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Modest Rally in Evening Trading
Sep 23, 4:26 PM ET |
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| Drop in oil price of 3.5% fail to spark market. The late rally led by tech, retail and select mining stocks fail to lift averages. |
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| Refinery storm Rita, at the end of the week, has managed to shut down 99% of oil and 72% of gas production in the Gulf of Mexico region. Total loss of production for both the hurricanes is likely to exceed 8% of annual output for oil and natural gas. Regardless of the strength of Hurricane Rita, gasoline prices at pump are likely to rise in the next two weeks. |
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Market Braves Falling Energy Prices
Sep 23, 1:01 PM ET |
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| Oil falls $1.30 to $65.20. About 92% of oil production and 66% of gasoline output in the Gulf of Mexico have been shut down. |
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| European stocks closed up led by the German DAX 30 and CAC 40 both up 0.7%. Oracles, software supplier, posted 1Q profit of 10 cents a share on 25% higher revenue, but released disappointing 2Q revenue forecast. Alcoa, aluminum maker, projected 3Q earnings 39% below estimates. JLG Industries, equipment maker, posted doubled 4Q earnings of 69 cents a share on record-high revenue, but projected 2006 profit below expectations. Mexico's central bank reduced its benchmark rate to 9.25% from 9.50%. |
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92% of Oil Production Shut
Sep 23, 11:44 AM ET |
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| About 92% of oil production and 66% of gasoline output in the Gulf of Mexico have been shut down. |
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| European stocks gained ground on oil prices drop, led by the German DAX 30 up 0.4%. Oracles, software supplier, posted 1Q profit of 10 cents a share on 25% higher revenue, but released disappointing 2Q revenue forecast. Alcoa, aluminum maker, projected 3Q earnings 39% below estimates. JLG Industries, equipment maker, posted doubled 4Q earnings of 69 cents a share on record-high revenue, but projected 2006 profit below expectations. |
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Oil Declines as Rita Weakens
Sep 23, 9:44 AM ET |
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| Oil prices decline below $66 a barrel on news that Rita has lost strength. Gold prices further fall. The U.S. dollar grows stronger. |
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| Asian-Pacific markets closed broadly lower on profit-taking with South Korea's Kospi down 2% and Japan's Nikkei closed for a national holiday. European stocks gained ground on oil prices drop, led by the German DAX 30 up 0.4%. Oracles, software supplier, posted 1Q profit of 10 cents a share on 25% higher revenue, but released disappointing 2Q revenue forecast. Alcoa, aluminum maker, posted 3Q earnings 39% below estimates. |
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