Two Positives On The Day
Investors looking at a mixed weekly
supply
data report were interested in energies, which caused oil prices to rise by a
small amount. Then crude declined and closed negative. April crude oil
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Organization of Petroleum Exporting Countries will extend production cutbacks,
and while tension between the U.S. and Iraq intensifies.
Today the American Petroleum Institute, which represents more than 400 energy
corporations, released its weekly report showing a 6.56-million-barrel draw
(decline in inventory). But that data, based solely on the members of API, were
far greater than those released by the Department of Energy, which showed
crude-oil stocks down 2.8 million barrels — causing investors to lose support
for significantly higher prices.
Meanwhile, OPEC is expected to leave its output unchanged at its meeting in
Vienna on Friday. OPEC production is at its lowest since 1992 as its members
have reduced their scheduled output by five million barrels a day since the
start of 2001, although actual production has declined by just over four million
barrels a day.
On the New York Mercantile Exchange, April
natural gas
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April heating oil
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while April unleaded gasoline
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a gallon.
Losses widened on Wall Street Wednesday after
J.P. Morgan slashed its earnings outlook for chip giant Intel and a new report
showed sluggish sales growth at the nation’s retailers.
The June Dow Jones Industrial Average futures
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1.38% to 10510.000. The June S&P 500 futures
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end the session at 1155.800. And the June Nasdaq 100 index
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slid 37.00, or 2.41%, to 1497.000, after sliding 32.37.
Bonds and the dollar were positive on the day.
The June 30 yr. bond
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June 10 yr. note
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Soybean futures drifted lower on the Chicago Board of Trade. Grains were
mixed. Soybean prices dipped as the weather in prime growing areas of South
America remained clear. Wheat for May delivery
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unchanged at $2.76 a bushel; May corn
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1/4 a bushel; May soybeans
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Precious metals were trading mixed, with gold prices holding fairly steady on
a show of strength during Asian and European hours. The April gold
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ounce most of the day, but ended closing unchanged at 293.80, above its 290.00
support line. May silver
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cents higher and May copper
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