EDS Surges, Ann Taylor Outlook Lifts Retailers

Market Update Analysis:

Author: 123jump.com Staff
123jump.com
Last Update: 4:45 PM EDT May 12 2008

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U.S. stocks closed higher after Hewlett Packard offered to pay nearly $13 billion for EDS. The offer valued the company nearly 30% higher than market value at the close on Friday. Separately, Ann Taylor revised its earnings outlook. The revision lifted stocks in the retail sector. MBIA closed higher despite it reported $2.4 billion in losses. HSBC set aside $3.2 billion in the first quarter to cover losses related to the U.S. mortgage lending.

Gold decreased $0.90 in New York trading to close at $884.90 per ounce, silver closed up 32 cents to $17.23 per ounce, and copper for front month delivery increased 3.30 cents to $3.75 per pound.

Wheat futures increased 1 cent in Chicago trading and closed at $8.05 per bushel. Sugar increased 1 cent to $11.62 per pound. Soybean future closed down 15.50 cents to $13.42 a bushel.

Dollar edged lower and traded near record low against euro to $1.5531 and edged higher against yen to 103.90.

Yields on U.S. bonds increased to 3.79% with 10 years of maturities and increased to 4.53% with 30-year of maturities.

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