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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (33447)	8/17/2005 9:59:37 AM
From: T L Comiskey	Read Replies (1) \| Respond to of 361402

LOL... great thinking.. Perfect in Fact

To: Wharf Rat who wrote (33447)	8/17/2005 10:01:27 AM
From: Wharf Rat	Respond to of 361402

AP Stocks Hardly Move After Inflation Data Wednesday August 17, 9:51 am ET By Ellen Simon, AP Business Writer Stocks Hardly Move After July Wholesale Inflation Numbers Rise on Higher Gas Prices NEW YORK (AP) -- Stocks barely budged Wednesday as government data showed wholesale inflation for July increased by the largest amount in nine months thanks to higher gas prices. Wall Street has been looking warily for signs that higher energy costs are sparking inflation, which could curb consumer spending, raise business costs and spark more interest rate hikes by the Federal Reserve. It found those inflationary signs Wednesday when the Labor Department reported that its Producer Price Index, which measures price pressures before they reach the consumer, jumped by 1 percent in July, the biggest advance since a 1.5 percent increase last October. The report displeased investors, who were already on guard after Wal-Mart Stores Inc. said Tuesday its customers were spending less because gasoline was costing them more. The Labor Department's report showed the core rate of inflation, excluding energy and food, rose by a worrisome 0.4 percent in July, the biggest increase since January. In the first hour of trading, the Dow Jones industrial average rose 0.39, or 0 percent, to 10,513.84. Broader stock indicators were narrowly mixed. The Standard & Poor's 500 index fell 0.46, or 0.04 percent, to 1,218.88, and the Nasdaq composite index rose 1.85, or 0.09 percent, to 2,138.91. Bonds fell, with the yield on the 10-year Treasury note rising to 4.24 percent from 4.21 percent late Tuesday. The U.S. dollar was up against the euro in European trading. Gold prices were lower. Crude oil futures dropped. A barrel of light crude was quoted at $65.85, down 23 cents, in electronic trading on the New York Mercantile Exchange. The government reported Monday that the average nationwide price for gasoline rose to $2.55 per gallon in its latest survey, up 18 cents per gallon in just one week. In company news, Hewlett-Packard Co. rose $2.20 to $25.90 after its fiscal third-quarter results easily surpassed Wall Street expectations, though a one-time tax adjustment led to a sharp decrease in the computer maker's earnings. In the first full quarter under CEO Mark Hurd, the company reported higher sales in all its major businesses -- computers, printers and services. The company, which reported after the close of regular trading Tuesday, also predicted the momentum would continue in the current quarter as a corporate restructuring continues. DaimlerChrysler AG fell 70 cents to $49.96 after German regulators said they have opened a formal investigation into possible insider trading of the company's stock. Germany's financial-services watchdog, BaFin, ran a routine check after DaimlerChrysler's stock jumped just before last month's announcement that Chief Executive Juergen Schrempp would resign. The Russell 2000 index of smaller companies fell 1.90, or 0.29 percent, to 652.71. Overseas, Japan's Nikkei stock average fell 0.35 percent. In afternoon trading, Britain's FTSE 100 was down 0.61 percent, Germany's DAX index was down 0.65 percent, and France's CAC-40 was down 0.68 percent. biz.yahoo.com