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Market Update : 
Foreclosure Fears, Default Notices
Author: 123jump.com Staff
123jump.com
Last Update: 5:06 PM EST March 06 2008


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U.S. stocks closed lower after credit market worries and rising home foreclosures dominated trading sentiment. Home foreclosures nearly doubled in the last quarter as homeowners struggled with rising monthly payments. Thornburg fell 51% after it received loan default notice from JP Morgan. February same stores sales at JC Penney, Chicos, Limited, Kohls and Gap fell. Wal-Mart sales rose 2.6%. Jobless claims fell 24,000.

 
Bond Yields increased on 10-year U.S. bonds to 3.59% and on 30-year bonds declined to 4.56%.

Commodities, Metals, and Currencies

Crude oil increased $0.91 to close at $105.43 per barrel for a front month contract, natural gas increased 2 cent to $9.76 per mBtu, and gasoline futures increased 0.74 cents to close at 264.95 cents per gallon.

Gold decreased $11.40 in New York trading to close at $977.10 per ounce, silver closed down 56 cents to $20.225 per ounce, and copper for front month delivery decreased 7.85 cents to 390.35 per pound.

Wheat futures increased 20.00 cents in Chicago trading and closed at $11.25 per bushel. Sugar decreased 77 cent to 13.78 cents per pound. Soybean future closed down 49.750 cents to $14.28 per bushel.

Dollar edged lower and traded at a record low against euro to $1.5387 and edged lower against yen to 102.5960.
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