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Market Update : 
Tech Rally Falters, Home Builders Rise
Author: 123jump.com Staff
123jump.com
Last Update: 7:17 PM EDT May 14 2008


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U.S. stocks rose at close but lost most of their gains by the end of the day. Tech stocks declined in afternoon after Nasdaq index rose nearly 1.4% by mid-day. Stocks rallied after a benign inflation report in the morning and Freddie Mac gained market share and reported smaller than anticipated loss. Home builders advanced. In the regional trading, Mexico gained more than 1% and European markets edged higher. Inflation indexes in China, India and UK gained in the latest read.

 
Gold decreased $3.10 in New York trading to close at $866.50 per ounce, silver closed down 39 cents to $16.83 per ounce, and copper for front month delivery decreased 1.80 cents to $3.73 per pound.

Wheat futures decreased 9.75 cent in Chicago trading and closed at $7.95 per bushel. Sugar decreased 49 cent to $11.16 per pound. Soybean future closed up 11.70 cents to $13.79 a bushel.

Dollar edged higher and traded near record low against euro to $1.5462 and edged higher against yen to 105.09.

Yields on U.S. bonds increased to 3.91% with 10 years of maturities and decreased to 4.61% with 30-year of maturities.
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