Stocks advance for second day as traders weigh economy
Wall Street extended its gains with the Dow up 108.44 points to 12,378.61 as investors weighed a steady job market and hoped for pro growth policy. The move followed Fitch lowering bond insurer Security Capital Assurance Ltd amid mortgage and credit crisis concerns.
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On the Net The New York Stock Exchange
A brief note directs readers to the NYSE official site www nyse com for market data tools listings and investor resources with no further details provided.
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Oil prices jump on stimulus plan and supply drop
Oil futures rose sharply after a Bush administration stimulus accord to provide tax rebates. Market optimism supported gains as distillate stockpiles fell 1.3 million barrels, beyond analysts' expectations. Light crude settled at 89.41 per barrel amid policy and supply headlines.
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Fitch Cuts Ratings on Southwest Airlines Downgrade
Fitch Ratings lowered Southwest Airlines debt ratings citing the planned buyback of up to 500 million dollars and weak industry conditions. The ratings remain investment grade at A minus with a negative outlook, as Southwest faces a challenging economy and high jet fuel costs.
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Allis-Chalmers to buy Bronco Drilling in 437.8 million deal
Houston oilfield services firm Allis-Chalmers Energy plans to acquire Bronco Drilling Co for 437.8 million in cash and stock, with 280 million cash and 157.8 million in stock. The price of 16.33 per Bronco share at a 22 percent premium targets midyear closing. Ford to cut labor costs with buyouts and early retirements for 54000 U.S. hourly workers as part of UAW talks.
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GM forms global engineering group for hybrids and EVs
GM created a new global engineering unit to accelerate development and market entry of electric and hybrid vehicles. Led by Robert Kruse, the team will operate in Warren and Milford with sites in Germany and China, mirroring Chrysler’s similar move.
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