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Market Update Analysis: 
Earnings Worries; Records in Copper, Oil
Author: 123jump.com Staff
123jump.com
Last Update: 4:07 PM EDT April 09 2008


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U.S. stocks edged lower on negative news on earnings and rising crude oil and metal prices. Crude oil traded above $112 a barrel after weekly inventories report showed higher than expected decline. UPS lowered its earnings estimate on higher oil price and softer domestic shipment volumes. AMR cancelled 500 flights after several planes were grounded for inspections. Goldman Sachs reported a rise in hard to value level-3 assests and reported 35% decline in revenue.

 
In South Korea Kospi Index decreased 18.85 or 1.06% to close at 1,754.71, in Thailand SET index closed higher 2.05 or 0.25% to 826.85 and Indonesia JSE Index edged decreased 37.03 or 1.62% to 2,249.77. Sensex index in India decreased 169.46 or 1.08% to 15,587.62.

Commodities, Metals, and Currencies

Crude oil increased $2.23 to close at $110.73 a barrel for a front month contract, natural gas increased 38 cent to $10.07 per mBtu, and gasoline futures increased 2.26 cents to close at 277.30 cents per gallon.

Gold increased $19.50 in New York trading to close at $937.50 per ounce, silver closed up $0.49 cents to $18.20 per ounce, and copper for front month delivery increased 11.00 cents to $4.00 per pound.

Wheat futures decreased 1.00 cents in Chicago trading and closed at $9.46 per bushel. Sugar increased 55.00 cent to $12.98 per pound. Soybean future closed down 61.50 cents to $13.13 a bushel.

Dollar edged lower and traded near a record low against euro to $1.5826 and edged higher against yen to 101.69.

Yields on U.S. bonds declined to 3.46% on 10-year bonds and fell on 30-year bonds to 4.31%.
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