Oil is dropping after a bailout of Spain's banks has done little to ease doubts about a long-term solution for Europe's financial crisis. Benchmark oil fell 75 cents to $83.35 per barrel Monday in New York. Brent crude dropped 38 cents to $99.09 in London. European countries have agreed to lend Spain up to $125 billion to help its troubled banking system. But traders remain worried that Europe's larger financial problems will hurt demand for oil. Some of the price decline is being tempered after China said that it imported nearly 6 million barrels of crude per day in May. That's up 10 percent from April. Meanwhile, AAA says the national average for gasoline fell less than a penny overnight to $3.54 a gallon.
Tag: news
US factory orders fell 0.6 percent in April
By MARTIN CRUTSINGER
AP Economics Writer
(AP:WASHINGTON) Companies placed fewer orders to U.S. factories for the second straight month and a key measure that tracks business investment plans fell, adding to evidence that the economy is weakening.
The Commerce Department said Monday that orders for factory goods fell 0.6 percent in April from March.
Demand for so-called core capital goods, such as heavy machinery and computers, dropped 2.1 percent in April. That followed a 2.3 percent decline in March. Continue reading "US factory orders fell 0.6 percent in April"
Consumer confidence in the economy plunged in May
(AP:NEW YORK) Americans confidence in the economy fell the most in eight months as worries about the weak jobs, housing and stock markets continue to rattle them.
The Conference Board, a private research group, said on Tuesday that its Consumer Confidence Index now stands at 64.9, down from a revised 68.7 in April.
The May figure, which represents the biggest drop since October 2011 when the measure fell about 6 points, shows that consumers need more encouraging news before their concerns start to dissipate. Despite easing gas prices, Americans continue to be concerned about slow hiring, declining home values, big drops in the stock Continue reading "Consumer confidence in the economy plunged in May"
Stocks Close Mixed Following Choppy Trading Day
(RTTNews) - Stocks showed a lack of direction over the course of the trading day on Thursday, as seemed reluctant to make any significant moves. The choppy trading came after the markets saw considerable volatility over the course of the two previous sessions.
The major averages bounced back and forth across the unchanged line, eventually ending the session mixed. While the Nasdaq fell 10.74 points or 0.4 percent to 2,839.38, the Dow rose 33.60 points or 0.3 percent to 12,529.75 and the S&P 500 edged up 1.82 points or 0.1 percent to 1,320.68. Continue reading "Stocks Close Mixed Following Choppy Trading Day"
Stocks Turning In A Lackluster Performance
(RTTNews) - Stocks have shown a lack of direction over the course of morning trading on Thursday after ending the previous session mixed following an afternoon recovery. The major averages have been bouncing back and forth across the unchanged line.
The choppy trading on Wall Street reflects uncertainty about the near-term outlook for the markets following the sharp pullback seen earlier this month. Continue reading "Stocks Turning In A Lackluster Performance"
