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$67 Oil Drags Market Lower
Aug 24, 8:12 PM ET |
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| Averages trade lower in the last hour as oil strengthens. Stocks in energy, semiconductor and housing sectors climb and Autodesk reach 52 week high. |
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| Another day another reason to take oil higher. Petroleum invetory report from the Energy Department suggested lower gasoline inventories and impendiing tropical storm in the Gulf of Mexico gave enough reasons to oil to trade higher than $67 per barrel. On earnings front BHP Billiton historic profit and revenue but cautioned that company will use capital for business growth than share with investors. |
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Housing and Energy Stocks Leading the Averages
Aug 24, 12:56 AM ET |
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| Lucent, HP, Ford and Exxon Mobile are trading higher, semis are also higher led by AMD, Intel and Sandisk. |
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| The petroleum inventory data and home sales report helped investors recover from the disappointing data from the Commerce Department's report that durable goods dropped 4.9% in July. Falling gasoline inventories are fueling strength in oil stocks. |
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New Home Sales Trim Index Losses
Aug 24, 10:49 AM ET |
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| The Nikkei finished above 12,500 for first time in 4 years, European markets fell at mid-day, dollar weakened vs. yen, euro. |
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| Stocks declined in early trading as oil prices topped $66 a barrel and a larger-than-forecast 4.9% drop in July durable orders, after a revised 9.2% gain over the prior two months, provoked concerns that the economy could be slowing down faster than expected. On the other hand, new home sales in July hit a record high and helped trim the index losses. Google is to launch its instant-messaging service today. BHP Billiton reported record full-year net profit up 89.3 % vs. a year ago. |
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Oil Rises, Futures Fall
Aug 24, 8:38 AM ET |
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| The Nikkei finished above 12,500 for first time in 4 years, European markets were lower in early trading, dollar strengthened vs. yen, euro. |
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| Stock futures are below the flat line early Wednesday morning, pointing to a weaker opening as oil continues to rise on the latest tropical storm worries. Reports on durable goods and new homes sales could also change the focus of the market. Google is expected to launch its instant-messaging service today. BHP Billiton reported record full-year net profit up 89.3 % vs. a year ago. |
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