Oil Prices Drop as Stocks Rise on Earnings News
Stocks gained for a second straight session as oil fell more than 20 dollars from a record, aided by upbeat earnings from AT&T McDonald’s and Pfizer. The Dow rose 29.88 to 11,632.38 while the S&P 500 added 5.19 to 1,282.19 and the Nasdaq climbed 21.92 to 2,325.88, as investors priced in improved profits and a easing oil demand concern.
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Commodities Marked By Cooling After Rally In Oils And Grains
Prices for crude oil corn soybeans and wheat slid over the past week as the economy and milder weather curb demand. Gold silver copper and other metals also retreated while analysts cautioned that the drop may be a short term correction rather than a lasting downturn.
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Toyota tops GM in global first half sales
Toyota sold 4,817,941 vehicles worldwide in the first six months, 277,532 more than GM, with Toyota up 2 percent and GM down 3 percent. U.S. sales fell 6 percent for Toyota and 16 percent for GM, while GM grew 10 percent outside North America in markets like Russia and China. Analysts call the U.S. the sore spot amid a challenging auto market.
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Chrysler to cut 1000 salaried jobs worldwide by Sept 30
Chrysler LLC plans to trim 1000 salaried positions globally by September 30 in a bid to restore profitability amid U S sales slump. Most cuts will come through early retirements attrition and voluntary separations with involuntary layoffs possible if targets aren’t met.
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