Crude Oil Jumps On Iran Concerns
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Treasuries rallied sharply as investors dumped stocks in the face
of negative news. High oil prices, poor earnings, tension in Iran and a
terrorist threat from Osama Bin Laden all weighed on the equity index futures.
The Dow and Nasdaq moved into the red for 2006 amid the selloff.
The US Dollar declined versus the Euro and Yen.
Energy prices closed the week with a strong gains across the
board. Crude Oil hit the highest level since early September as tension rose
surrounding Iran and its nuclear research program. Iran was reportedly moving
currency reserves out of European banks this week.
Sugar hit a 24-year high as expectations grew that this year will
also record a production deficit. Cocoa fell as unrest in Ivory Coast eased.
In the metals, Gold
(Futures Pivots)
hit a new contract-high before reversing to close lower on the session. Zinc hit
a new all-time high in London.
Richmond Fed President Says Short Term Rates Should Not Be Expected To Remain
Constant
January University Of Michigan Consumer Sentiment
93.4
Ashton Dorkins