With very little going for IOI Corporation at the moment, upside seems limited. Is it worth a `hold'? IOI Corp Bhd does not look too sexy to some analysts, for now. They see very few catalysts for the stock, especially on the plantation front, given that crude palm oil (CPO) prices have no reason to rally further as local production recovers.
WASHINGTON, D.C. - Oil prices jumped to their highest levels since 2008 as violence spread through Libya, the first major petroleum exporter to be shaken so far by the drive for democracy in the Arab world. In London on Monday, the benchmark price of crude oil surged $5.48, or more than 5 percent, to $108 a barrel. The rise knocked European stock markets sharply lower as fears mounted that soaring energy costs could derail the global economic recovery.
NEW YORK -- Inflation concerns dominated Wall Street Thursday, with stocks mostly lower as crude prices marched toward $68 per barrel and jobless claims fell. Interest in small-cap and technology stocks pushed the Nasdaq composite index narrowly higher, however, sending the index to its third straight five-year high. While the economy has so far absorbed high energy costs, fears remain that chronically high prices could spark inflation. A barrel of light crude settled at $67.94, up 87 cents, on the New York Mercantile Exchange.
Editor's note: The New Haven Register has added prices for natural gas and crude oil to its "Futures" listing on the stock page. Market advances as home sales gain
WASHINGTON, June 10 /U.S. Newswire/ -- The following is a statement by Secretary of Energy Spencer Abraham: The latest International Energy Agency (IEA) data released today indicates that oil stock levels are increasing. This is good news for consumers, especially when joined by the Energy Information Administration reports earlier this week that gasoline inventories increased by more than 2 million barrels for the week ending June 4, 2004 and that the national average price of regular gasoline has decreased by 3 cents per gallon during the last two weeks.
NEW YORK Wall Street roared back Tuesday, propelling the Dow Jones industrials up 114 points as crude oil prices plunged more than $2 and consumer confidence surged to a three-year high. Investors bought up stocks as crude oil, which had closed above $60 per barrel Monday for the first time, fell to $58 amid profit- taking following the recent runup in prices. Light crude settled at $58.20, down $2.34, on the New York Mercantile Exchange.
Despite the credit market's trials and tribulations -- and $95 crude oil -- the stock market had a relatively productive October. The S&P 500 index rose 1.48 percent to bring its year-to-date total to a 9.24 percent gain. October's results were nearly half of a percent higher than the 58-year average for the month.
NEW YORK Surging oil prices prompted new worries about the economy and sent stocks lower Wednesday as investors locked in profits from the market's recent rally. The concerns over oil overshadowed a strong report on manufacturing orders. The concerns over oil eclipsed a report from the Commerce Department that said orders for durable goods big-ticket items designed to last at least three years rose 1.9 percent in April, far more than the 1.5 percent analysts had expected. The report cheered investors worried about a slowdown in consumer demand.
NEW YORK U.S. stocks tumbled, sending the Dow Jones industrial average to its worst June since the Great Depression, as record oil prices, credit-market write-downs and a slowing economy threatened to extend a yearlong profit slump. General Motors Corp., the largest U.S. automaker, plunged the most in three years as Goldman Sachs Group Inc. advised selling the stock and crude oil rose by $5 a barrel. Citigroup Inc. led the KBW Bank Index to an almost 10-year low as Goldman said the lender may report an $8.9 billion second-quarter charge and cut its dividend. Research In Motion Ltd., maker of the BlackBerry, posted its biggest drop since 2001 on concern that competition with Apple Inc.'s iPhone is reducing earnings.
The economy received great news late last September when oil prices surged to an all-time record high. The move was a welcome relief to traders who were mired in a period of uncertainty about a potential cancer in the economy. While the notion that higher oil prices is good for equities may seem counterintuitive, recent evidence contradicts this as throughout the past decade the fortunes of oil and the stock market are going hand and hand. While crude oil and stocks appear set to make new highs, at these levels even a mild correction could be devastating to an account, so any long position needs to be protected.
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