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Silver Approaches $9
Dec 07, 7:48 PM EST |
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| Market looked tired today. Oil inventories rose driving oil and energy stock prices lower. Gold peaked at record high $520 before settling lower. |
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| Fourth quarter stock market rally looked tired today. As the market entered into the final three weeks of the months, averages traded sideways for the most of the session. Semiconductor, energy, utilities and materials sectors fell during the day. Gold, silver and copper rose and traded near record highs. Texas instruments raised its low end of the earnings guidance from 36 cents to 38 cent and range to 38 cents to 40 cents. Microsoft to invest $1.7 B in India in the next four years. |
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Ford Rises on Restructuring Plan
Dec 07, 12:39 PM EST |
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| Ford Motor Co. rose on reports that its board of directors is considering a restructuring plan, ncluding significant job cuts and plant closings. |
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| U.S. market averages declined on lackluster trading as investors found little reason to extend a year-end buying spree. Surprisingly strong weekly inventory numbers from the Department of Energy sent crude oil futures lower at $59.60. Oil inventories rose by 2.7 million barrels for the week ended Dec 2, climbing to 320.3 million barrels vs.a decline of 4.2 million barrels last week. |
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Oil Inventories Rise
Dec 07, 11:01 AM EST |
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| Oil inventories rose by 2.7 million barrels for the week ended Dec 2, climbing to 320.3 million barrels vs.a decline of 4.2 million barrels last week. |
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| Stock averages opened slightly higher, but failed to move to the upside, pressured by rising oil prices ahead of inventory report and very little significant news. In corporate news, Cisco Systems advanced after J.P.Morgan upgraded it from neutral to overweight on reaffirmed long-term growth forecast. Microsoft Corp. rose after the company announced plans to add 3,000 jobs in India over the next three to four years. |
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Cisco Rises on Upgrade
Dec 07, 9:30 AM EST |
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| Oil prices rose to $60.33 a barrel on cold weather concerns. Gold hit a new 24-year high. The dollar gained strength against major counterparts. |
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| Asian-Pacific benchmarks finished higher with the Nikkei rebounding from Tuesday''s losses and closing up 0.4%. South Korean Kospi climbed 0.3%, reaching a record high on tech stocks. European markets slightly advanced at mid-day, lifted by metals stocks. In economic news, U.S. weekly inventory report is expected to show a 900,000-barrel crude stock draw for the week ended on Friday. |
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