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Market Update : 
Oil at $123; Nasdaq Down 1.8%
Author: 123jump.com Staff
123jump.com
Last Update: 4:14 PM EDT May 07 2008

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U.S. stocks closed sharply lower after a broad sell-off sparked by a weakness in tech and financial stocks. S&P 500, Nasdaq and Dow Jones lost more than 1.8% and dragged markets in Latin America and Europe lower. Home sales are likely to keep fallling in according to index that tracks pending home resales. In the enertgy market, crude oil crossed $123 a barrel as specultors look for $130 price target in the near term. Cisco and Cognizant fell after the earnings.

 
Commodities, Metals, and Currencies

Crude oil increased $1.81 to close at $123.65 a barrel for a front month contract, natural gas increased 18 cents to $11.12 per mBtu, and gasoline futures increased 1.97 cents to close at 312.52 cents per gallon.

Gold decreased $6.50 in New York trading to close at $871.20 per ounce, silver closed down 16 cents to $16.69 per ounce, and copper for front month delivery decreased 4.45 cents to $3.834 per pound.

Wheat futures decreased 10.50 cents in Chicago trading and closed at $8.07 per bushel. Sugar decreased 13 cent to $11.69 per pound. Soybean future closed up 32.00 cents to $13.09 a bushel.

Dollar edged higher and traded near record low against euro to $1.5402 and edged higher against yen to 104.88.

Yields on U.S. bonds decreased to 3.86% with 10 years of maturities and decreased 4.61% with 30-year of maturities.
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