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Rebounding Averages
Sep 22, 4:07 PM ET |
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| Averages bounced back more than 1% after falling at mid-day on heavy volume. Oil rose and fell encouraging buyers in the last hour. |
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| Hurricane Rita remains in focus. Rita, one of the strongest hurricanes to hit the Gulf of Mexico region, could cause severe damage to more than 25% of nation's oil production and refining facilities. The 23% of domestic refining capacity is shut down with the unknow damage to the oil platforms in the region. KB Home earnings powered the home builders rally. |
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More Refineries Close
Sep 22, 1:45 PM ET |
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| Rita has managed to shut 23% of total refining capacity. Thirteen refineries are shut, three are partially and eighteen are threatened. |
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| About 18 Texan oil refineries are threatened by Hurricane Rita, with a combined production capacity of about 4 million bpd, the U.S. Energy Information Administration said. The Labor Dept. released initial jobless claims in the week ended Sept. 17, showing that claims rose to 432,000 from the previous week's revised figure of 424,000. Economists had expected claims to rise to 450,000. |
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Refinery Storm Rita
Sep 22, 12:21 AM ET |
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| Homebuilder sector advanced 0.7% on KB Home better-than-expected 3Q earnings of $2.55 a share. The stock rose almost 2%. |
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| The Labor Dept. released weekly jobless claims for the week ending Sept. 17, showing an increase of 8,000 to a seasonally adjusted of 432,000 people. The initial claims were highest since July 2003 but came below expectations of 440,000. KB Home rose 2% on 3Q earnings of $2.55 a share, beating expectations of $2.39. General Mills posted strong 1Q income of 64 cents on higher sales. |
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Rita Hurts Averages
Sep 22, 9:23 AM ET |
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| Crude-oil prices continue their surge on Hurricane Rita to reach $67.71 a barrel. Gold prices rise. The dollar declines. |
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| Asian markets closed mostly lower with the Nikkei down 0.3% and Hong Kong down 0.3%. European stocks sharply declined at mid-day with German DAX 30 being the biggest loser , down 0.7%. The Labor Dept. released weekly jobless claims for the week ending Sept. 17, showing an increase of 8,000 to a seasonally adjusted of 432,000 people, vs. expectations of 440,000. |
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