Earnings, Housing Starts Depress Averages

Market Update Analysis:

Author: 123jump.com Staff
123jump.com
Last Update: 12:09 PM EST November 17 2006

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Market averages at mid-day trading came under pressure on lower than expected housing starts and weaker than expected earning. The housing starts for October were reported at 1.486 million lower than the estimates of 1.55 million from economists. Home builder stocks traded lower on te news. Nymex priced 6.5 million shares in IPO at $59 per share and opened at $120 to trade as high as $152 before settling at $137.

Oil declined $56 on Friday to its lowest level in a year. U.S. crude was down 76 cents at $55.50 a barrel. London Brent crude was 48 cents lower at $58.06.

Gold opened Friday at a bid price of $617.80 a troy ounce, down from $624.40 late Thursday.

Currencies

The euro edged slightly down against the dollar Friday on positive economic news from the United States. The euro bought $1.2776 in late morning European trading, compared with $1.2795 in New York late Thursday. The British pound slipped to $1.8848 from $1.8882. The dollar was up against the Japanese yen, buying 118.35 yen from 118.19 yen on Thursday.

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