Author: 123jump.com Staff
123jump.com
Last Update: 4:04 PM EDT August 28 2006
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%.
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