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Stocks surged as crude oil prices dropped
New York, May 26: In late US trade, oil at the NYMEX was just above 41$ a barrel. Oil prices dipped during the day`s trading session on forecasts that Wednesday`s inventory report will show that gas and oil supplies rose last week.
New York, May 26: In late US trade, oil at the NYMEX was just above 41$ a
barrel. Oil prices dipped during the day's trading session
on forecasts that Wednesday's inventory report will show
that gas and oil supplies rose last week.
Gasoline futures
also slid during today's session. However, analysts said
oil prices could still test new highs as concerns that even
with Saudi Arabia's pledge to increase output, it may not
be enough to meet rising global demand.
After a four-day strike, SBC Communications and a union
representing thousands of its workers reached a tentative
new contract. The union says the new contract would save
jobs, and SBC said the deal could save it nearly $2 billion
over the next five years.
Shares of SBC, the No. 2 US
local telephone company fell half a percentage point for
the day.
Genworth Financial topped the New York Stock Exchange's
most active list. The life and mortgage unit of General
Electric traded lower in its market debut but then closed
right near it's initial offering price of $19.50 a share.
The company raised $2.83 billion in its initial public offering on Monday. Two economic reports showed a slight rise in consumer confidence in May and an unexpected increase in home resales in April. Neither report had much effect on the market, traders said. Bureau Report
The company raised $2.83 billion in its initial public offering on Monday. Two economic reports showed a slight rise in consumer confidence in May and an unexpected increase in home resales in April. Neither report had much effect on the market, traders said. Bureau Report