Al Khaleej stuns Al Hilal with 3-2 victory, ending 57-match unbeaten run    Turki Al-Sheikh crowned "Most Influential Personality in the Last Decade" at MENA Effie Awards 2024    Saudi Arabia arrests 19,696 illegals in a week    SFDA move to impose travel ban on workers of food outlets in the event of food poisoning    GACA: 1029 complaints recorded against airlines, with least complaints in Riyadh and Buraidah airports during October    CMA plans to allow former expatriates in Saudi and other Gulf states to invest in TASI    11 killed, 23 injured in Israeli airstrike on Beirut    Trump picks billionaire Scott Bessent for Treasury Secretary    WHO: Mpox remains an international public health emergency    2 Pakistanis arrested for promoting methamphetamine    Move to ban on establishing zoos in residential neighborhoods    Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Saudi Arabia and Japan to collaborate on training Saudi students in Manga comics Saudi Minister of Culture discusses cultural collaboration during Tokyo visit    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Wall Street Closing
Published in Saudi Press Agency on 21 - 02 - 2008

Stocks rose Wednesday as investors showed relief that the Federal Reserve (Fed) continues to believe the U.S. economy can avoid a recession, despite lower growth, rising unemployment, and more inflationary pressure. Investors showed little reaction as oil prices hit a record high for a second consecutive session.
Stocks fell Wednesday morning after a jump in U.S. consumer prices raised concerns about inflation and the Fed's ability to keep cutting interest rates amid spiking oil prices. But those worries faded in the afternoon, with investors purchasing some stocks that were hardest hit in the recent sell-off, including retail, technology, and financial shares.
In the afternoon, the Fed released its notes from the last two policy meetings, which showed that the central bankers saw that the U.S. economy had weakened, that conditions in the labor market had deteriorated, and that inflationary pressures were growing. In addition to the notes, the Fed released its updated economic outlook. The bankers now expect a bigger 2008 slowdown than their last reported forecast in October.
Stocks ended lower Tuesday after crude-oil prices spiked to a record of $100.01 a barrel on concerns about potential OPEC production cuts and a Texas refinery fire. Oil retreated somewhat from those highs for much of Wednesday's session before gaining momentum in the afternoon, with light sweet crude for March delivery hitting a trading record of $101.32 on the New York Mercantile Exchange before ending just short of that at $100.70.
The Dow Jones industrial average rose 90.04, or 0.7 percent, to 12,427.26. Hewlett-Packard reported higher first-quarter sales and earnings that surpassed forecasts. The personal-computer and printer maker also raised its current-quarter profit outlook. Its shares jumped 8 percent, boosting both the Dow and the technology-heavy Nasdaq.
AT&T and Verizon Communications dropped Tuesday on concerns about the telecommunications companies' profitability. AT&T fell another 4 percent Wednesday, and Verizon shares fell as well.
The broader Standard & Poor's 500 index rose 11.25, or 0.8 percent, to 1,360.03. The Nasdaq composite index rose 20.90, or 0.9 percent, to 2,327.10. Hewlett-Packard's quarterly results sparked gains for IBM, Dell, Oracle, and Applied Materials.
The New York Stock Exchange composite index rose 50.92 to 9,073.96. The American Stock Exchange composite index rose 17.37 to 2,264.36. And the Russell 2000 index rose 7.68 to 710.02.


Clic here to read the story from its source.