World Scout Jamboree disaster blamed on South Korean government    Hajj Ministry warns against fake companies    Saudi Arabia starting direct flights between Dammam and Najaf    Egyptian delegation arrives in Israel to revive deadlocked ceasefire and hostage talks    Minister of Defense celebrates graduation of King Abdulaziz military college cadets    TGA introduces uniform for bus drivers    Ministry uncovers misuse of mosque utilities during inspection    Health Ministry reports 15 food poisoning cases linked to one establishment in Riyadh    Saudi Arabia supports UNRWA's efforts for Palestinian refugees, urges donor commitment    Supreme Court appears ready to reject Trump's immunity claims    Indian voters battle extreme temperatures as intense heat wave hits region    'Zarqa Al Yamama': Riyadh premieres first Saudi opera    Riyadh Season announces first overseas event with boxing gala in Los Angeles    Al-Ahsa Airport to double capacity to accommodate 100 million passengers a year    Al Hilal's comeback effort falls short in AFC Champions League semi-finals    Belgian man whose body produces alcohol in rare condition acquitted of drunk driving    Australian police launch manhunt for Home and Away star Orpheus Pledger    Spice Girls reunite at Posh's 50th birthday    Swedish rider Eckermann wins 2024 Show Jumping World Cup in Riyadh    Aspiring fencer Josh Brayden aims for Olympic glory    JK Rowling in 'arrest me' challenge over hate crime law    Trump's Bible endorsement raises concern in Christian religious circles    Hollywood icon Will Smith shares his profound admiration for Holy Qur'an    We have celebrated Founding Day for three years - but it has been with us for 300    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



U.S. stocks end higher as lower oil offers relief
Published in Saudi Press Agency on 08 - 09 - 2006


U.S. stocks rebounded from two
days of losses to end higher on Friday, as a week-long fall in
oil prices and reassuring comments from a Fed official about
inflation outweighed further signs of housing-market weakness, according to Reuters.
Wal-Mart Stores Inc., which has struggled with lackluster
sales growth during the summer-long spike in gasoline prices,
gained 2.6 percent to a two-month high as oil prices fell for a
fifth straight day. Wal-Mart's moderate-income customer base
had been particularly susceptible to the high cost of gas.
Lennar Corp., the No. 3 U.S. home builder, became the
latest in that industry to warn of weakness in the U.S. housing
market after it lowered its quarterly earnings estimate. Its
shares fell 1.3 percent to $42.71 on the New York Stock
Exchange.
"Everyone has been so worried about housing prices this
week and whether that will put us into a recession, but now
with oil and commodity prices coming in, for companies that are
so dependent on energy, this will help their earnings," said
Anthony Conroy, head trader at BNY Brokerage, a unit of Bank of
New York.
The Dow Jones industrial average ended 60.67 points higher,
or up 0.54 percent, to 11,392.11. The Standard & Poor's 500
Index gained 4.90 points, or 0.38 percent, to 1,298.92. The
Nasdaq Composite Index added 10.50 points, or 0.49 percent, to
2,165.79.
For the week, the Nasdaq ended down 1.3 percent, the Dow
finished 0.6 percent lower and the S&P lost 0.9 percent. For
both the Nasdaq and S&P it was the worst close in four weeks.
Cleveland Federal Reserve President Sandra Pianalto said
the full impact of the Fed's two years of interest rate
increases, aimed at controlling inflation, have not been fully
felt in the economy.
U.S. crude ended down $1.07 at $66.25 a barrel, after
falling earlier to a five-month low, dropping on ample
inventories and news that BP might be able to restore its
Alaskan oil field sooner than expected.
Shares of Wal-Mart rose 2.6 percent to $46.72, making them
the top-weighted gainer on the S&P 500. Meanwhile,
energy-related shares dominated the bottom end of the index,
with companies such as National Oilwell Varco and XTO Energy
Inc. down more than 4 percent.
U.S. credit reporting bureau Equifax Inc. said it raised
its 2006 earnings forecast, sending its shares surging more
than 12 percent to $36.34 on the NYSE.
Amazon.com rose a day after it unveiled a widely
anticipated Internet service offering movies and TV shows that
can be downloaded to personal computers. Its shares advanced
2.6 percent to $30.51.
Shares of Broadcom Corp. fell 1.3 percent to $26.09 on
Nasdaq after the microchip maker said it had found more
irregularities in the dates of past stock option grants.
Trading was light on the NYSE, with about 1.31 billion
shares changing hands, below last year's daily average of 1.61
billion, while on Nasdaq, about 1.49 billion shares traded,
below last year's daily average of 1.80 billion.
Advancing stocks outnumbered declining ones by a ratio of 8
to 5 on the NYSE and by 6 to 5 on Nasdaq.


Clic here to read the story from its source.