Business News
US stocks gain further on profits as oil prices sink
Jul 17, 2008, 22:20 GMT
New York - Stocks rallied on Wall Street for a second day Thursday on falling oil prices as companies have begun to report better than expected fourth quarter earnings.
JPMorgan, the largest US bank by market value, led financial shares to their biggest-ever two-day surge as profit beat estimates by 22 percent, according to Bloomberg financial news. A number of other banks also climbed on earnings that exceeded projections. Home- improvement chains Home Depot Inc and Lowe's Cos led gains in all 29 companies in the Standard & Poor's 500 Retailing Index as oil slid below 130 dollars a barrel for the first time in a month.
'The trade that's been the big winner has been long energy and short financials; the last couple of days maybe we're seeing a reversal of that,' Gavin Graham, chief investment officer at Guardian Group of Funds Ltd in Toronto told Bloomberg. Guardian Group manages 5.7 billion dollars.
The blue-chip Dow Jones Industrial Average picked up 207.38 points, or 1.85 per cent, to 11,446.66. The broader Standard & Poor's 500 Index earned 14.96 points, or 1.2 per cent, to 1,260.32. The technology-heavy Nasdaq Composite Index rose 27.45 points, or 1.20 per cent, to 2,312.30.
The dollar slipped to 63.03 euro cents from 63.21 euro cents on Wednesday, and bumped up to 106.25 Japanese yen from 105.10.
Gold lost 8 dollars to 970.70 dollars per fine ounce.
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Older Talkback
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To Americans: Congress and President
Now is the time to tell the truth. Without it, you will never have peace. We know that all of you do not tell the truth, and we understand why. You have been given more than an opportunity to CHANGE, and you choose, as is your right not to tell the truth. Our Country is in trouble, and over 200 million Americans need help. This we know. This fact you know, but because of selfish pride, greed and other self serving agendas, America will continue to suffer no matter who is in power. Congress has failed to help Americans live a life of prosperity and peace, and this is not acceptable.
As Congress, it is your moral and public duty to protect and serve your districts, and you have failed. As President, it is your duty to do the same and work with Congress for Change and you have failed. As Americans we are suffering, and we know that Congress and our President can do nothing, because you do not tell the truth. It has nothing to do with race or religion. It has to do with doing the right thing for Americans, not yourselves or others that have their own interests. Our Military is in trouble and needs help. We can offer them the respect and dignity due someone who is willing to lay down their life for us all.
Obama and others will not Change America, only Americans can truly change America after we change ourselves.
We need a new Government managed by those that tell the truth. We also understand that this is the last 4 years of America as we know it. We also know that all of you would like for all us to believe you all and accept our fate, and That, will not happen!
On September 11, 2008 at 8AM PST we will become public. At the Federal Building, 11000 Wilshire Blvd, Los Angeles, California.
Our first order of business will be to introduce a plan to Nationalize the oil industry in America. Under the current Congress this plan will not work, only under a new Congress will this work.
We are not afraid of the TRUTH, are You?
We are a Legion of many, who will live a life of peace, and have respect for all living things, while having considerations for those who are different, and look for ways to truly accommodate those who are slow in understanding.
We support the poor, helpless, and defenseless people. We support the freedom of Women, we support the sane treatment of animals and the environment, we support the freedom of religion and expression. We do not support ignorance, period.
We are a growing nation of people that encourage all Americans to become part of the New American Republic!
CHANGE FOR AMERICA FOR AMERICANS!
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SP4: read itJul 17th, 2008 - 22:34:22
What doe this tell you folks....?
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