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Record Crude; Valero, Tesoro, Stocks Decline
May 09, 5:01 PM EDT |
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| Crude oil surges above $126 a barrel but energy stocks fell. Tesoro and Valero fell as rising oil price crimp refining margins. |
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| AIG swung to a loss in the first quarter after it took a charge of $9 billion in its credit derivative portfolio. The insurance comapany also plans to raise $12.5 billion through stock offering to bolster its capital base. AIG stock fell nearly 9%, as it raced to 10-year low. UK home repossessions rose to a 10-year high. European markets fell more than 1% in the region. Inflation in India and China surged on rising food and energy costs. |
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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% |
| • 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% |
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