Stocks Fall on Weak Manufacturing Report
Stocks Fall on Weak Manufacturing Report
U.S. stocks declined on Thursday after a downbeat manufacturing report was released. The weekly report on crude oil inventories rose unexpectedly, contributing to the selling of a number of energy stocks, including Exxon Mobil
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PowerRating) and Chevron
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PowerRating).
The Dow lost -142.96, the S&P 500 -17.50, and the Nasdaq Composite -27.32.
Newmont Mining
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PowerRating) reported a net loss for the fourth quarter compared to profit in the year-ago period, hurt by a write-down of exploration goodwill in addition to lower revenue in the latest quarter (read more).
Williams Companies
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PowerRating) reported a 53% surge in profit for the fourth quarter, helped by strong performances in the company’s midstream, exploration and gas pipeline businesses (read more).
Toro Company
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PowerRating) reported a marginal rise in its first quarter profit as strong international sales offset higher costs (read more).
Gold prices hit a record high of $958.40 as investors sought a hedge against rising inflation.
However, crude oil prices declined from yesterday’s record high.
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