africa is responsible for more than 60 percent of the world’s cocoa production. But climate issues in the region have damaged crops, causing the cocoa supply to drop and prices to increase. This marks the third straight year production has been less than anticipated.

But the high prices aren’t stopping Americans from enjoying their sweet treats on February 14. The National Confectioners Association says chocolate and candy sales in 2023 surpassed $4 billion.

That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.