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Market Update : 
Dollar, Stocks Down; Oil Above $110
Author: 123jump.com Staff
123jump.com
Last Update: 5:05 PM EDT March 12 2008


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U.S. stocks fell in the final hour of trading as investors worried that the recent plan from the Fed may not save the economy from slipping into a recession. Banks and brokerage stocks fell in the final hour of trading. Crude oil jumped to a new high above $110 as dollar reached a new low against euro. Humana lowered its earnings estimate but Caterpillar guided the annual earnings higher. Airlines stock reached a new low on the rise in crude oil and analyst downgrade.

 
Asian Markets

In Tokyo Nikkei 225 Index closed higher 202.85 or 1.60% to 12,861.13, in Hong Kong Hang Seng index increased 427.41 or 1.86% closed to 23,422.76. Australia ASX 200 index increased 123.70 or 2.41% to close 5,257.90. In Malaysia KL Composite index increased 26.05 or 2.16% closed to 1232.59.

In South Korea Kospi Index increased 17.35 or 1.06% to close at 1,658.83, in Thailand SET index closed higher 7.17 or 0.87% to 827.00 and Indonesia JSE Index edged increased 32.71 or 1.30% to 2,556.24. Sensex index in India decreased 4.83 or 0.03% to 16,127.98.

Bond Yields decreased on 10-year U.S. bonds to 3.45% and on 30-year bonds declined to 4.39%.

Commodities, Metals, and Currencies

Crude oil increased $1.37 to close at $110.12 per barrel for a front month contract, natural gas increased 4 cent to $10.04 per mBtu, and gasoline futures increased 0.49 cents to close at 273.10 cents per gallon.

Gold increased $4.50 in New York trading to close at $980.50 per ounce, silver closed up 23 cents to $19.95 per ounce, and copper for front month delivery increased 5.15 cents to 383.70 per pound.

Wheat futures increased 59.00 cents in Chicago trading and closed at $12.82 per bushel. Sugar decreased 26 cent to 13.19 cents per pound. Soybean future closed up 12.750 cents to $13.95 per bushel.

Dollar edged lower and traded near a record low against euro to $1.5557 and edged lower against yen to 101.71.
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