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Market Update : 
Oil Drives Averages Lower Again
Author: 123jump.com Staff
123jump.com
Last Update: 5:28 PM ET May 10 2005

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Equity market looks at oil and does not like what it trades at. Delta's cash warning and current woes of auto industry are just another example of long reach of oil. First the airlines and now the auto industry. Which industry is next? Investors and trades worry that higher oil prices will slow U.S. economy faster than most people expect.

 
Kraft Foods, nation’s largest food operator, affirmed the annual guidance for operating profit of $1.73-$1.78 vs. estimates of $1.93.

El Paso, largest energy pipeline operator, reported 1Q profit of 17 cents vs. loss of 32 cents on surge in field operations revenue.
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