PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: Kenneth E. Phillipps who wrote (682687)	5/18/2005 4:53:00 PM
From: Hope Praytochange	Read Replies (1) of 769670

Schaeffer's Recap - Dow Up 300+ Points in Three Days This morning started off with the release of the Consumer Price Index (CPI) for April. The inflation indicator increased by 0.5 percent in April, thanks to a 4.5-percent jump in energy prices. Analysts had expected an increase to 0.4 percent in the month following March's 0.6-percent gain. The core CPI, which excludes food and energy costs, came in unchanged for the month, logging the lowest rate of underlying inflation since November 2003. The consensus was calling for an increase of 0.2 percent in April. The Street viewed this report as reassurance that the spike in energy costs over the past six months have not contributed to prices charged for other goods and services. This good news set the Dow Jones Industrial Average (DJIA) on the path for another day of triple-digit gains. The rally was also fueled by the latest round of crude inventory numbers from the Energy Department and the American Petroleum Institute (API). The Energy Department reported that crude supplies jumped by 4.3 million barrels last week. This addition brings the total number of barrels to 334 million, much higher than the upper end of the average range for this time of year and the highest level for crude inventories since May 1999. What's more, this is the 13th week out of the past 14 that inventories have increased. The API reported that crude supplies increased by 2.5 million barrels, closer to analysts' expectations for an increase of 1.8 million barrels. Today's news gave Kerr Trading International president, Kevin Kerr, cause to wax (in an article on MarketWatch ) that $45 is "clearly the next target level for this market."

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