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Market Update : 
U.S. Stocks Rise, Ralph Lauren Up 12%
Author: 123jump.com Staff
123jump.com
Last Update: 5:01 PM EDT May 28 2008


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U.S. stocks edged higher at close after trading volatile in the morning session. Crude oil rebouded after Morgan Stanley followed several brokers in raising its price estimates. Polo Ralph Lauren led the gainers in S&P 500 index with a surge of 12% after it reported better than expected earnings. Durable goods orders in April fell from a year ago but rose when transportation orders were excluded. Brazil led the world market indexes with a rise of 3% on the hopes of higher earnings at banks.

 
Commodities, Metals, and Currencies

Crude oil increased $1.86 to close at $130.71 a barrel for a front month contract, natural gas increased 12 cents to $11.92 per mBtu, and gasoline futures increased 5.7 cents to close at 344.00 cents per gallon.

Gold decreased $7.80 in New York trading to close at $905.00 per ounce, silver closed down 5 cents to $17.41 per ounce, and copper for front month delivery decreased 2.10 cents to $3.69 per pound.

Wheat futures increased 1 cent in Chicago trading and closed at $7.59 per bushel. Sugar increased 40 cent to $10.11 per pound. Soybean future closed up 25.00 cents to $13.72 a bushel.

Dollar edged higher and traded near record low against euro to $1.5646 and rose against yen to 104.68.

Yields on U.S. bonds increased to 4.02% with 10 years of maturities and decreased to 4.71% with 30-year of maturities.
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