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Market Update : 
Nasdaq Up 20, Dow Up 68
Author: 123jump.com Staff
123jump.com
Last Update: 4:04 PM EDT August 28 2006

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Market averages gained as much as 1% in the late afternoon trading as oil closed nearly 3% lower. Oil declined on the news that the Tropical Storm Ernesto is likely to miss key oil and gas location in the Gulf of Mexico. Two deals on Monday also kept bankers and traders busy. Kinder Morgan agreed to be bought out for $15 billion by a management led buyout. Giant Refineries agreed to be acquired by Western Refining for $1.23 billion. European stocks gained and Brazil and Mexico rose 1%.

 
Oil prices dipped Monday as concerns eased about threats to U.S. oil supply after a storm in the Caribbean weakened. Light sweet crude for October delivery fell 76 cents to $71.75 on the NYME. Gold was trading at $622.70 an ounce, up 45 cents from Friday''s close. The euro was higher against the U.S. dollar on Monday as investors examine whether European interest rates are likely to rise faster than those in the United States.

The euro bought $1.2794 in early European trading, up from $1.2758 in New York on Friday, regaining some of the ground it lost last week. The British pound gained to $1.8910 from $1.8868 on Friday, while the dollar slipped to 117.11 Japanese yen from 117.24 yen.
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