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Market Update : 
Alcoa, U.S. Steel Lead Global Metals Rally
Author: 123jump.com Staff
123jump.com
Last Update: 5:08 PM EDT May 08 2008

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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.

 
Commodities, Metals, and Currencies

Crude oil increased $1.04 to close at $124.57 a barrel for a front month contract, natural gas decreased 4 cents to $11.29 per mBtu, and gasoline futures increased 3.36 cents to close at 315.18 cents per gallon.

Gold increased $10.90 in New York trading to close at $882.10 per ounce, silver closed up 17 cents to $16.87 per ounce, and copper for front month delivery decreased 4.65 cents to $3.78 per pound.

Wheat futures increased 14.50 cents in Chicago trading and closed at $8.22 per bushel. Sugar decreased 27 cent to $11.46 per pound. Soybean future closed up 1.00 cents to $13.10 a bushel.

Dollar edged higher and traded near record low against euro to $1.5392 and edged lower against yen to 103.75.

Yields on U.S. bonds decreased to 3.77% with 10 years of maturities and decreased to 4.54% with 30-year of maturities.
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