Thursday January 29, 07:38 PM
STOCKS NEWS US-Crude oil down on economic data, stockpiles
Stocks on the move Real (Frankfurt: BJU1.F - news) -time Equity news
U.S. stock market report
1415 ET 29Jan2009-Crude oil down on economic data, stockpiles
------------------------------------------------------------------------------
March crude futures fell on Thursday, pressured by weak economic data and
swelling stockpiles in the U.S., signs that the recession was severely weighing
on demand at the world's largest oil consumer.
'Holding above $40 will become increasingly difficult as reportage
enumerate evidence of contracting demand,' said John Kilduff, senior vice
president of MF Global in New York.
The contract slid 1.9 percent to $41.33.
1405 ET 29Jan2009-Merrill Lynch (NYSE: MER - news) skeptical on 'bad bank' rallies
------------------------------------------------------------------------------
Merrill Lynch on Thursday expressed skepticism about market rallies related
to the idea that the government may form a 'bad bank' to help stabilize the
banking sector, noting that similar relief rallies occurred after the TARP
program was announced, after which 'recession realities and their implications
for corporate profits sank back in.'
When TARP was first unveiled, the firm wrote, the S&P 500 was at
1,255, dropping to 1,114 by the time it was signed and delivered to Congress.
'Today, we sit at 874 and most folks we talk to have the same euphoric look
in their eye with the latest 'aggregator bank' idea, as if this is now going to
be the savior for the credit cycle,' it wrote.
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
