EGL Up 3, Anadarko Rises on Divestment

Market Update Analysis:

EGL Up 3%, Anadarko Rises on Divestment

Author: 123jump.com Staff
123jump.com
Last Update: 3:02 PM EDT May 21 2007

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Crude oil futures passed $66 per barrel lifting stocks oil exploration and refining companies. Exxon Mobil, ConocoPhillips, Sunoco and Valero rose on the news. S&P 500 index crossed high reached six year ago on steady rise in company earnings, low interest rates and frantic deal making. Lowes reported lower than expected earnings.

Crude oil for June delivery rose 44 cents, or 0.7%, to $65.38 a barrel in after-hours electronic trading on the New York Mercantile Exchange. Brent crude for July settlement gained 87 cents, or 1.3%, to $70.29 a barrel on the ICE Futures Exchange. Gold traded in London at $662.40, up from $660.90 late Friday. Silver opened in London at $12.94, down from $12.96.

Currencies

The U.S. dollar was mostly higher against other major currencies in European trading Monday. The euro traded at $1.3481, down from $1.3505 late Friday in New York. The British pound traded at $1.9701, down from $1.9745. The dollar fetched 121.38 Japanese yen, up from 121.15.

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