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Market Update : 
Yahoo, Countrywide Fall; Sprint, Oil Rise
Author: 123jump.com Staff
123jump.com
Last Update: 5:09 PM EDT May 05 2008


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U.S. stocks opened and closed lower. Yahoo and Microsoft were $4 per share apart and called off merger talks. Sprint is likley to initiate merger talks with Deutsche Telekom. Sprint surged 10%. Separately, Arcelor Mittal is in preliminary talks with the second largest steel company Angang Steel in China. Countrywide plunged 10% on the speculation that the Bank America purchase terms may be revised substantially.

 
Crude oil increased $3.67 to close at $119.99 a barrel for a front month contract, natural gas increased 40 cents to $11.18 per mBtu, and gasoline futures increased 8.46 cents to close at 305.10 cents per gallon.

Gold increased $16.10 in New York trading to close at $874.10 per ounce, silver closed up $0.36 cents to $16.83 per ounce, and copper for front month delivery increased 12.70 cents to $3.9475 per pound.

Wheat futures decreased 3.50 cents in Chicago trading and closed at $8.05 per bushel. Sugar decreased 1 cent to $11.48 per pound. Soybean future closed down 18.50 cents to $12.85 a bushel.

Dollar edged lower and traded near record low against euro to $1.5490 and edged lower against yen to 104.81.

Yields on U.S. bonds decreased to 3.85% with 10 years of maturities and increased 4.59% with 30-year of maturities.
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