Stocks sag on oil production cuts
Wall Street edged lower as markets closed a turbulent quarter with losses across the Dow Nasdaq and S&P 500. A weak factory growth reading and OPEC oil cuts weighed on sentiment while February factory orders rose 0.3 percent defying January slump.
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Enron Acountant Causey Freed From Asset Freeze
A federal judge freed Richard Causey from most of a 34 million asset freeze, allowing access to 225000 in securities with a condition he not spend it on club fees. Co defendant Jeffrey Skilling appeals a 55 million freeze. Causey faces 31 counts including securities fraud and insider trading while Skilling faces 35 counts. both plead not guilty and await trial.
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Rumor Denied Greenspan Heart Attack Health
The Federal Reserve rejected rumors that chairman Alan Greenspan suffered a heart attack. A Fed spokeswoman said there is no truth to the rumor and that Greenspan, who turned 78, is fine as markets opened on Wednesday.
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Associated Press
Crude falls as inventories rise and OPEC cuts output
Crude futures sank on the NYMEX after U.S. crude stocks rose to a 1 1/4 month high and OPEC agreed to cut output by 1 million barrels a day. May light, sweet crude settled at 35.76 a barrel, down 49 cents, with intraday low 34.85. Brent on LME fell to 31.51. OPEC plans to trim to 23.5 million bpd from April 1, with Kuwait signaling possible May cuts as inventories rose 3.7 million barrels to 294.3 million. The rise defied traders’ buy the rumor sell the fact drift amid expected cuts.
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