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Newspaper
Baytown Sun
Location
Baytown, Texas, United States of America
Date
May 20, 2003
Page
9
The Dow fell 185.58 points to 8493.39 as investors grew wary of a weakening dollar and potential foreign sales. A US Supreme Court ruling on drug price reductions in Maine spurred profit-taking after weeks of gains, with analysts predicting a modest May June pullback.
The Bush administration reaffirms no change to a strong dollar policy after Treasury Secretary Snow advised market fundamentals. Ari Fleischer stated there is no change and declined to redefine strong dollar. Currency markets dumped the dollar, and stocks fell with the Nasdaq down 3 percent and the S&P 500 slipping about 2.5 percent amid the shift in sentiment.
Houston report introduces a Texas oil and gas production index created by the Texas Alliance of Energy Producers Wells Fargo Bank and Amarillo economist Karl Ingham The index distills 25 measures from 1995 onward weighs oil and gas prices rig counts permitting and completion data with a baseline of 100 in 1995 The latest peak hit 142 8 in August 2001 while a 83 7 low occurred in June 1999 The index stood at 128 1 in March and has risen since January
The Conference Board said the Leading Economic Indicators rose 0.1 point to 110.6 in April, with weakness in labor and manufacturing offset by stock market gains and upbeat consumer expectations. The Dow dropped 185.58 points to 8493.39, Nasdaq fell 45.76, and the S&P 500 slid 23.53 as investors fret over a weaker dollar and a potential Maine drug price rule.
Crude futures on the NYMEX fell as traders booked gains amid concerns about a weakening economy and thin news flow. June light crude settled at 28.83 a barrel, gasoline and heating oil also declined, while Brent on the IPE eased to 25.61. Inventory forecasts point to a weekly draw of about 1.6 million barrels.
Midland based Cap Rock Energy faces potential rate hikes up to three percent and new competition rules if Gov. Perry signs Senate Bill 1280. The measure would grant the Public Utility Commission broad power to set conditions for Cap Rock amid a move to open its service area to competition. Cap Rock serves about 17 000 customers across West and Central Texas including Ector and Midland counties.
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