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Market Update : 
U.S. Stocks Struggle, Construction Spending Up
Author: 123jump.com Staff
123jump.com
Last Update: 12:50 PM EDT March 30 2007


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Market averages closed lower after three hours of trading in New York. Much awaited report on corn planting revealted larger than expected rise in corn planting this season depressing corn and soybean prices. The government expects record corn planting since 1944 driven by etahnol based demand. Construction spending rose 0.3% in February driven government projects. Global Payment fell 11% on lowered earnings. European markets closed mixed with a negative bias but Asian mrkets closed higher.

 
The euro fell slightly against the dollar on Friday, a day after it gained on the U.S. currency following a dim growth report on the U.S. economy. The euro bought $1.3318, dropping marginally from $1.3335 in late New York trading on Thursday. The British pound also lost ground to the dollar, dropping to $1.9570 from $1.9619 in New York. The dollar edged up slightly on the Japanese yen, to 118 yen, from 117.9 the previous day.

5:30AM Gold finishes lower, while copper and crude oil advance.

June gold shed $5.30 to end at $667.60 a troy ounce on the New York Mercantile Exchange, while May silver lost 11.5 cents to close at $13.34 an ounce. July platinum fell $10.20 to close at $1,247.60 an ounce, while June palladium was off $1.85 to settle at $356 an ounce. The most-active May copper contract gained 2.4 cents to settle at $3.0865 per pound.

The May crude oil futures contract gained $66.50 a barrel before finishing at $66.03 a barrel, up $1.95. April heating oil surged 4.98 cents to finish at $1.8772 a gallon. April gasoline soared 7.83 cents to $2.1355 a gallon. Front-month May natural gas futures, though, lost 6.3 cents to close at $7.609 a million British thermal units.

On the New York Board of Trade, Arabica coffee futures declined, reaching the lowest levels in a week an a half, on selling by funds and locals. May coffee finished 2.1 cents lower at $1.1060 a pound, and July coffee closed 2 cents weaker at $1.1350 a pound. Futures on raw sugar in foreign ports dipped to six-month lows as funds sold the front months. May sugar ended 0.27 cents lower at 9.85 cents a pound, while July sugar closed 0.24 cents weaker at 9.96 cents a pound.
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