Stocks Give Up Early Gains
Stocks are turning in a lackluster performance in Monday
morning trading, on speculation of a future interest rate
decrease. The major averages opened the session in positive
territory before dipping below the unchanged line shortly
thereafter.
Financial stocks are turning in a weak performance following
several accounts of job cuts within the mortgage market. Sun
Trust
(
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PowerRating) and Countrywide Financial
(
CFC |
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PowerRating)
have both reported lay-offs on Monday related to defaults within
their mortgage business.
Crude oil future prices for September delivery
eased
1.6% to $70.83 a barrel on news that a hurricane Dean will
probably miss the largest oil-production regions in the Gulf of
Mexico. Gold
futures for December delivery rose fractionally to $668.10 an ounce.
Around Asia, Shanghai’s Composite rallied by 5.3% to 4,904.85,
Hong Kong’s Hang Seng index jumped nearly 6% to 21,595.63, and
Tokyo’s Nikkei added 3% to 15,732.48.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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