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Gold at Two-Decade High
Nov 28, 5:17 PM EST |
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| Gold reached a new high and closed near $500 per ounce level. Despite oil price falling 2%, market declined as holiday retail sales were mixed. |
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| Market took a breather today, after rising for seven sessions and five weeks in a row to a four year high. Falling oil prices, and mixed retail sales and apparently slowing housing market kept averages in check. Tech heavy Nasdaq fell 1%. Home builders, casions, retailers and energy stock declined. restaurant stocks P.F.Chang''''s and Cheesecake Factory advanced on a broker recommendation. Gold climbed $6 and settled near $500. |
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Energy and Retail Stocks Fall
Nov 28, 1:22 PM EST |
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| Drug maker Merck & Co announced a plan to cut 11% of its work force and shut five manufacturing plants by 2008. |
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| Retail stocks fell on mixed sales reports with Wal-Mart, J.C. Penney and Target Corp. being among the decliners. The earlier market sentiment was lifted by a report, which said that sales increased 22% to $27.8 billion over the post-holiday weekend but later turned gloomy as some traders said traffic has dipped heavily since then. The Energy sector dropped 2%, reflecting a 2.5% drop in crude oil prices. |
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Merck Cuts Jobs, Closes Plants
Nov 28, 10:56 AM EST |
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| American Pharmaceutical Partners Inc. is buying American BioScience Inc. for about $4.1 B in stock and will rename the new firm Abraxis BioScience. |
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| The nation''s retailers reported a solid opening to the crucial Christmas sales period last weekend with Best Buy Co., Target Corp and Wal-Mart among the biggest gainers. The National Retail Federation reported 22% sales increase to $27.8 billion over the weekend. Drug maker Merck & Co announced a plan to cut 11% of its work force and shut five manufacturing plants by 2008. The news sent averages lower. |
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Ahold to Pay $1.1B
Nov 28, 10:01 AM EST |
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| Oil prices dropped bellow $58 a barrel on mild weather forecast and lower fuel demand. European gold was mixed. The dollar gained further strength. |
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| Asian-Pacific markets started the new week in the ppositive, supported by U.S. trading and stronger dollar, with the Nikkei up 1.4%, hitting another five-year high of 14,986,94. European stocks also nadvanced at mid-day, led by the German DAX 30, up 0.7%. Following Thanksgiving holiday, U.S. markets are expected to open higher with retailers standing in the spotlight after the National Retail Federation reported 22% sales jump over the weekend. |
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