Stocks Sag on Soaring Oil Prices, Lower-Than-Expected Durable Goods Orders

[papau]

http://ap.tbo.com/ap/breaking/MGB1Z9VS7XD.html

Stocks Sag on Soaring Oil Prices, Lower-Than-Expected Durable Goods Orders
By Meg Richards
The Associated Press

NEW YORK (AP) - Stocks sagged Wednesday as crude prices neared $43 a barrel on news that Russia's largest oil company may be forced to halt production, muting investors' reaction to a strong earnings report and upbeat forecast from Boeing Co. <snip>

The Commerce Department reported orders to U.S. factories for big-ticket items rose 0.7 percent in June, slightly lower than what analysts had forecast. The gain in orders for durable goods - items expected to last three or more years - was good news after two months of declines, as it offered some hope that the rebound in the nation's manufacturing sector is no longer in danger of stalling.

Investors were less than impressed, however, as the lower-than-expected number comes after a several other business barometers showed weakness for June. Most analysts agree the slowdown is temporary, but trading has been lackluster through the current earnings season due to a number of downbeat outlooks.

Adding to that, September crude oil futures on the New York Mercantile Exchange were up 98 cents at $42.82 a barrel, as Russian oil giant Yukos warned it might have to shut down production pending the enforcement of a Moscow judge's order, raising concerns about global and domestic supply. <snip>

[whistle]

1. Let's just set the price for oil at $100 per barrel and be done with it...

...the Federal Governemnt than then collect $55 per barrel as tax and let the market price float accordingly. It still be cheaper then the system we now have, because the federal deficit will come down, we will have all the oil we need in the short run (suppliers get $45pbl) and in the longer run after Kerry takes office, new forms of energy will be made available.

[swag]

2. The Fed "Beige Book" came out today too

The word they used to describe economic growth in the country was "patchy."

http://www.federalreserve.gov/FOMC/BeigeBook/2004/20040728/default.htm

[Journeyman]

4. A good word to describe BushCo's support. . .

"patchy"

[StClone]

3. Did you hear the lead-in yesterday?

Consumer Confidence is climbing! Really?

[papau]

5. Doe ends up 35 for day - OK - all logic is gone!

Pulling out of a deep trough earlier in the session, the Dow leads a comeback, ending the day with a 35-point gain, while the Nasdaq loses 10 points.

sigh .....

:-)