Stocks rebound as Fed statement fails to calm nerves
Wall Street fluctuated after the Federal Reserve held rates and signaled patience on policy. Investors saw job growth lag as a risk to the recovery, though bargain buyers later renewed gains. Dow rose 81.78 to 10,184.67, S&P 500 up 6.21 to 1,110.70, Nasdaq +3.89 to 1,943.09.
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Fed
Brian Pears
Victory Capital Management
Dow
Standard & Poor
Wall Street
827 Bids On Gulf Offshore Leases Amid High Prices
The Mineral Management Service in New Orleans opened bids from 73 exploration companies for 557 Gulf of Mexico leases as oil prices near 37 dollars a barrel and natural gas above five dollars per thousand cubic feet. Tracts span shallow shelf to deepwater, with 340 on shallow shelf, 73 deepwater, and 91 beyond 5,300 feet. Despite high prices, offshore-service firms report weak current activity but anticipate a pickup in 2004.
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New Orleans
Gulf of Mexico
Federal Mineralist Service
Louisiana
Mississippi
Alabama
Ter
MMS
Daryl Fagot
Fagot
Central Gulf
Court refuses to reconsider Exxon verdict
The 11th U.S. Circuit Court of Appeals refused to review a three-judge panel ruling upholding a verdict against 10,000 Exxon gas station owners. The case claims they were overcharged for gasoline over 12 years, with the judgment now estimated at 1.3 billion dollars, about 130 thousand per owner.
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Miami
US. Circuit Court of Appeals
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