U.S. stocks drop, bonds rise on weak data, Iraq
Reuters
U.S. stocks drop, bonds rise on weak data, Iraq
Thursday February 20, 7:26 pm ET
By Jan Paschal
biz.yahoo.com
The following is an excerpt:
NEW YORK , Feb 20 (Reuters) -" U.S. stocks and the dollar fell on Thursday while
bonds and gold gained as gloomy economic data and fears of war in Iraq cooled
investors' enthusiasm for equities."
For the third straight day, investors sought the safe haven of U.S. government debt,
helping to push benchmark 10-year yields down to 3.87 percent, close to their lows of
the year.
A record U.S. trade deficit and data
showing unexpectedly high inflation
rocked the dollar, pushing it down to
a fresh three-week low against
Japan's yen. Gold prices jumped
after the U.S. government reported
the biggest monthly increase in
producer prices in 13 years.
In New York, crude oil futures ended
lower as the March contract expired.
But oil prices remain close to $37 a
barrel, a 2-1/2-year high, due to
concerns that a U.S. war with Iraq
would interrupt supplies from the
Gulf region.
On Wall Street, an FCC ruling gave
new meaning to the phrase "For Whom the Bell Tolls." The U.S. Federal
Communications Commission (News - Websites) decided on Thursday to uphold rules
forcing "Baby Bell" local phone companies to share their networks with rivals." |
