Why Some Favor Bonds
Ten-year US Treasuries advanced
for a third week as some investors anticipated economic growth will slow,
keeping inflation tame and preserving the value of the fixed-rate securities.
The Dec. 10-year note
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also was stronger gaining over 1 point, closing at 112.96 up 1.03. The Treasury
markets will be closed on Monday Nov. 11, Veterans Day.
The Dec. S&P 500
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shed 20 or 1.94% percent, to 1009. Nvidia fueled the decline, tumbling 22% after saying it expects little sales growth. The futures were
hurt by the UN resolution
demanding unrestricted arms inspections in Iraq. The decision makes a US-led
attack more likely if Saddam Hussein refuses to comply.
The dollar fell for a third week
against the euro and yen after the Federal Reserve’s half-percentage point
interest-rate cut drove some investors to higher yielding investments outside
the US The Dec. dollar
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The energies were mostly
positive today. This after the United Nations Security Council voted 15-0 to
adopt a US resolution demanding unrestricted arms inspections in Iraq.
According to Bloomberg.com, Hussein is unlikely to allow unfettered inspections,
increasing the chances for war. Dec. crude oil
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volatile trading range between 25.00 and 30.00 closed to the upside at $25.80 a
barrel, up .42 or 1.65%. Dec. heating oil
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of a cent to 68.95 a barrel. Dec. unleaded
gasoline
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natural gas
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The grains were hit hard today.
Corn, wheat and soybeans all took hits to the downside. Jan. soybeans
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.09 or 1.59%.
Dec. corn
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continued its move lower. Today it broke below it 2.40 support level to close at
2.35 3/4 down 4 3/4 cents or 1.98%. And Dec. wheat
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$3.82 1/2 a bushel down 14 1/2 cents or 3.65%.
In the metals, Dec gold
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troy ounce up .90. Dec. silver
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to close at $4.53 down .02. Dec. copper
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.05 to 71.59 a pound.