Oil companies would cover the fee under the plan, which would have difficulty clearing the Republican-controlled Congress.» Read More
Following are the day’s biggest winners and losers. Find out why shares of IBM and Exxon Mobil popped while Boeing and Las Vegas Sands dropped.
Stocks closed with modest gains after rallying earlier on a drop in oil prices, but investors continued to worry about financial shares.
Stocks turned higher after investors speculating that Lehman Brothers might survive its capital crunch stepped in to turn the company's stock higher in whipsaw trading.
Oil at $300?! Charles Maxwell, Weeden & Co. senior energy analyst, told CNBC about the market forces that could push oil prices way, way above recent highs.
On a wild week in the markets which saw Friday close off its lows as the Dow swung within an almost 200 point range, the markets all close in negative territory for the week by about 3% or more.
Jim writes, “I’m scratching my head here over the last two days on Monsanto. What’s going on?
Stocks finished lower Tuesday as weakness in technology stocks sucked the air out the earlier rally inspired by oil's drop and the dollar's surge.
After jumping up over 200 points this morning, the Dow has reversed course and is now in negative territory for the day. The S&P 500 also jumped, rising above 1300 before falling back down. Interestingly, at one point during the swing, the S&P was down more than the Dow was down. The Dow is priced roughly 9 times higher than the S&P 500. Given the difference in scale, it is somewhat unusual to see this happen when they move in the same direction.
Stocks came charging out of the gate, inspired by oil's drop and the dollar's surge, but weakness in technology stocks sucked the air out of the rally.
Stocks kicked off September with a rally, inspired by the more than $7 drop in oil prices and a surge in the dollar.
Stocks shot out of the gate Tuesday as the price of oil plunged more than $7 and the dollar surged.
Several major U.S. refiners said early checks on Monday showed their facilities were unharmed by Hurricane Gustav, but at least two others were said to be considering dipping into the U.S. Strategic Petroleum Reserve to keep operations going after the storm shut down key waterways.
Gustav weakened to a Category 1 hurricane as it approached the Louisiana cities of New Iberia and Lafayette with maximum wind speeds of 90 mph.
Gustav hasn't even made landfall, and it's already hitting consumers in the pocket book. Gasoline could jump 10 to 15 cents a gallon at the pump over the Labor Day weekend for some drivers, according to Tom Kloza, chief analyst at the Oil Price Information Service.
The Dow rose on Wednesday as surprisingly strong data on durable goods orders soothed some concern about the sluggish economy.
Futures popped nearly 10 points as durable goods jumped more than expected. Dollar rallies a bit but is still down, bonds decline. Commodities up as the dollar is a bit weaker today. While oil is up $1.82 to $118.09, it is a fairly poor response to Gustav and the tensions with Russia. Airlines are weaker.
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Stocks finished flat Tuesday, caught in the August crosswinds of a strong dollar and Hurricane Gustav. Oil rose more than $1 to settle at $116.27 a barrel.
The oil market's taking notice that Hurricane Gustav could be the first major storm to wreak havoc with Gulf of Mexico oil production areas in several years, and it should be clear by the weekend just how serious that threat could be. "This could be the most significant storm in that area since Katrina and Rita" in 2005, said John Kilduff, M.F. Global senior vice president.
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