Wednesday, May 07, 2008
$122 Oil!
Stocks recovered from early weakness on turnaround in Fannie Mae shares Tuesday. The Dow gained 51.29 points to close the session at 13,020.83. The SPX added 10.77 points to close at 1,418.26. We are in the green and look ok.
At the open, financials suffered on bad news from Fannie Mae (FNM) and UBS. However, despite this news, FNM shares ultimately rallied and the broader market followed suit. Energy stocks also gained ground on another record high for crude prices.
Oil prices rose to a high of $122.73 for the June futures contract, finally closing with a gain of $1.87 to $121.84. Since last Thursday, crude is up more than 8 percent and is at an inflation adjusted high as well (so I read somewhere). Previously, crude hit a high at $101.70 in April 1980 but that was due to political tensions.
Inflation numbers and pending house sales out today. Let's see what that does.
Until next time.
At the open, financials suffered on bad news from Fannie Mae (FNM) and UBS. However, despite this news, FNM shares ultimately rallied and the broader market followed suit. Energy stocks also gained ground on another record high for crude prices.
Oil prices rose to a high of $122.73 for the June futures contract, finally closing with a gain of $1.87 to $121.84. Since last Thursday, crude is up more than 8 percent and is at an inflation adjusted high as well (so I read somewhere). Previously, crude hit a high at $101.70 in April 1980 but that was due to political tensions.
Inflation numbers and pending house sales out today. Let's see what that does.
Until next time.
# posted by Paul @ 6:13 AM 
