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Market Update : 
Dollar, Oil and Copper Fell
Author: 123jump.com Staff
123jump.com
Last Update: 4:24 PM EST November 10 2006


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AIG profit rise and Boeing win of order worth as much as $15 bilion failed to excite investors in the larg cap. Martket averages barely budged for the day. Disney profit gains was tempered by the caution that recent acquisition of Pixar may take five years to work out. Disney stock fell 3.5%. Copper dropped 22 cents causing a sharp drop in Phelps Dodge, Rio Tinto and Southern Copper Peru.

 
French chemicals group Rhodia rose 2.3% after it swung to a net profit of 71 million euros helped by a 34 million euro gain from deferred tax assets.

Oil and gold

Oil prices steadied Friday after jumping above $61 a barrel the previous day in reaction the leadership change in the U.S. Congress and amid continued uncertainties about OPEC production cuts. The contract traded at $60.32 a barrel in early trading in London, near a two-week high. Brent crude fell 84 cents to $60.48 a barrel on the ICE Futures exchange.

Gold opened Friday at a bid price of $634.30 a troy ounce, up from $625.20 late Thursday.

Currencies

The euro continued to edge up slightly against the U.S. dollar on Friday despite better-than-expected U.S. trade deficit figures. In morning trading, the euro bought $1.2873, up from $1.2824 late Thursday in New York. Among other currencies, the British pound rose to $1.9117 from $1.9055 after the Bank of England raised interest rates to 5%, as was expected. The dollar was down slightly to purchase 117.43 Japanese yen from 117.97 yen.
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