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Averages Battle Declining Markets
Sep 26, 7:54 PM ET |
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| Morning rally failed to broaden beyond retail and tech sector as oil and interest rates rebounded. |
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| It seems like there is always bull market in the oil pit. Oil, gasoline, and heating oil advanced by 2%, 4%, and 5% for the day. Despite the receding fears of Hurricane Rita related damage to refineries in Texas, traders managed to stage a rally in the energy market. Bond yields on 10-year rose 4 basis points to $4.29% at close. |
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Narrow Rally Weakens
Sep 26, 1:06 PM ET |
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| Oil has declined by 1% to $63.45 a barrel, while gasoline has dropped by 5% to $1.993 a gallon after Rita struck. |
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| The National Association of Realtors released a report, which showed an unexpected increase of existing home sales by 2% to a seasonally adjusted annual rate of 7.29 million units in August from a revised 7.15 million unit rate in July. The increase surprised economists, who had expected sales to fall to a 7.11 million unit rate from the 7.16 million unit rate originally reported for July. |
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Broad Tech Rally
Sep 26, 11:26 AM ET |
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| Oil prices dipped 55 cents to $63.64 a barrel. The month-long strike in Boeing factories was ended after an agreement with its labor union. |
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| The German DAX 30 advanced 1.9% at mid-day. Analogic Corporation, health and security systems maker, posted 4Q earnings rise of 31 cents a share vs. 29 cents a year ago, despite a revenue decline. Walgreen, drugstore operator, posted 4Q earnings, missing estimates by 2 cents. The NAR released a report, showing that existing home sales rose 2% to a seasonally adjusted annual rate of 7.29 million units in August from a revised 7.15 million unit rate in July. |
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Oil Drops, Market Stage a Broad Rally
Sep 26, 10:22 AM ET |
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| Oil prices drop 70 cents to $63.50 a barrel on less-than-expected impact of Rita. Gold declines, while the U.S. dollar climbs. |
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| Asian-Pacific markets made solid gains on falling oil prices with the Nikkei up 1.8% and South Korea's Kospi climbing 2.6%. European stocks also gained at mid-day, led by the German DAX 30, rising 1.9%. Analogic Corporation, health and security systems maker, posted 4Q earnings rise of 31 cents a share vs. 29 cents a year ago, despite a revenue decline. Walgreen, drugstore operator, posted 4Q earnings,missing estimates by 2 cents. |
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