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Newspaper
Baytown Sun
Location
Baytown, Texas, United States of America
Date
Jul 16, 2002
Page
9
Wall Street opened with a sharp selloff as investors avoided buying stocks awaiting second quarter earnings. The Dow fell as much as 439 points but rebounded to close down 45.34 at 8639.19, with tech shares finishing positive in a volatile session.
US companies increased inventories for the first time in 16 months, with stockpiles reaching 1.1 trillion dollars in May, up 0.2 percent from April. Analysts split on cause, some calling it a hopeful sign for recovery while others cite weak sales.
Pfizer will acquire rival Pharmacia in a stock transaction valued at $60 billion creating a global pharmaceutical leader. The combined firm would boost revenue beyond $48 billion and maintain an R&D budget over $7 billion, with Pharmacia executives turning to Pfizer roles post merger.
New York crude futures closed lower as weak equity markets, lower Venezuelan strike risk, and expectations of rising U.S. inventories weighed. August WTI fell 41 cents to 27.07, Brent dropped 26 cents to 26.06, gasoline 1.59 cents lower at 80.85, heating oil down 0.99 to 69.55, and natural gas at 2.784. Traders cited the broad market selloff and slower economic growth outlook.
Venezuela's deputy oil minister says he does not expect a strike by Fedepetrol, the largest oil workers union, after it threatened action if PdVSA talks fail. He expects discussions later this week with possible wage and benefit gains. Soybean oil futures rose on CBOT amid weather fears trimming crops while demand for oils grows.
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