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Newspaper
Baytown Sun
Location
Baytown, Texas, United States of America
Date
Dec 29, 2001
Page
11
Wall Street posted slim gains as positive economic reports tempered year end tax selling. The Dow Jones reached its highest close since September 11, with the Nasdaq and S&P also advancing. Durable goods orders helped lift investor sentiment despite mixed November results.
The Conference Board reports December consumer confidence up to 93.7 from 84.9, the largest monthly rise in four years. New homes sales rose 6.4 percent in November, aided by mild weather and low mortgage rates, while orders for big-ticket items including appliances and autos also increased. Analysts cite improving fundamentals, stock gains, and lower rates as signals of a potential 2002 recovery.
OPEC ministers in Cairo announced a 6 percent cut in official crude output, equating to 1.5 million barrels per day. The six month measure aims to stabilize the market, with independent producers bearing future reductions, as Ali Rodriguez stated.
NEW YORK AP OPEC announces a 6 percent cut or 1.5 million barrels daily beginning Jan 1 for at least six months after pressing Russia and Norway to join. Crude and refined futures slip from early gains as heating oil and gasoline prices dip modestly amid buy the rumor sell the fact dynamics. Price outlook sees basket crude under $22 next year as demand softens.
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