Stocks mostly rise as investors snap up financials
"It's disinflation coupled with an accelerating downside in the economy. That's not what people were prepared for. I think people were expecting disinflation as an economic recovery was under way," Lee said. "The surge in unemployment today really underscores that fear."
Wall Street again found little comfort from falling oil. Crude dropped to nearly $105 a barrel in Friday's session as the dollar continued to gain on the euro and investors waited to see whether OPEC would move to restrict output next week following a two-month plunge in prices. The Organization of the Petroleum Exporting Countries is scheduled to meet early next week in Vienna and has indicated it may take action to defend the $100-a-barrel level.
Light, sweet crude settled down $1.66 to $106.23 a barrel on the New York Mercantile Exchange.
Among financials carving out advances, Citigroup Inc. rose 77 cents, or 4.2 percent, to $19.07, while Bank of America Corp. rose $1.63, or 5.3 percent, to $32.23. Wachovia Corp. rose $1.22, or 7.9 percent, to $16.75.
Lehman Brothers Holdings Inc. rose $1.03, or 6.8 percent, to $16.20 after a Sandler O'Neill & Co. analyst said he expects the troubled investment bank to survive the credit crisis. The stock has fluctuated on reports that it is hammering out a deal for a cash infusion or buyout.
In the consumer staples sector, smokeless tobacco maker UST Inc. surged following a report from The New York Times that Altria Group Inc. plans to acquire the company. Altria, parent of Marlboro maker Philip Morris USA, dismissed the report as "pure speculation." Nonetheless, UST, the maker of Skoal and Copenhagen brands, jumped $13.55, or 25 percent, to $67.55, while Altria rose 29 cents to $20.95.
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Member Comments
Posted By: OnlyCureJGK @ 08/05/2008 3:28:02 PM
Comment: The problem is simple corruption needs to be stopped beginning with those who have profited for years from corruption. Please look up this individual ---- Nelson Wilmarth Aldrich ---- he was the father in law of Mr. Rockefeller who's family went on to controll the private banks which became the central bank the FED which is a private institution. This individual Nelson came up with the Income Tax and The Central Bank. Follow the money and you will find the corruption behind the problems in society. For 240.00 the Central Bank the Fed can create 1 million dollars then using the IRS they can bilk the public for 1 Million plus interest. Its easy math to see they have the complete control of the US government and even the world. Money is the root of all evil. Look up the owners of Standard oil it is a circle leading right back to the FED.
Posted By: techresmgt @ 06/30/2008 1:53:39 PM
Comment: The media makes me laugh; this headline would lead one to believe a massive recovery of the Dow and a substantial reduction in oil. The reality is that the Dow is up a mere $34 from Friday's lows, and oil plummeted by a whopping $.064 and has settled at $140/barrel. Now that is change we can believe in.
Posted By: Karenn1 @ 06/09/2008 8:46:44 AM
Comment: Red light,yellow light drone training policy of the Republicans.Can do any thing they want. to american. They have.corruption,treason,incompetemt policy,toothless N Y,above the law practices,contitutional rape.So now were outrage .Why ,America is glutton for pushinment,vote for McCain.Israel plans to attack Iran,they seem to run are foreign policy.So who cares,gas is $4.00 a gal.