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Market Update : 
Stocks, Oil and Metals Slide
Author: 123jump.com Staff
123jump.com
Last Update: 4:06 PM EST March 02 2007

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U.S. stocks moved lower, sinking gradually throughout the day as traders fretted about the possibility of a prolonged period of weakness in equities, as major indexes are now about 5% below their recent closing highs. Declining consumer confidence Technology stocks were among the most heavily traded, and some lost substantial ground. Advanced Micro Devices lost 4.1%, Intel fell 1.3% and Cisco Systems was down 1.6%. Gap reported a 35% decline in Q4 profit.Gold fell 5%, silver dropped 6%.

 
Oil and gold

Oil prices gained Friday on concerns about tightening gasoline supplies. Crude oil for April delivery rose 21 cents to $62.21 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. Brent crude for April gained 37 cents to $62.48 a barrel on the ICE Futures exchange in London. Gold opened Friday at a bid price of $662.30 a troy ounce, down from $670.10 late Thursday.

Currencies

The euro lost a little more ground Friday against the dollar, which built on gains made as positive U.S. economic data helped calm traders in US. The euro bought $1.3164 in morning European trading, down from $1.3198 in New York late Thursday. The British pound fell to $1.9542 from $1.9605. The dollar edged up to 117.69 Japanese yen from 117.58 yen.
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