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Market Update : 
Late Rally Lifts U.S. Stocks
Author: 123jump.com Staff
123jump.com
Last Update: 6:29 PM ET July 22 2008


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Early struggle in U.S. market indexes turned into a late rally with financials and airlines closing higher and crude oil futures losing another 2%. Investors set aside recent losses at banks and other financial companies and bid up stocks. Tech stocks closed higher despite disappointment to some investors on 31% increase in earnings at Apple Inc. SanDisk plunged after it reported 1% decline in sales and a quarterly loss. Yahoo after the close reported lower earnings.

 
Crude oil decreased $3.39 to close at $128.43 a barrel for a front month contract, natural gas closed down 40 cents to $10.11 per mBtu and gasoline futures decreased 7.25 cents to close at 314.46 cents per gallon.

Gold decreased $15.20 in New York trading to close at $948.50 per ounce, silver closed down 42 cents to $18.005 per ounce and copper for front month delivery increased 0.95 cent to $3.69 per pound.

Wheat futures increased 5.75 cent in Chicago trading and closed at $7.96 per bushel. Sugar decreased 47 cent to $12.01 per pound. Soybean future closed up 6.00 cents to $14.09 a bushel.

Dollar edged higher and traded near record low against euro to $1.5783 and rose against yen to 107.315.

Yields on U.S. bonds increased to 4.10% with 10 years of maturities and increased to 4.66% with 30-year of maturities.
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