CEDA reviews role of reforms in diversification of economy and surge in non-oil revenues    79 hospitality facilities in Makkah and Madinah face penalties for closure order violations    Saudi Arabia hosts large-scale iftar banquets in Indonesia, Kyrgyzstan, and Malaysia    Saudi Arabia records 23,865 violations in nationwide residency and labor law inspections    S&P upgrades Saudi Arabia's credit rating to A+    Trump orders 'decisive' military action against Houthis in Yemen    US Senate passes Republican spending bill to avert government shutdown    Zelenskyy says territorial control key to peace talks, rejects recognition of occupied regions    Pakistan says train hijacking death toll rises to 30, accuses India and Afghanistan of supporting militants    Al Nassr climbs to third with dominant win over Al Khaleej, Al Qadsiah slips after loss to Damac    Power bank likely caused South Korea plane fire, investigators say    Makkah Lanterns Festival returns for the eighth year as part of Ramadan activities    Crown Prince receives Yazeed Al-Rajhi after historic Dakar Rally 2025 victory    SR17 million fines slapped on 16 individuals and companies convicted of violating Capital Market Law    Saleh Al-Shehri's late penalty rescues Al Ittihad against Al Riyadh    Grand Mufti rules against posting prayers and preaching in mosques on social media    Man lives for 100 days with titanium heart in successful new trial    Argentinian court begins trial of seven healthcare professionals over Maradona's death    Singer Wheesung who wooed Korea with his ballads, found dead at 43    Prince Frederik of Luxembourg dies from rare disease    Real-life shipwreck story wins major book award    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    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    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    







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Wall Street Closing
Published in Saudi Press Agency on 11 - 06 - 2009

Stocks fell modestly Wednesday, as spiking Treasury yields and rising commodity prices added to concerns that inflation could limit any U.S. economic recovery.
Treasury prices fell, boosting the corresponding yields. The benchmark 10-year note fell two-thirds of a point and its yield rose to 3.94 percent from 3.86 percent on Tuesday. The yield had risen as high as 4 percent. Stock prices and bond yields move in opposite directions.
The concerns about rising yields overshadowed any relief about Chrysler's completed deal with Fiat and Home Depot's improved forecast.
Italian automaker Fiat closed a deal to buy the valuable assets of bankrupt Chrysler, after the U.S. Supreme Court allowed the agreement to proceed. Fiat will take a 20 percent stake in the new company to start with, but that holding can grow to 35 percent if the company reaches certain goals.
The new company, called the Chrysler Group, will be majority owned by the United Auto Workers union, and the U.S. and Canadian governments will hold minority stakes.
The Federal Reserve (Fed) released its “beige book” survey on the U.S. economy on Wednesday, showing it remained weak or got weaker between mid-April and early May, though five of the 12 Fed districts said there were signs the pace of the recession is slowing. Another government report showed the U.S. trade deficit widened to $29.2 billion in March.
Light sweet crude oil for July delivery rose $1.32 to settle at $71.33 a barrel on the New York Mercantile Exchange, building on earlier gains after the U.S. government's weekly petroleum inventory report showed a surprising drop in crude supplies. The U.S. dollar gained versus the euro and the yen.
The Dow Jones industrial average fell 24.04, or 0.3 percent, to 8,739.02. Home Depot said it now expects full-year profits to be between flat and down 7 percent, compared to its earlier prediction of a 7 percent decline. Shares of the home-improvement retailer were little changed.
The broader Standard & Poor's 500 index fell 3.28, or 0.35 percent, to 939.15. The technology-heavy Nasdaq composite index fell 7.05, or 0.4 percent, to 1,853.08. The New York Stock Exchange composite index was virtually unchanged, falling 3.51 to 6,098.06. The American Stock Exchange composite index rose 1.59 to 1,614.37. And the Russell 2000 index fell 4.22 to 523.71.


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