Oil and Gas
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May 19- The price of a gallon of gasoline in the United States rose sharply in the last two weeks amid outages at Midwest and West Coast refineries, according to a widely followed survey released on Sunday.
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Like a sailing ship waiting for the wind to shift, the stock market could drift as it focuses on oil, economic data and earnings reports in the week ahead.
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The Dow finished only modestly higher on Friday after better-than-expected consumer sentiment and falling oil prices failed to really ignite investor optimism.
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An analyst predicts that gold will head into a bull market, and Washington Mutual increases its liquidity position. The following are today's top videos:
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Stocks pulled off modest gains Friday as enthusiasm for some better-than-expected economic reports outshined a warning from S&P of a possible downgrade on Fannie Mae and Freddie Mac.
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For the week ending Friday, July 25, 2008, the markets closed mixed for the week, on negative housing data, and mixed earnings results. An early rally in financial and airlines stocks, supported by the continued slide in oil prices, was quickly wiped away by ongoing uncertainty in the economy. The Dow dropped more than 280 points on Thursday, marking the worst one day point drop in over a month. However, Friday saw a slight rebound on strong durable goods and a bounce back in consumer sentiment. Only the Nasdaq finished slightly up 1.2% for the week. The Dow and S&P finished down 1.09% and 0.23%, respectively.
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On a heavy earnings week with over 30% of the S&P 500 reporting, the markets end the week mixed on positive economic data and a decline in oil prices to an almost two-month low. The Dow and S&P are both down for the week while the NASDAQ ends the week up about 1.2%.
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The world's five largest fully publicly traded oil companies are expected to, yet again, report record profits next week, thanks to high oil prices, even as investors fret over the recent pullback in crude.
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Chrysler's financial arm is planning to stop offering vehicle lease options to consumers and would focus on financing retail vehicle purchases, spokesman Bill Porter said on Friday.
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U.S. retail gasoline prices have fallen more than 10 cents per gallon in a week and could fall another 25 cents by the end of summer, a sign the worst is over for U.S. motorists this vacation season.
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Durable goods advanced .8% when expectations were for much less. Without the highly volatile transportation figures, the number was even better at a +2% reading. New home sales were better than hoped for at a 530,000 rate and the prior month was revised upwards.
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Americans have also been squeezed by the rising cost of gasoline, an essential commodity in a nation of drivers..
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Nuclear operator British Energy has agreed to be taken over by French utility EDF for around 12.4 billion pounds ($24.61 billion), a source briefed on the matter said on Friday.
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In the last three weeks, the message has been coming from a variety of sources, but it's generally been the same: forget about the auto industry rebounding anytime soon. In fact, some are saying things may get worse before they get better.
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OPEC's oil output is expected to rise by 200,000 barrels per day in July from June because of higher supplies from Saudi Arabia and Iraq, industry consultant Petrologistics said on Friday.
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Stocks go into Friday facing important manufacturing and housing data and, of course, more turbulence.
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Falling gas prices should mean longer lines – and bigger profits – for Disney.
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Pimco's Bill Gross made comments on the housing market, and Facebook's CEO explained his firm's new site design.
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Stocks tumbled more than 2 percent on Thursday after a report showing yet another drop in U.S. home sales prompted investors to take profits. What's the "Word on the Street?"
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Stocks ended sharply lower Thursday as the market got a triple whammy: Oil resumed its ascent, major earnings reports sparked a fresh wave of concern about corporate profits and home sales hit a 10-year low. All three major indexes lost at least 2 percent.
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Stocks declined as oil resumed its ascent and investors braced for the next batch of corporate earnings. A drop in home sales and a jump in jobless claims above the key 400,000 mark added some pressure.