King Salman Global Academy for Arabic Language launches program with Indiana University    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    China retaliates against Trump's trade war with 34% reciprocal tariffs on US goods    Saudi Arabia condemns Israeli escalation, targeting of civilians and Saudi warehouse in Gaza    Danish PM dismisses US desire to annex Greenland 'You cannot annex another country'    Bulgaria's government survives no-confidence vote brought by pro-Russia party    Saudi Crown Prince, Iranian president discuss regional developments in Eid phone call    Rain expected in Makkah and Jeddah on Saturday    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Tesla sales plunge after backlash against Elon Musk    Musk's X is suing India, as Tesla and Starlink plan entry    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    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 18 - 04 - 2008

Stocks ended mixed on Thursday, with strength in financial and certain technology shares helping the Dow erase losses and the Nasdaq recover from bigger declines.
Stocks had been lower through most of the session as investors considered weaker quarterly results from Merrill Lynch, a steep decline in a key manufacturing index, and oil and gasoline prices near record highs.
Merrill Lynch became the latest financial-services firm to report a steep loss, due largely to a big write-down related to bad mortgage investments. Merrill also said it will cut thousands of jobs. However, after falling in the early morning, its shares turned higher.
Financial stocks rebounded in the afternoon as investors reacted positively to reports that Citigroup is planning to cut its cost base by up to 20 percent. The sector also benefited from reports that Freddie Mac has confirmed it will buy mortgages from four top lenders, including Wells Fargo, J.P. Morgan Chase, Citigroup, and Washington Mutual.
In economic news, U.S. jobless claims rose, and the Philadelphia Fed index on mid-Atlantic manufacturing fell to negative 24.9 in April from negative 17.4 the previous month, a more than 7-year low.
Light sweet crude oil for May delivery fell 7 cents to $114.86 a barrel on the New York Mercantile Exchange, after hitting a record high of $115.54 a barrel in electronic trading. The U.S. national average price for a gallon (3.8 liters) of gasoline hit a record high of nearly $3.42. The U.S. dollar hit another record low versus the euro and rose against the yen.
The Dow Jones industrial average was little changed, rising 1.22 to 12,620.49. IBM reported higher quarterly profits that beat estimates due to strong U.S. sales. Its shares rose 2 percent. United Technologies reported higher quarterly sales and profits that surpassed estimates, but its shares fell. Pfizer reported lower profits that were better than estimates, but shares of the pharmaceutical firm fell.
The broader Standard & Poor's 500 index was virtually unchanged, rising 0.85 to 1,365.56. The technology-heavy Nasdaq composite index fell 8.28, or 0.35 percent, to 2,341.83. Online auctioneer eBay reported higher quarterly sales and profits that topped forecasts, but the company also reported weaker user growth than had been expected. Its shares fell 5 percent.
The New York Stock Exchange composite index fell 29.95 to 9,173.81. The American Stock Exchange composite index fell 3.58 to 2,342.25. And the Russell 2000 index fell 5.39 to 708.00.


Clic here to read the story from its source.