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Market Update : 
U.S. Stocks Decline on Weak GE, Sentiment
Author: 123jump.com Staff
123jump.com
Last Update: 4:16 PM EDT April 11 2008


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U.S. stocks fell sharply after General Electric surprised investors with an earnings miss and lowered expectations for the second quarter. The sharp fall in investments in finance unit in the last two weeks in March hurt the earnings. Frontier Air filed for bankruptcy protection. Consumer sentiment fell to 63.2 in April, weakest read since 1982, higher energy and food prices. Genentech reported first quarter profit rise of 2% but sales of Avastin missed the target.

 
In South Korea Kospi Index increased 15.07 or 0.85% to close at 1,779.71, in Thailand SET index closed higher 6.12 or 0.75% to 827.10 and Indonesia JSE Index edged increased 68.00 or 3.04% to 2,303.93. Sensex index in India increased 112.54 or 0.72% to 15,807.64.

Commodities, Metals, and Currencies

Crude oil increased $0.11 to close at $110.22 a barrel for a front month contract, natural gas decreased 21 cent to $9.89 per mBtu, and gasoline futures increased 1.40 cents to close at 280.61 cents per gallon.

Gold decreased $4.80 in New York trading to close at $927.00 per ounce, silver closed down $0.35 cents to $17.69 per ounce, and copper for front month delivery increased 2.05 cents to $3.94 per pound.

Wheat futures decreased 25.75 cents in Chicago trading and closed at $9.10 per bushel. Sugar decreased 5.00 cent to $13.03 per pound. Soybean future closed down 23.50 cents to $13.49 a bushel.

Dollar edged lower and traded near a record low against euro to $1.5834 and edged lower against yen to 100.77.

Yields on U.S. bonds declined to 3.43% on 10-year bonds and fell on 30-year bonds to 4.29%.
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