 |
Last updated July 9, 2008 4:14 a.m. PT
US stocks look to open lower as oil prices rebound
NEW YORK -- Stocks headed for a modestly lower open Wednesday as rebounding oil prices drained away the momentum from Wall Street's big Tuesday rally.
A more than $9 drop in oil over two days had pulled the stock market out of its malaise, but light, sweet crude rose $1.71 to $137.75 a barrel in early electronic trading on the New York Mercantile Exchange.
Wall Street appeared only somewhat heartened by better-than-expected earnings from Alcoa Inc. After the market closed Tuesday, Alcoa Inc. began the second-quarter earnings season by reporting a profit decline of 24 percent - but the results were stronger than the market anticipated. Alcoa shares rose 3.5 percent in after-hours trading.
Ahead of the market's open, Dow Jones industrial average futures fell 18, or 0.16 percent, to 11,379. Standard & Poor's 500 index futures fell 2.30, or 0.18 percent, to 1,271.40, while Nasdaq 100 index futures fell 1.50, or 0.08 percent, to 1,867.00.
On Tuesday, the Dow gained more than 150 points, with Wall Street also encouraged by the possibility of a recovery in the ailing financial system in speeches by Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and JPMorgan Chase & Co. Chief Executive Jamie Dimon.
Bond prices slipped Wednesday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.91 percent from 3.89 percent late Tuesday.
The dollar fell against other major currencies. Gold prices also slid.
Stock markets overseas rose. Japan's Nikkei stock average edged up 0.15 percent. In morning trading, Britain's FTSE 100 rose 1.48 percent, Germany's DAX index rose 1.17 percent and France's CAC-40 rose 1.20 percent.
---
On the Net:
New York Stock Exchange: http://www.nyse.com
Nasdaq Stock Market: http://www.nasdaq.com
My web site
My Yahoo!
Google
|
Stocks |
· ECB head says inflation will linger
· Longer lives, less pay _ women not saving enough
· Delta dismissed from fatal 2006 crash lawsuits
· Nissan charged up on electric cars
· SKorea doctors eat US beef to show safe
· US agriculture secretary confident meat is safe
· EADS executive detained
· US stocks look to open lower as oil prices rebound
· Oil prices rebound on Iran missile tests
· US dollar down in Europe
more· Pentagon to announce status of tanker contract
· Getty, Flickr reach image license deal
· Localism.com offers neighborhood news
· Stratos combines electronics, life sciences
· Aerospace Notebook: A crack in the Japanese market?
more
Todd Bishop's Microsoft Blog· Microsoft legal boss to testify on Yahoo-Google
· Ex-Microsoft exec Maritz is new VMware CEO
· Is Windows Vista really as bad as its image?
101 Elliott Ave. W.
Seattle, WA 98119
(206) 448-8000
Home Delivery: (206) 464-2121 or (800) 542-0820
seattlepi.com serves about 1.7 million unique visitors
and 30 million page views each month.
Send comments to newmedia@seattlepi.com
Send investigative tips to iteam@seattlepi.com
©1996-2008 Seattle Post-Intelligencer
Terms of Use/Privacy Policy
