The dollar strengthened against major currencies on report showing narrower U.S. trade deficit. The euro bought $1.2116 in late European trading, the pound dropped to $1.7588. The dollar was up against the yen quoting at 111.88.

Oil futures climbed on fears of supply disruptions at U.S oil facilities caused by approaching summer storm Emily. But prices eased from stronger early gains amid news of weaker-than-expected Chinese consumption. U.S. crude delivery for August was up 13 cents at $60.75 after trading as high as $61.30 a barrel. London Brent was up 23 cents at $59. 05.

Gold prices dropped unlike the dollar which rose against other major currencies in European trading. Gold futures in London fell to $425.55 bid per troy ounce, down from $426.20. In Hong Kong gold fell $1.70 per ounce to close at $425.75. Silver in London traded at $7.03 bid per troy ounce, down from $7.10.

Copper futures fell for a second day after miners in Chile returned to work after an eight-day strike over wages that lifted up metal prices. Copper September delivery fell 0.6% to $3.991 a ton on the Shanghai Futures Exchange.

The dollar gained against the euro for the first day in seven on a U.S. government report that trade deficiency unexpectedly narrowed. The greenback rose to $1.2132 at 09.04 a.m in NY, up from $1.2241 late Tuesday.

EARNINGS AND CORPORATE NEWS

Vineyard National Bancorp posted 2Q earnings jump of 48 cents a share versus 37 cents for the comparable period last year. The Company reaffirmed its 2005 outlook of $2 to $2.10 a share.

Hi-Tech Pharmacal, pharmaceutical company, reported 4Q earnings rise of 22 cents per share compared with 12 cents a year earlier on improved sales. Full-year earnings translate to 96 cents a share vs. 74 cents a year ago.

Gannett, newspaper publisher, reported 2Q profit decline but per-share earnings rise of $1.37, up from $1.30 a year earlier as the company bought back enough stock to keep the bottom line rising. The results are due to higher interest cost and lower broadcasting revenues.

Community Trust Bancorp posted 2Q record earnings of 57 cents a share compared with 52 cents for the comparable last-year same period.
Commerce Bankshares, posted 2Q net income rise of $54.4 million versus $53.8 million a year ago on improving net interest margin and cost control.

BB&T, US bank, reported 2Q decline of 70 cents a share compared with 72 cents last year reflecting one-time charge.

AAR, provider of aviation overhaul and manufacturing services, reported 4Q more-than-doubled earnings of 17 cents a share compared with 8 cents a year ago on higher margins and increased sales.

Abbot Laboratories, drug maker, posted 2Q earnings of 56 cents a share against 40 cents a year ago. Excluding discontinued operations and one-time tax expenses, earnings would be 58 cents a share beating expectations of 57 cents. The company backed its 2005 profit of $2.47 to $2.53 a share excluding special items.

Datalink Corporation, independent information storage architect, posted 2Q profit of $04 a share compared with a net loss of $10 last year exceeding estimates of $08 loss to a net income of $02 a share.

Harley-Davidson, motorcycle seller, reported 2Q profit of 84 cents a share vs. 83 cents a year ago beating expectations of 79 cents a share. The company raised its 2005 outlook to 10% to 13% from 5% to 8% helped by share repurchases.

Wolverine World Wide, casual shoes maker, announced 2Q earnings rise of 22 cents per share vs. 18 cents last year on stronger sales and profit increases at its Outdoor Group & Hush Puppies unit. Analysts had expected net income of 21 cents per share.

International Electronics, electronic access control product maker, reported 3Q net loss of 8 cents per share down from a loss of 18 cents a share a year ago on 13% sales growth.

Party City, retailer of party supplies, posted decline in 4Q same-store sales of 0.8% citing weak demand for seasonal merchandise.

Winmark Corporation, financial services provider, reported 2Q net income fall of $08 per share compared with $11 per share last year.

Rocky Mountain Chocolate Factory, confectionery products maker, announced 1Q profit growth of 11 cents a share vs. 9 cents a year earlier on improved sales. Same-store sales rose 4.1%. The company backed its full-year outlook.