Dow Near 10,000 as Afghanistan News Boosts Stocks
U S stocks rallied with the Dow gaining 109.47 to 9,976.46 as optimism rose from reports of Taliban retreat in Afghanistan and lower energy costs. Nasdaq and S P 500 also rose with gains paced by American Express Microsoft Conoco Alcoa and others. Analysts caution the move reflects a rebound from the September 11 selloff rather than a solid sustainable upturn.
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Enron restates third quarter earnings amid probes
Houston based Enron restated its Q3 earnings reducing a loss to 80 cents per share while boosting nine month earnings to 20 cents. The company cites unsettled auditor review due to a union board led investigation and says Dynegy plans to assume 13 billion dollars of Enron debt with a merger expected by next summer.
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Housing construction dips 1.3 percent in October
Commerce Department data show October housing starts at a 1.55 million annual pace, down 1.3 percent from September. Builders cite caution amid weaker consumer confidence and rising unemployment, while multifamily units rise 1.9 percent and single family drops 1.2 percent. Wall Street rallies on hope the worst is over for the economy.
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Oil futures slip at NYMEX as Russia resists deeper cut
Crude oil futures declined on the New York Mercantile Exchange amid thin pre holiday trading and wavering activity after a 29‑month low. December crude slid to about 17.72 a barrel as Russia showed reluctance to deepen production cuts, despite talks with OPEC and Mexico.
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Oil talks stall as Kudrin dampens supply cut hopes
Russia’s Alexei Kudrin signaled openness to negotiating oil output cuts but rejected deeper reductions, cooling expectations for an OPEC led deal. Brent crude in London rose to 18.01 a barrel while heating oil and natural gas futures edged higher amid volatile energy markets.
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Russia
OPEC
London
Brent
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