Wednesday, January 28, 2009

Markets 1/27/2009

Negative news couldn't put a dent in the stock market where the Dow industrials gained 0.7 percent. Shares of financial firms were big gainers despite poor earnings from American Express which is raising its bad debt allowance further. News after the market close was definitely negative as online portal Yahoo posted a surprise loss, a big contrast to powerhouse earnings posted last week by Google.

Talk of bulging supplies and news that Shell is selling floating inventory sent a chill through the oil market where oil fell steeply to end at $41.85. Gold couldn't quite hold over $900, ending slightly lower at $898.

The dollar was little changed at $1.3150 against the euro while Treasuries were mixed, with yields rising slightly for T-bills and falling for bonds.

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