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Oil Rise 3% Leading Market Decline
Sep 14, 8:12 PM ET |
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| Oil jumps $1.94 per barrel on higher than expected draw down of oil inventory. Weak August retail sales, flat industrial production kept buyers away. |
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| Retail sales for August were $350.1 billion, down 2.1% from July, but up 7.9% from one year ago. Excluding automobiles, retail sales in August were $274.9 billion, up 1% from July, and up 9.4% from one year ago. Industrial output for August rose only 0.1% on Hurricane Katrina's impact. U.S. industrial production increased 0.1% in August. New Orleans Port opens 2 of 27 terminals. |
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Afternoon sell-off
Sep 14, 2:42 PM ET |
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| Spike in Oil, weaker retail sales and lack of buyers all came together in the afternoon as decline in averages accelerated. Lehman delivers strong 3Q. |
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| Retail sales for August were $350.1 billion, down 2.1% from July, but up 7.9% from one year ago. Excluding automobiles, retail sales in August were $274.9 billion, up 1% from July, and up 9.4% from one year ago. Industrial output for August rose only 0.1% on Hurricane Katrina's impact. U.S. industrial production increased 0.1% in August, the Federal Reserve reported on Wednesday. |
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Oil Spikes on Inventory Data
Sep 14, 1:23 PM ET |
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| Crude-oil advanced 84 cents to $63.95 a barrel on data showing a drop in demand for July by 6.6 million barrels. |
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| Retail sales for August were $350.1 billion, down 2.1 percent from July,but up 7.9 percent from one year ago. Excluding automobiles, retail sales in August were $274.9 billion, up 1.0 percent from July, and up 9.4 percent from one year ago. Industrial output for August rose only 0.1% on Hurricane Katrina's impact. |
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August Retail Sales Decline
Sep 14, 11:54 AM ET |
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| Oil prices advanced further 74 cents to $63.85 a barrel. Lehman Brothers posted better-than-expected earnings of $2.94 per share. |
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| Asian-Pacific markets ended mostly up with the Nikkei down 0.5% and China's Shanghai Composite up at a five-month peak of 0.8%. European stocks enjoy steady trading at mid-day. Retail sales for August were $350.1 billion, down 2.1 percent from July,but up 7.9 percent from one year ago. Excluding automobiles, retail sales in August were $274.9 billion, up 1.0 percent from July, and up 9.4 percent from one year ago. |
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Market to Open Higher
Sep 14, 9:32 AM ET |
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| Oil prices rise by 56 cents to $63.67 a barrel. The dollar declines in European trading, while gold advances. |
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| Asian-Pacific masrkets ended mostly up with the Nikkei down 0.5% and China's Shanghai Composite up at a five-month peak of 0.8%. European stocks enjoy steady trading at mid-day. Retail sales for August were $350.1 billion, down 2.1 percent from July,but up 7.9 percent from one year ago. Excluding automobiles, retail sales in August were $274.9 billion, up 1.0 percent from July, and up 9.4 percent from one year ago. |
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