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Stocks Decline On Oil Rise
Aug 07, 4:01 PM EDT |
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| Stocks declined due to perceived worries of inflation as oil prices reached record highs today. |
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| As market reached close Dow lost 20.49 points, Nasdaq was down 13.14, and S&P declined 3.31. Inflation worries due to record level oil prices prompted moderate declines in the market. El Paso Corp reported Q2 earnings of 21 cents a share after paying dividends compared to a year ago loss of 38 cents a share. AES Corp posted Q2 earnings of 25 cents a share compared to year ago earnings of 13 cents a share. Oil gained $2.22 to close at $76.98. |
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Oil, Rates Pressure Europe
Aug 07, 12:37 PM EDT |
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| BHP Billiton lost 2.6% and Rio Tinto dropped 1.4% on growing concerns over a strike at a copper mine in Chile owned by the two companies. |
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| European markets finished steeply lower Monday, reflecting a spike in oil prices and concerns over the U.S. Fed Reserve’s decision on interest rates Tuesday. Crude oil jumped over $1 after oil giant BP said it''s shutting down its Prudhoe Bay oil field in Alaska. The German DAX 30 tumbled 1.7%, followed by the CAC 40, also down 1.7%, while London FTSE 100 lost only 0.9%. |
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Energy Stocks Modestly Up
Aug 07, 11:54 AM EDT |
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| Crude oil futures surged $1.59 to $76.35 per barrel. The dollar rose against most major currencies. Gold prices declined. |
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| Climbing oil prices weighed on market sentiment in morning trading session, pushing the stocks lower. Yet, energy shares advanced on expectations to benefit from the higher prices. Hess Corp. gained 0.6%, while Chevron Corp. climbed 0.65%. Shares of BP lost 1.8% on the Prudhoe Bay shutdown. |
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India Declines on Low Volume
Aug 07, 10:40 AM EDT |
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| The Sensex fell in a volatile trading. The rise in oil prices hurt the sentiment and heavy rain in Mumbai kept several traders away from the market. |
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| The Indian Sensex closed in the red for the second consecutive session in a volatile trading, characterised by record-low volumes, as investors showed a lack of interest, ahead of the meeting on Wednesday by Federal Reserve bankers to consider interest rates. ICICI Bank and BHEL led the gainers, while Hero Honda ed the decliner. |
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AES up 9% on Double Profit
Aug 07, 10:13 AM EDT |
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| El Paso Corp. fell 5%, despite posting a profit after a year-ago loss. Shares of BP dropped 2% on the Prudhoe Bay shutdown. |
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| AES Corp. jumped 9.4% after reporting Q2 net income almost doubled to 25 cents a share from 13 cents a share a year ago on 15% revenue growth, beating estimates. Southern Union, natural gas provider, reported Q2 earnings of 8 cents a share, down from 10 cents a share a year ago, missing estimates. McDermott International, heavy construction company, reported Q2 net income drop of 40 cents a share from 75 cents last year, below expectations. |
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Surging Oil Hurts Sentiment
Aug 07, 9:13 AM EDT |
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| Shares of energy drink maker Hansen Natural Corp. tumbled 16% on the Inet as the company's earnings missed analysts' average estimate. |
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| U.S. equity futures were sent lower by a spike in energy prices following a shutdown of a major oil field in Alaska. Crude oil September delivery jumped 2% to $76.25 a barrel. Energy company El Paso Corp. posted $141 million Q2 profit in contrast to a loss a year ago due to a 4% rise in revenue. Company''s shares rose 2.7% in pre-market trading. |
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Oil Jumps 2% on Oilfield Shutdown
Aug 07, 8:16 AM EDT |
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| Crude for September delivery jumped 2% to $76.69 a barrel after oil company BP shut down the nation's biggest oilfield Prudhoe Bay. |
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| BP has a 26% stake in the Prudhoe Bay field, meaning its own production would be cut by 100,000 barrels a day, while 400,000 barrels a day of crude oil would be taken off the world market. BP''s shares dropped 2% on the LSE. |
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Tech Exporters Drag Japan Down
Aug 07, 7:31 AM EDT |
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| Asian markets declined broadly Monday, with tech exporters including Sony and Hitachi pushing Japan down while Australia notched up as miners gained. |
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| Japan slumped in afternoon trading, with tech exporters including Sony and Toshiba leading the market to heavy across-the board losses after the closure of a key Alaska oil field caused crude prices to soar. All major regional indexes fell, but for Hong Kong, which rose but only just. Australia also gained. |
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Europe Lower After Oil Price Hike
Aug 07, 6:27 AM EDT |
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| Europe started lower Monday as oil prices climbed sharply after BP closed its Prudhoe Bay oilfield in Alaska after finding a pipeline leak. |
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| Weaker-than-expected jobs growth in the US weighed also as the focus turned from expectations the Federal Reserve would pause its monetary tightening to worries over slowing growth. The FTSE 100 declined 1%, the Xetra Dax in Frankfurt slipped 1.5% and the CAC-40 in Paris was off 1.5%. |
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Gold Falls, Silver Rises
Aug 07, 5:35 AM EDT |
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| Gold fell Friday despite the downfall of the U.S. dollar and speculation that the U.S. Fed may pause its interest rate tightening next week. |
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| December gold ended down although during the session the contract hit a high of $666 an ounce following weaker-than-expected U.S. economic data, but market participants took profits ahead of the weekend. Gold keeps failing on rallies as the increased Mideast violence has been virtually ignored. |
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