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Declining Oil Fails to Spark Market
Aug 26, 5:19 PM ET |
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| Oil drops 2%, natural gas trades for the most part above $10 price level. Housing sector drops to two-month low on Cautious remarks from Greenspan. |
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| Fed Chairman delivered one of his most cautious speech at Central Bankers gathering. While the topic was central banking but he openely worried about recent housing boom, after-efffect of low interest rate in the long run and economic imbalances due to current account and trade deficift in the U.S. economy. Univ. of Michigan consumer sentimet Index dropped. Verizon stock closed at new 52 week low. |
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Greenspan Warns Aftermath of Low Interest Rates
Aug 26, 1:17 PM ET |
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| Housing sector declines on Greenspan comments. Consumer Sentiment Index point to worried consumer. Oil stays higher on Florida hurricane. |
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| Fed Chairman expressed caution and warning on the persistent trade and fiscal imbalances and worries that protectionist measures discussed in Congress may not prepare America for the upcoming global challenges. Greenspan also expressed his concerns for the recent housing boom and as he stated 'asset prices' are increasing driving Fed's decision making. Natural gas remains above $10 price level. |
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Quiet Day of Trading
Aug 26, 10:47 AM ET |
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| Seoul's Kospi lost 1% on financial stocks selloff, in Europe metals and mining stocks trimmed some of Thursday's losses, oil still above $67. |
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| Stocks declined at the open Friday after the weaker-than-expected consumer sentiment data. The August sentiment index declined to 89.1 from an initial read of 92.7 on surging oil prices fears. Merck & Co. is in focus due to reports it may settle some of its Vioxx-related lawsuits. WPP Group posted a 41% rise in first-half net profit and lifted its operating margin target for the year. No major companies are scheduled to report earnings Friday. |
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Merck Considers Settling
Aug 26, 9:25 AM ET |
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| Seoul's Kospi lost 1% on financial stocks selloff, in Europe metals and mining stocks trimmed some of Thursday's losses, oil firm above $67. |
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| Futures are trading higher Friday and market will watch final August consumer sentiment data from the University of Michigan, which is expected to decline due to surging oil prices. Merck & Co. is in focus due to reports it may settle some of its Vioxx-related lawsuits. WPP Group posted a 41% rise in first-half net profit and lifted its operating margin target for the year. No major companies are scheduled to report earnings Friday. |
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