Stocks Mixed After Cautious Trading In New York
Stocks closed mixed as investors weighed strong retail sales and upbeat company outlooks against concerns the rally may be exhausted. The Dow fell 50.74 to 8538.40 while the Nasdaq rose 2.96 to 1399.55 and the S&P 500 slipped 3.38 to 901.58 amid cautious sentiment.
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Bush taps Friedman for National Economic Council amid protests
President Bush named Stephen Friedman, a Wall Street banker, to head the National Economic Council. Conservatives opposed the pick, fearing reduced tax-cut backing, as Friedman replaces Lindsey and follows Snow’s Treasury nomination. Friedman vows a growth driven plan with up to 300 billion in tax cuts.
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Natural gas hits 19 month high as supplies tighten
New York AP report shows wholesale natural gas futures leaping to 5.15 per 1000 cubic feet on the NYMEX before settling at 5.10 as storage falls 162 billion cubic feet to 2.794 trillion. Gasoline and heating oil rise amid Venezuela unrest and OPEC production talks.
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Grain futures mixed as soybeans rise on export hopes
Chicago Board of Trade soybeans jumped on Thursday amid export market optimism and rumors of a China buy, while corn dipped on weak sales and Taiwan's purchase of Chinese corn. Wheat fell to 3.54 a bushel, March corn to 2.39, oats up to 2.02, January soybeans at 5.76.
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Stockyards Springfield hog market report snapshot
Eastern Cornbelt carcass not well established on a light test. Negotiated purchases total 16 266 Illinois Direct Hogs Laws. Demand was light for moderate to heavy offerings with prices across weight ranges. Boars under 300 pounds 12 to 18. Over 300 pounds 4 to 6. 1-3 300-400 lbs 16.00-18.00 400-500 lbs 19.00-21.00 500-600 lbs 20.00-22.00 rare 24.00 over 600 lbs 22.00-25.00.
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