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Stubborn Oil Price Keeps Market in Check
Sep 08, 5:31 PM ET |
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| Crude oil, gasoline and distillate inventories fell, oil fell but recovered in late trading. Sears and Hovnanian disappoint. |
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| After trading for the most of the day in negative zone, all three averages closed lower. The market got its first glimpse of the decline in crude oil, gasoline and distillate inventories. The smaller-than-expected decline in inventories led oil to drop initially only to rebound as sellers were few. Hovnanian forecasted lower profit in 2006 driving home builder segment lower and Sears Holdings reported earnings below the consensus forecast. |
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Oil Prices Drop on Inventory Report
Sep 08, 5:10 PM ET |
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| Oil prices declined to $63.30 a barrel after rising to $65.15. Gold sector was up 1.4%. |
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| According to the first statistics of Katrina's impact on the energy sector, crude-oil inventories have dropped by 6.4 million barrels for the week ended Sept 2, gasoline inventories have declined by 4.3 million barrels. eBay lost 3.8%, Apple is heading for a new peak, Texas Instruments and Broadcom gained. |
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Market Retreats as Oil Rises
Sep 08, 11:15 AM ET |
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| The Labor Department reported that the jobless claims for the week ended Sept. 3 were 319,000, or 1,000 less than the prior week.Gold sharply rose. |
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| Homebuilders advanced after Hovnanian Enterprises posted net income of $1.76 a share for the third quarter , 2 cents below expectations. The company said it expects to post earnings exceeding $7 a share for fiscal 2005. Analysts had forecast earnings of $7.26 a share. Hovnanian slumped 6%. Toll Brothers fell 4.2%, KB Homes shed 3.1% and Pulte Homes lost 3.2%. |
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Market Awaits Oil Report
Sep 08, 9:24 AM ET |
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| Crude-oil advanced ahead of oil report. The dollar and gold traded mixed. |
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| South Korea's leading index reached a record high, the Nikkei lost 0.6%. European markets traded near the flat line at mid-day. e-Bay is in talks to acquire privately held internet-telephone company Skype Technologies fot $2 billion to $3 billion. |
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