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Market Update : 
Tyco Agrees to Pay $3 B to Shareholders
Author: Elena Todorova
123jump.com
Last Update: 12:02 PM EDT May 15 2007


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U.S. stock averages moved higher, sending the Dow industrials to an all-time high, as tame inflation data offset disappointing earnings from Home Depot and Wal-Mart Stores. In corporate news, Tyco International agreed Tuesday to pay about $3 billion to settle shareholder claims that arose after former CEO Dennis Kozlowski and other top officers were charged with multiple counts of grand larceny, conspiracy, securities fraud and falsifying business records. Tyco shares gained 1.4%.

 
Commodities

Gold for immediate delivery shed $1.20, or 0.2%, to $668.55 an ounce, while silver for immediate delivery lost 3 cents, or 0.2%, to $13.13 an ounce. Aluminum for immediate delivery in London yesterday fell 1.9%, copper fell 3.1 %, lead, 0.6%, nickel, 2.6%, and zinc, 2.6%.

Crude oil for June delivery advanced 9 cents to $62.55 a barrel, in after-hours electronic trading on the New York Mercantile Exchange. Brent crude oil for June settlement fell 20 cents to $66.63 a barrel in electronic trading on the ICE Futures exchange. Gasoline for June delivery fell for the second day and was trading at $2.2816 a gallon, down 1.96 cents in New York.

Currencies

The U.S. dollar was mixed against other major currencies in European trading Tuesday morning. The euro traded at $1.3533, down from $1.3541 late Monday in New York. The British pound traded at $1.9758, up from $1.9732. The dollar fetched 120.41 Japanese yen, up from 120.29.
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