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Equity Market News 29th July 2010

Equity Org Headlines:

Crude, precious metals prices fall; base metals mixed

Oil prices fall as US inventories swell

Crude oil trades lower, but most metals prices rise

Crude prices up despite rising oil, gasoline inventories in US

Crude oil, metals prices start year with gains

Crude prices up, metals lower ahead of holidays

Natural gas prices rise as other energy, metals prices decline

Crude oil, metals prices jump on data

Crude falls in New York, metals gain on session

US inventories send oil prices lower

07/09/05

Permalink 08:08:40 am, Categories: New York NYSE, Manufacturing, Food, Steel, 223 words  

Investors consider Katrina economy impact

As investors and analysts seemed to be taking the tack that the recovery from Hurricane Katrina might actually help the economy out, despite an estimate from Treasury Secretary John Snow that the fallout from Katrina could cut half a percentage point off US economic growth for the year, New York equities markets were up again on Wednesday.

The Dow Jones Industrial Average gained 0.4 percent to 10,633.50, the Nasdaq composite index was up 0.2 percent to 2,172.03, and the S&P 500 advanced by 0.2 percent to 1,236.36.

Fast food and hotel and casino operators saw gains on the day. The hotel and casino sector fell last week, largely on hits to that industry in the hurricane zone, but is seeing a recovery this week. Starwood was up 2.3 percent to $59.80, Hilton Hotels gained 2.7 percent to $23.61, and Harrah’s Entertainment added 5.4 percent to $72.21. In the fast food sector, Yum Brands, the operator of KFC, Pizza Hut, and Taco Bell, was up 6.1 percent to $50.66 on comments that higher energy prices do not seem to be having much effect on sales. McDonald’s gained 3.2 percent to $33.70. Wendy’s advanced by 3.1 percent to $48.55.

The steel sector was also up, at least partly on expected demand in the wake of Katrina, as US Steel gained 2.2 percent to $44.71 and Nucor added 1.6 percent to $58.55. Losers on the day included semiconductor company Altera, which lost 7.8 percent to $20.11.

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