Author: Elena Todorova
123jump.com
Last Update: 12:12 PM EDT September 12 2007

U.S. market averages recovered from earlier weakness although crude oil inventories dropped more than expected and the U.S. dollar hit a record low against the euro. Stocks were also given a boost by continuous optimism that the Fed will cut interest rates at its next monetary policy meeting on Sept. 18th. The price of oil surged after the petroleum report, reaching a record intraday high of $79.29 a barrel. Airline stocks moved sharply lower, while natural gas stocks posted solid advance.