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Alcoa, U.S. Steel Lead Global Metals Rally
May 08, 5:08 PM EDT |
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| Mining and metals stocks in Europe, Asia and Americas trading rose and U.S. same store retail sales in April were better than expected. |
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| U.S. stocks rose in the hope that a rise in April retail same store sales may continue for the rest of the year. Jobless claims at the end of last week dropped by 18,000. In Europe, the ECB left its key rate unchaged at 4% and the Bank of England left its rate at 5%. Both central banks appear to combat rising inflation. April housing starts in Canda fell 12%. Toyota fell after it offered gloomy earnings and sales outlook. News Corp earnings surged on asset swap. |
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Oil at $123; Nasdaq Down 1.8%
May 07, 4:14 PM EDT |
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| Home builders, tech stocks and financials fell in the session. Crude oil jumped above $123 a barrel. Shanghai index fell more than 4.5%. |
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| U.S. stocks closed sharply lower after a broad sell-off sparked by a weakness in tech and financial stocks. S&P 500, Nasdaq and Dow Jones lost more than 1.8% and dragged markets in Latin America and Europe lower. Home sales are likely to keep fallling in according to index that tracks pending home resales. In the enertgy market, crude oil crossed $123 a barrel as specultors look for $130 price target in the near term. Cisco and Cognizant fell after the earnings. |
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Fannie Mae Lifts Stocks; Cisco Sales Up 10%
May 06, 4:40 PM EDT |
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| Crude oil jumped above $122 a barrel as China and the U.S. demand remains high. Cisco net sales rose 10% to $9.8 billion and earnings were $1.8 b. |
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| U.S. stocks reversed their earlier losses and traded higher. Fannie Mae reported sharply higher than expected losses, trimmed its dividend and plans to raise $6 billion. The largest lender will also be allowed to operate with only 10% of restricted capital by the end of the second quarter. separately, the Swiss bank UBS reported a larger than expected loss and said it will elimiate 5,500 jobs. Crude oil traded at a new record above $122 a barrel. |
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| • Yahoo, Countrywide Fall; Sprint, Oil Rise |
| • Stocks Fall; Yahoo, Microsoft Talks Fail |
| • Fed Signals Pause, Stocks Fall, Brazil Record |
| • U.S. Stocks Rise on Wrigley, Ford |
| • Oil Up $2, Techs Down, Financials Rally |
| • Records in Dollar and Oil, Yahoo Falls |
| • More Banks Raise Capital, Oil Above $117 |
| • Nasdaq Rallies 2.6%, Dow Up 1.8% |
| • Nasdaq Up 2.8%, Gold Surges |
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