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Market Update : 
Record Crude; Valero, Tesoro, Stocks Decline
Author: 123jump.com Staff
123jump.com
Last Update: 5:01 PM EDT May 09 2008


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AIG swung to a loss in the first quarter after it took a charge of $9 billion in its credit derivative portfolio. The insurance comapany also plans to raise $12.5 billion through stock offering to bolster its capital base. AIG stock fell nearly 9%, as it raced to 10-year low. UK home repossessions rose to a 10-year high. European markets fell more than 1% in the region. Inflation in India and China surged on rising food and energy costs.

 
Crude oil increased $2.35 to close at $126.04 a barrel for a front month contract, natural gas increased 28 cents to $11.54 per mBtu, and gasoline futures increased 6.14 cents to close at 319.92 cents per gallon.

Gold increased $3.70 in New York trading to close at $885.80 per ounce, silver closed up 4 cents to $16.91 per ounce, and copper for front month delivery decreased 7.10 cents to $3.71 per pound.

Wheat futures decreased 17.50 cents in Chicago trading and closed at $8.04 per bushel. Sugar increased 15 cent to $11.61 per pound. Soybean future closed up 48.00 cents to $13.58 a bushel.

Dollar edged lower and traded near record low against euro to $1.5482 and edged higher against yen to 102.93.

Yields on U.S. bonds was unchanged to 3.77% with 10 years of maturities and decreased to 4.52% with 30-year of maturities.
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