Author: 123jump.com Staff
123jump.com
Last Update: 3:53 PM EDT August 03 2006

Weak earnings from Prudential, Sprint Nextel, Transocean, Starbucks and Medtronics pressured averages in the opening hours of trading. Trading community has ignored for the most part weaker than durable goods orders report for the month of June and kept its focus on the job report due tomorrow. Crude oil price fell below $75 in sympathy with the weather reports and weekly natural gas report. Bank of England and Central Bank in Europe raised rates by 25 basis points.