Chicos Earnings Drive Stock Up 10

Market Update Analysis:

Chicos Earnings Drive Stock Up 10%

Author: 123jump.com Staff
123jump.com
Last Update: 8:16 PM EST March 07 2007

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Market averages traded in a choppy manner on weak economic data, cautionary outlook in the housing market and falling crude oil inventories. A report from Federal Open Market Committee noted that the economic growth is likely to remain weak for the year and moderating inflationary pressures over a period of time. Cautious outlook from homebuilder D R Horton for the current year lowered the sector. Weekly supplies of crude oil report showed a decline in crude oil inventory.

Crude oil advanced on speculation that greater gasoline demand in the U.S. will cause inventories to drop as the summer driving season approaches. Crude oil for April delivery rose as much as 33 cents, or 0.5%, to $61.02 a barrel on the New York Mercantile Exchange and was at $60.90 in early trade in London. Brent crude gained 55 cents, or 0.9%, to $61.94 a barrel on the ICE Futures exchange and traded at $61.79 in London. Gold traded in London at $646.35 per troy ounce, up from $641.60 late Tuesday.

Currencies

The U.S. dollar was lower against other major currencies in European trading Wednesday morning. The euro traded at $1.3125, up from $1.3121 late Tuesday in New York. The British pound traded at $1.9300, up from $1.9292. The dollar bought 116.44 Japanese yen, down from 116.67.

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