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Market Update : 
Fannie Mae Lifts Stocks; Cisco Sales Up 10%
Author: 123jump.com Staff
123jump.com
Last Update: 4:40 PM EDT May 06 2008

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U.S. stocks reversed their earlier losses and traded higher. Fannie Mae reported sharply higher than expected losses, trimmed its dividend and plans to raise $6 billion. The largest lender will also be allowed to operate with only 10% of restricted capital by the end of the second quarter. separately, the Swiss bank UBS reported a larger than expected loss and said it will elimiate 5,500 jobs. Crude oil traded at a new record above $122 a barrel.

 
Commodities, Metals, and Currencies

Crude oil increased $1.89 to close at $121.86 a barrel for a front month contract, natural gas decreased 6 cents to $11.12 per mBtu, and gasoline futures increased 4.98 cents to close at 310.27 cents per gallon.

Gold increased $3.60 in New York trading to close at $877.70 per ounce, silver closed up 3 cents to $16.86 per ounce, and copper for front month delivery decreased 6.90 cents to $3.8785 per pound.

Wheat futures increased 12.50 cents in Chicago trading and closed at $8.18 per bushel. Sugar increased 34 cent to $11.82 per pound. Soybean future closed down 9.00 cents to $12.77 a bushel.

Dollar edged lower and traded near record low against euro to $1.5524 and edged lower against yen to 104.71.

Yields on U.S. bonds increased to 3.89% with 10 years of maturities and increased 4.64% with 30-year of maturities.
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