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Weekly Oil Inventory Data Support Averages
Nov 23, 11:31 PM EST |
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| Drop in oil and bond yields supported rise in averages. Tech stocks including Google, Apple, Intel and Micron closed higher. |
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| Unemployment claims rose higher than expecetd for the previous week. Consumer sentiment rose and help-wanted index fell. Ten-year bond yields fell to 4.47% and yield curve flattened as 30-year bonds fell to 4.706%. Research in Motion said that new subscriber growth will be less than expected, Google and Apple Computer shares close at record high. |
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Drop in Oil Powers Rally
Nov 23, 1:24 PM EST |
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| The Tech sector has been the market engine in morning session with notable gainers such as Apple, Motorola, Google and Yahoo, each extending highs. |
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| Wednesday morning session saw a continuation of November rally, boosted by upbeat economic data. The University of Michigan said consumer confidence index came in at 81.6, slightly higher than 81 reading Wall Street expected. In addition, the Energy Dept reported 400,000 barrels increase in oil inventories which sent oil prices down. Only the Labor Dept. reported bad news, saying that initial jobless claims in the week ended November 19 rose to 335,000. |
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Placer Dome Says $9 B Inadequate
Nov 23, 11:04 AM EST |
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| French steelmaker Arcelor announced it will launch a hostile bid of C$56 a share - or C$4.3 billion in all - for Canadian counterpart Dofasco. |
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| Gold mining company Placer Dome Inc. said its board is recommending shareholders to reject a $9.2 billion takeover bid by Barrick Gold Corp., calling the offer ''inadequate''. The Labor Dept. reported that initial jobless claims in the week ended November 19 rose to 335,000 from the previous-week upwardly revised figure of 305,000. Economists had expected jobless claims to increase to 315,000 from the 303,000 originally reported for the previous week. |
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Rise in Unemployment Claims
Nov 23, 9:22 AM EST |
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| Oil prices eased back, still above $58 a barrel on cold weather. Gold retreated from 18-year highs ahead of holiday. The dollar traded mixed. |
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| Asian-Pacific benchmarks advanced on exporter issues, led by Seoul''s Kospi, surging 3% and Hong Kong''s Hang Seng, up 1.2%. The Nikkei was closed for a national holiday. European stocks gained at mid-day on earnings and takeover activity. In economic news, the Labor Department reported that new applications for unemployment insurance jumped by a seasonally adjusted 30,000 to 335,000 for the week ending Nov. 19, vs a decline to 303,000 last week. |
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