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Shipments of oil and oil products from two of Georgia's ports have been suspended because of fighting in the ex-Soviet state's breakaway South Ossetia region, Azeri state energy firm SOCAR said on Saturday.
Georgia, whose credit ratings were cut on Friday after military clashes with Russia, was praised on Saturday by foreign investors, who contrasted its efforts to reassure them over the crisis with those of Russia.
Russian tanks and troops rumbled into the separatist province of South Ossetia and Russian aircraft bombed a Georgian town Saturday in a major escalation of the conflict that has left hundreds of civilians dead and wounded. V
Following are the week's biggest winners and losers, including a couple of well-known household goods companies, a luxury brand and a couple of techs thrown in for good measure.
After introducing guest trader Zach Karabell, aka "The Academic," the gang immediately dives into the main lesson learned after stocks soar to end the week (the highest close since June). The dollar also "exploded," with its biggest jump in 8 years against the euro. "Currencies typically do not move like that," says Dylan of the USD's 3.3% gain this week. The S&P 500 also had its best week since April, due in part to the commodities pullback -- it ended the day up 2.4%.
Stocks could sprint higher into the coming week, as a strengthening dollar and declining commodities prices encourage buyers hoping for a reprieve from inflation.
Stocks rallied Friday as a more than $4 a barrel drop in oil prices offset the drag of Fannie Mae's earnings miss. It's going to be the same story next week: Energy prices. Even if there are disappointments in CPI or Wal-Mart's earnings, investors are expected to overlook them as the drop in gas prices puts more money in consumers' pockets.
All major U.S. Indices ended the week in positive territory, led by a 4.46% gain in the NASDAQ Composite Index. Commodity prices continued to fall broadly across the board, with oil prices tumbling $9.90 this week.
For the week ending Friday, August 8, 2008, the U.S. markets ended the week on a positive note, cheered by a retreat in commodity prices, a Fed’s decision to keep rates steady at 2%, better-than-expected results in pending home sales, and a stronger dollar.
Karen Finerman of the Fast Money team joins Dylan Ratigan for the last Final Call of the week, and their discussion revolves on how oil has "jerked around" retailers.
There are notable shifts occurring in the stock market on the dollar rally/commodity drop this week.
Stocks rallied Friday as a more than $4 a barrel drop in oil prices helped offset the drag of Fannie Mae's earnings miss.
Stocks rallied Friday as a more than $3 a barrel drop in oil prices helped offset the drag of Fannie Mae's earnings miss.
Rapidly escalating violence in Georgia -- including a reported Russian air strike near the capital -- helped send emerging stockmarkets to their lowest level in almost a year on Friday, with Russian markets worst hit.
Oil tycoon T. Boone Pickens is building a million-person "army" that he says will pressure the nation's leaders to adopt a more responsible energy policy.
Stocks ticked higher Friday as a more than $2 a barrel drop in oil prices helped offset the drag of Fannie Mae's earnings miss.
BG strikes oil in Santos Basin off Brazil coast BG Group has made a "material" new oil discovery at its Iara well in Brazil's subsalt reserves, its sixth-straight success in the deep water Santos Basin since drilling began, the British gas producer said on Friday.
"[The] stock market: a loser across the board. It was a loser early, it stayed a loser and became a bigger loser as the day went on," Dylan summed up Thursday's trading with that one statement, as AIG and Wal-mart lead the Dow's one-day, 225-point dive. A few lone tech stocks were the only winners in an otherwise distressed market. Adding to the bearish environment was the morning's new jobless claim numbers, the highest reported in several months.
Stocks could trip up on more bad news from the financial sector Friday, but the bigger issue for market direction is whether the commodities selloff continues.
AIG reports weak earnings and further write-downs, while GE says the Beijing Olympics will help boost the company's brand image. Following are today's top videos:
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