Stocks end higher as cautious traders drive modest advance
Wall Street opened the new year with a careful but solid gain as the Dow rose 51.90 to 10,073.40 and the Nasdaq added 28.85 to 1,979.25 while blue chips faced profit taking. Analysts cited light holiday volume and mixed signals on 2002 conditions despite ISM manufacturing index rising to 48.2 in December.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Alan Ackerman
Fahnestock & Co
Dow Jones
Dow
Standard & Poor
Supply Management
The
National Association of Purchasing Management
Diversified U.S. Economy Seen Resilient to Terror Attacks
Washington AP reports economists say the U.S. economy's size, diversity, and decentralization would absorb any single attack quickly. The main risk lies in consumer confidence as spending drives two thirds of activity, with fear potentially dampening demand.
MENTIONED IN THIS ARTICLE
Washington
Osama bin Laden
America
U.S
Stephen Cecchetti
Ohio State University
Oil futures rebound after OPEC cut and cold Northeast
New York Mercantile Exchange futures rose as cold Northeast weather and a Friday OPEC production cut spurred buying after earlier declines. Analysts said the earlier drop was overdone, prompting covers and new demand. API data showed drops in motor gasoline stocks and crude oil. Light sweet crude closed up 14.17 at 21.01 per barrel.
MENTIONED IN THIS ARTICLE
NEW York
New York Mercantile Exchange
Organization of Petroleum Exporting Countries
OPEC
Mar
American Petroleum Institute
Phil
OPEC to Raise Output as Non-OPEC Cuts Stall Oil Prices
Flynn of Alaron Trading notes early indications that production cuts by OPEC and others proceed smoothly. Oil futures move with Brent at $21 a barrel in London, while heating oil climbs to 57.86 cents per gallon and unleaded gasoline to 61.06 cents. Natural gas futures dip to $2.465 per 1000 cubic feet. OPEC plans to boost output by 1.5 million barrels daily from Jan 1 after securing a 500,000 barrel per day cut from non-OPEC peers. OPEC officials expect the basket price to average about $22 a barrel this year as prices have fallen sharply amid a weak global economy.
MENTIONED IN THIS ARTICLE
Flynn
Alaron Trading Corp
Chicago
OPEC
North Sea
London
International Petroleum Exchange
Ali Rodriguez
Venpres
Opecna
Floating production storage and offloading systems approved
New policy allows oil companies to apply for FPSO use in the Gulf of Mexico to draw oil from wells store it in the hull and later unload onto tankers. MMS says environmental risks are comparable to existing offshore systems though a 471 block area off the coast remains prohibited while studies continue. Reviews may take months before FPSOs appear in the gulf.
MENTIONED IN THIS ARTICLE
New Orleans
Gulf of Mexico
Department of the Interior
Minerals Management Service of the Interior Department
MMS
Depwater
Central
Western
Gulf of
Mexico
Gulf
Offshore Minerals
Carolina Kallaur
Galveston
Coast Guard
Daryl Fagot
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Kaandee Vane
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Comerg
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Sashes
Geeky
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AEP
BP PLC
Unrak
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Nas
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Spundel NY A
Nis Ay
MorgStan
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Pfize
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Dia
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the Bartown Sun
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Decker Baytown
Edward Jones
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AW Investment Professionals, Inc
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Mi Ty
Stephen V. Takach
N. Alexander
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