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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Jun 20, 2009
Page
3
The stock market closed mixed on Friday with the Dow slipping 15.87 points to 8,539.73 while the S&P 500 rose 2.86 to 921.23 and the Nasdaq gained 19.75 to 1,827.47. Traders fear the economic rebound may be softer than hoped as quadruple witching adds jitters.
Gasoline markets showed signs of an end to an extended pump-price rally after 52 straight days of gains as futures slid on news of a large surplus. July delivery gasoline fell 10.5 cents to 1.9244 dollars a gallon, while crude for July dropped 1.82 to 69.55 dollars a barrel.
Houston based Schlumberger said it cut another 100 North America jobs this week while Halliburton and Baker Hughes also reduced positions. The three majors have shed about 10,000 roles this year as producers curb spending, even as crude prices rise about 35 percent since May. Schlumberger notes overtime cuts and contractor releases amid market downturn.
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