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Market Update Analysis: 
Weak Consumer Spending, Retailers Decline
Author: 123jump.com Staff
123jump.com
Last Update: 9:27 AM EDT March 28 2008


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U.S. stocks edged lowere after worries related to consumer spending resurfaced. February personal spending rose at a slower than expected pace and an index of inflation in the month sharply. Rising food and energy prices are contributing to steady rise in inflation. Retailers were on the decline after JC Penney lowered its earnings outlook. In the earnings news, Accenture reported better than expected earnngs and Williams-Sonoma fell on lowered revenue growth outlook in 2008.

 
In South Korea Kospi Index increased 25.59 or 1.53% to close at 1,701.83, in Thailand SET index closed higher 2.21 or 0.27% to 825.17 and Indonesia JSE Index edged increased 26.24 or 1.07% to 2,477.59. Sensex index in India increased 355.73 or 2.22% to 16,371.29.

Commodities, Metals, and Currencies

Crude oil decreased $2.39 to close at $105.19 a barrel for a front month contract, natural gas increased 15 cent to $9.83 per mBtu, and gasoline futures decreased 1.58 cents to close at 269.95 cents per gallon.

Gold decreased $17.50 in New York trading to close at $936.50 per ounce, silver closed down $0.61 cents to $17.94 per ounce, and copper for front month delivery decreased 4.15 cents to 383.15 per pound.

Wheat futures decreased 25.00 cents in Chicago trading and closed at $9.89 per bushel. Sugar decreased 40.00 cent to 11.73 cents per pound. Soybean future closed down 60.00 cents to $12.67 a bushel.

Dollar edged lower and traded near a record low against euro to $1.5798 and edged lower against yen to 99.29.

Bond Yields increased for 10-year U.S. bonds and closed at 3.44% and on 30-year bonds increased to close at 4.32%.
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