Stocks Turn South on Record Crude Prices
The major U.S. indexes fell fractionally today on rising crude prices. The
markets gave up moderate gains from earlier in the day, but turned south once
crude hit new all-time record highs above $100.
American International Group
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PowerRating) rallied 3% after a Barron’s
report over the weekend came out, which argued that the insurer would probably
recover $4.88 billion from credit-default losses.
MBIA
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PowerRating) fell 2.4% on reports that former CEO and chairman
Joseph Brown would be resuming his duties as chief (full
story).
Credit Suisse
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PowerRating) fell 4% after the company repriced its asset
value to $2.85 billion (full
story).
Hewlett-Packard
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PowerRating) rallied 1% ahead of the company reporting
results this afternoon.
Crude oil hit new all-time record highs today, on speculation that OPEC will
cut worldwide production figures later this week. Crude rallied 4.6% today. Gold
futures rallied nearly 3%, in-line with crude prices.
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