Here is the article from Yahoo, Kenneth...
Care to point out where it says: "the market was up dramatically"
Stocks Up on Dramatically Lower Oil Prices
Wed Mar 23, 1:26 PM ET
By MEG RICHARDS, AP Business Writer
NEW YORK - Stocks were modestly higher Wednesday as dramatically lower oil prices offset anxiety over new government data that showed further evidence of rising inflation.
In afternoon trading, the Dow Jones industrial average was up 0.23, essentially flat, at 10,470.74.
The broader gauges were also narrowly higher. The Standard & Poor's 500 index was up 2.01, or 0.17 percent, at 1,173.72. The Nasdaq composite index added 4.61, or 0.23 percent, to 1,993.95, largely on strength in the chip industry; the Philadelphia Semiconductor Index was up 1.41 percent.
Oil dropped $2.53 to $53.50 per barrel on the New York Mercantile Exchange, as a weekly government report showed a larger than expected build in crude supplies. Gold prices also fell, and the U.S. dollar rose sharply against other major currencies following Tuesday's decision by the Federal Reserve (news - web sites) to raise short-term interest rates by another quarter-point to 2.75 percent. Bonds were mixed, with the yield on the 10-year Treasury declining to 4.61 percent, from 4.63 percent late Tuesday.
The Labor Department (news - web sites) reported a higher-than-expected 0.4 percent rise in consumer prices for February, which underscored inflation concerns highlighted in Tuesday's Fed statement. The increase in the consumer price index, the government's most closely watched inflation barometer, came after prices nudged up by just 0.1 percent in January. Economists had forecast a 0.3 percent rise
Although sharp increases in energy costs — including gasoline — led the way in February, many other prices, including airfares, medical care, and for education, also went up. The "core" CPI, which excludes energy and food, rose 0.3 percent, its largest increase since September.
"I think the Fed got a chance to review the CPI numbers yesterday, so I think that was baked into their actions already," said Jack A. Ablin, chief investment officer at Harris Private Bank. "Still, this is the worst (CPI) report we've seen for six months. Core is up 2.4 percent year-over-year, and it's ratcheting higher and creating concern."
General Motors Corp. declined 81 cents to $28.73 on a report it is in talks with private equity firms about selling part of its GMAC Commercial Mortgage unit. The deal could raise as much as $1 billion for the world's largest automaker, The Wall Street Journal reported Wednesday, citing people close to the matter. Talks of a sale come as GM tries to avert a possible credit downgrade resulting from its slumping North American business.
Business software maker Oracle Corp. was up 2 cents at $12.51 after its quarterly earnings dropped 15 percent because of the financial fallout from its $10.6 billion acquisition of PeopleSoft Inc. Excluding the complex accounting for the PeopleSoft takeover, however, Oracle's earnings were a penny above analyst estimates.
MCI Inc. was up 19 cents at $23.16 on a Journal report that its board plans to discuss about the latest buyout offer from Qwest Communications International Inc. The long-distance phone company has been under pressure to consider a Qwest bid after agreeing to smaller offer from Verizon Communications Inc. Qwest gained 3 cents to $3.80 on the news; Verizon added 64 cents to $35.10.
Decliners outnumbered advancing issues by more than 2 to 1 on the New York Stock Exchange (news - web sites). Volume came to 996.71 million shares, compared to 747.69 million shares traded at the same point Tuesday.
The Russell 2000 index, which tracks smaller company stocks, was down 3.70, or 0.60 percent, at 614.88.
Overseas, Japan's Nikkei stock average declined 0.87 percent. In Europe, France's CAC-40 shed 0.36 percent, Britain's FTSE 100 fell 0.54 percent and Germany's DAX index lost 0.08 percent.
news.yahoo.com
Nice try, but no banana for you, Kenneth. However, we do have some nice parting gifts. Johnny, tell Kenneth what he's won. :)
Diz- |
