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Market Update : 
Saudi Lifts Supply, Metals Rise, JC Penney Falls
Author: 123jump.com Staff
123jump.com
Last Update: 6:44 PM EDT May 16 2008


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U.S. and European stocks struggled as crude oil traded near record high. Retail and home builder stocks rallied after 8% rise in home starts in April. Inflation in India soared to a new high as manufacturers struggle with rising commodities prices. JC Penney fell after it reported earnings. Copper, aluminum and zinc added between 1.4% and 2.4%.

 
Wheat futures increased 4.00 cent in Chicago trading and closed at $7.75 per bushel. Sugar increased 13 cent to $11.13 per pound. Soybean future closed up 30.50 cents to $13.78 a bushel.

Dollar edged higher and traded near record low against euro to $1.5594 and edged lower against yen to 103.98.

Yields on U.S. bonds increased to 3.85% with 10 years of maturities and increased to 4.57% with 30-year of maturities.
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