Fed TAF at $75B, Stocks Gain

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Market Update Analysis:

Author: 123jump.com Staff
123jump.com
Last Update: 11:02 AM EDT May 02 2008

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U.S. stocks edged lower after surging nearly one percent at the opening. The Fed widened its term auction next week to $75 billion from $50 billion. April non-farm payroll declined lower than expected, sparking a rally in dollar. Construction and retail industries continue to shed workers. In addition, construction spending fell 1.1% in March. Crude oil and gold edged higher. Tech stocks fell after a surge at the opening.

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