Stock Indexes Advance, Oil Dips, BlackRock Buys Lehman Shares

  • June 13, 2008
  • David Goodboy

US stock indexes advanced aggressively across the board on declining oil prices and lessening of inflation fears. The DJIA gained +165.77 to 12307.35, the Nasdaq climbed +50.15 to 2454.50 and the S&P 500 grew by +20.16 to 1360.03.

Lehman Brothers
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PowerRating) The beleaguered financial concern led the S&P 500 higher today adding 13.88% or $3.23 to $25.93/share after the BlackRock Fund purchased shares in the company, during a secondary offering and expressed confidence in the firms new leadership.

Apollo Group
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Coca Cola
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Fifth Third Bancorp
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Oil dipped $2.08 to $134.66/barrel after the Saudis announced the opening of a new oil field. Gold added $1.03 to $873.10 and the dollar continued to gain against the Euro.

Market Snapshot

Dow

 +165.77 12307.35

NASDAQ

 +50.15 2454.50

S&P 500

 +20.16 1360.03

Economic
News

Durable Orders (Apr): Actual -0.5%, Consensus -1.5%

Chain Deflator-Prel. (Q1): Consensus 2.6%, Prior 2.4%

GDP-Prel (Q1): Consensus 0.9%, Prior 0.6%

Initial Claims (05/24): Consensus 370K, Prior 365K

Crude Inventories (05/24): Consensus NA, Prior -5317K

Personal Income (Apr): Consensus 0.2%, Prior 0.3%

Personal Spending (Apr): Consensus 0.2%, Prior 0.4%

PCE Core Inflation (Apr): Consensus 0.1%, Prior 0.2%

Chicago PMI (May): Consensus 48.5%, Prior 48.3%

Mich Sentiment-Rev (May): Consensus 59.5, Prior 59.5%

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