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Market May Have to Fight Oil
Aug 25, 8:55 AM ET |
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| Indonesian shares climbed after a week of declines, European markets were lower, dollar lost ground vs. yen and euro, oil hits all-time high. |
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| Oil retreated after hitting a record high and stocks are expected not to lose ground as futures indicate a flat opening. On Thursday morning traders will certainly focus on jobless claims, seen slightly down from last week, but oil prices draw the main attention. Oil neared $68 a barrel in Asian trade Thursday as a tropical storm threatened to disrupt supply from the US Gulf Coast. Toll Brother’s 3Q profit more than doubled. Vonage plans a $600 million IPO. |
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$67 Oil Drags Market Lower
Aug 24, 8:12 PM ET |
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| Averages trade lower in the last hour as oil strengthens. Stocks in energy, semiconductor and housing sectors climb and Autodesk reach 52 week high. |
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| Another day another reason to take oil higher. Petroleum invetory report from the Energy Department suggested lower gasoline inventories and impendiing tropical storm in the Gulf of Mexico gave enough reasons to oil to trade higher than $67 per barrel. On earnings front BHP Billiton historic profit and revenue but cautioned that company will use capital for business growth than share with investors. |
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Housing and Energy Stocks Leading the Averages
Aug 24, 12:56 AM ET |
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| Lucent, HP, Ford and Exxon Mobile are trading higher, semis are also higher led by AMD, Intel and Sandisk. |
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| The petroleum inventory data and home sales report helped investors recover from the disappointing data from the Commerce Department's report that durable goods dropped 4.9% in July. Falling gasoline inventories are fueling strength in oil stocks. |
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New Home Sales Trim Index Losses
Aug 24, 10:49 AM ET |
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| The Nikkei finished above 12,500 for first time in 4 years, European markets fell at mid-day, dollar weakened vs. yen, euro. |
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| Stocks declined in early trading as oil prices topped $66 a barrel and a larger-than-forecast 4.9% drop in July durable orders, after a revised 9.2% gain over the prior two months, provoked concerns that the economy could be slowing down faster than expected. On the other hand, new home sales in July hit a record high and helped trim the index losses. Google is to launch its instant-messaging service today. BHP Billiton reported record full-year net profit up 89.3 % vs. a year ago. |
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Oil Rises, Futures Fall
Aug 24, 8:38 AM ET |
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| The Nikkei finished above 12,500 for first time in 4 years, European markets were lower in early trading, dollar strengthened vs. yen, euro. |
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| Stock futures are below the flat line early Wednesday morning, pointing to a weaker opening as oil continues to rise on the latest tropical storm worries. Reports on durable goods and new homes sales could also change the focus of the market. Google is expected to launch its instant-messaging service today. BHP Billiton reported record full-year net profit up 89.3 % vs. a year ago. |
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Markets Decline Worldwide
Aug 23, 4:44 PM ET |
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| Oil above $66 for the most of day and housing sector declines. Toro, Pier 1, Burlington Coat Factory, and Williams Sonoma disappoint market. |
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| Stocks declined. Existing home sales declined. The July existing home sales were estimated 2.6% lower to 7.16 million from revised 7.35 million in June. The median existing-home price across all housing categories was $218,000, 14% higher than a year ago. Wachovia is exploring a deal to acquire WFS Financial. A joint venture between GE and Rolls-Royce has won a $2.47 billion contract to develop an engine for stealth jet fighter. |
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Declining Averages
Aug 23, 12:57 AM ET |
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| Google to release instant messenger Wednesday, Toro disappoints investors for the second quarter in a row. |
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| Stocks declined at mid-day due to falling existing home sales and volatile oil prices. The July existing home sales were estimated 2.6% lower to 7.16 million from revised 7.35 million in June. The median existing-home price across all housing categories was $218,000. Wachovia is exploring a deal to acquire WFS Financial. A joint venture between GE and Rolls-Royce has won a $2.47 billion contract to develop an engine for stealth jet fighter. |
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Lackluster Opening
Aug 23, 10:55 AM ET |
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| Williams-Sonoma's 2Q profit climbed 12%, Toro posted a 3Q profit of 74 cents per share vs. views of 69 cents, sees full-year sales growth at 9%-11%. |
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| Stocks opened near the flat line as oil advanced toward $66 and the M&A development news wasn’t enough to preserve traders’ optimism. The July existing home sales were estimated 2.6% lower to 7.16 million from revised 7.35 million in June. The median existing-home price across all housing categories was $218,000. Wachovia is exploring a deal to acquire WFS Financial. A joint venture between GE and Rolls-Royce has won a $2.47 billion contract to develop an engine for stealth jet fighter. |
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Market Awaits Oil Report
Aug 23, 7:57 AM ET |
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| Asian markets closed mixed, European markets were lower, the dollar rose vs. the yen but lost ground vs. the euro, oil edges further above $65. |
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| Futures were weaker Tuesday morning, pointing to a lower opening for stocks as climbing oil and the news of a possible acquisition by Wachovia Corp. attracted the most attention. Investors are expecting existing home sales report at 10:00 a.m., which is seen rising for July. The Nikkei fell after hitting an intra-day high. |
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Weak Rally on Light Volume
Aug 22, 4:18 PM ET |
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| Maytag agreed to be acquired for $21 by Whirlpool. Heinz and Smucker report weak earnings. |
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| Oil market took stocks on the ride. Stocks gyrated with oil and as oil settled lower at close stocks traded higer but not by much. Light volume on this summer day was reflected across all exchanges with NYSE showing only 1.4 billion shares. |
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