Rising Commodities Boost Stocks
The major markets rose today, despite a number of negative and mixed stock
earnings reports. Commodity stocks led the way, as rising oil and gold prices
continue to weigh on the stock markets.
Crude oil futures hit new record highs above $93 a barrel, which boosted the
stock market instead of hurting it. Gold futures also pushed into decades-old
highs, and neared $800 a barrel. Traders expect $100 oil and $800 gold within
the week.
Arizona Star
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PowerRating) shares jumped over 20% on reports that the
company would be bought by Barrick Gold
(
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PowerRating) for $805 million (read more).
Humana
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PowerRating) rose as much as 8% after beating earnings
expectations this morning (read more).
Office Depot
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PowerRating) fell 14% after delaying its Q3 earnings report
for today (full
story)
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