Enron workers await bankruptcy in Houston
Enron Corp faced a mounting halt as workers waited for public comment and a possible bankruptcy filing largest in history. More than 6,000 Houston employees faced potential job loss next week while 1,100 were laid off in Britain, and Dynegy walked away from a 48.4 billion bailout.
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Stocks rise on hopes despite weak data and GDP revision
Investors pushed stocks higher amid mixed signals from weak readings while focusing on hopeful 2002 prospects. Dow gained 22.14 to 9851.56 as Nasdaq and S&P edged lower. GDP for Q3 contracted 1.1 percent and Chicago area PMI fell to 41.1 in November.
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Oil futures rally as traders cover shorts ahead of weekend
Crude oil and product futures on the New York Mercantile Exchange climb as traders cover short positions. Front-month January crude up 82 cents to 19.44 a barrel while December heating oil and gasoline rise to 53.23 and 53.43 cents per gallon respectively. Brent crude in London gains 73 cents to 19.14.
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Corn futures jump after China buys U.S. corn shipment
Corn futures at the Chicago Board of Trade closed sharply higher after China purchased 500000 metric tons of U.S. corn, the largest shipment since 1995. The USDA confirmed the sale in a surprise Friday announcement, reversing recent lows when prices fell below $2 a bushel two sessions earlier.
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