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Stocks Lower as Oil Breaches $51/Barrel
By Mark McSherry NEW YORK (Reuters) - U.S. stocks closed mostly lower on Tuesday as oil prices climbed to another record and economic data showed slower-than-expected growth last month. NYMEX crude oil ended above $51 a barrel for the first time as production in the Gulf of Mexico recovered slowly after Hurricane Ivan hit the region three weeks ago. U.S. light crude has risen more than 55 percent this year and higher prices have taken their toll on stocks as investors fear rising energy costs will chop into business profits, as well as hit consumers in their pocketbooks. U.S. light crude (CLc1: Quote , Profile , Research ) set a new high of $51.29 a barrel, later easing to settle at $51.09, a gain of $1.18 on the day. American International Group Inc. (AIG.N: Quote , Profile , Research ) , the world's largest insurer by market value, dragged on the blue-chip Dow and the S&P 500 indexes. AIG is facing a possible lawsuit by U.S. securities regulators over helping a major banking client hide bad loans. AIG shares fell 3 percent to $66.50. Energy stocks, including Exxon Mobil (XOM.N: Quote , Profile , Research ) , ConocoPhillips (COP.N: Quote , Profile , Research ) and ChevronTexaco (CVX.N: Quote , Profile , Research ) , got a boost on higher crude and were among the gainers in the S&P 500. Exxon Mobil rose 40 cents, or almost 1 percent, to $49.32, while ConocoPhillips closed at a 52-week high, with its shares up $2.03, or 2.4 percent, to $86.70. ChevronTexaco hit a 52-week high during the session, but eased some to end up 59 cents, or 1.1 percent, at $54.45. U.S. light crude (CLc1: Quote , Profile , Research ) set a new high of $51.29 a barrel, later easing to settle at $51.09, a gain of $1.18 on the day. "Oil prices at fifty-one dollars a barrel are definitely weighing on the market except for energy stocks," said Robert S. Robbins, president of Robbins Capital. The Dow Jones industrial average closed down 38.86 points, or 0.38 percent, at 10,177.68. The Standard & Poor's 500 Index ended down 0.69 of a point, or 0.06 percent, at 1,134.48. The technology-heavy Nasdaq Composite Index closed up 3.10 points, or 0.16 percent, at 1,955.50. Trading was active during the session, with 1.4 billion shares changing hands on the New York Stock Exchange, equal to the 1.4 billion daily average last year. About 1.7 billion shares were traded on Nasdaq, just above the 1.69 billion daily average last year. Continued ... Source: reuters.commortgage
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mortgage Fannie Mae Warns on Capital Position
WASHINGTON (Reuters) - U.S. mortgage finance giant Fannie Mae said on Wednesday a Securities and Exchange Commission decision that it must restate earnings over accounting problems is likely to cut into its capital position. "The determination made by the SEC will have a negative impact on our minimum capital position," the company said in a statement. Source: reuters.cominsurance
News on insurance, for more information please visit the website: ip-insurance.comU.S. Stocks Lower, Energy Companies Weigh
By Megan Davies NEW YORK (Reuters) - U.S. stocks inched lower on Monday in a quiet day on Wall Street as a sharp drop in oil prices knocked down shares of energy-related companies such as Exxon Mobil Corp.(XOM.N: Quote , Profile , Research ) . Meanwhile, some insurance stocks came under pressure amid the devastating tsunamis that killed more than 22,000 in various countries in South and Southeast Asia. But some retailers' shares gained after reports of firmer holiday spending. MasterCard's SpendingPulse data found sales until Dec. 24 were 8.1 percent higher than a year ago with its data, including both online sales and sales of gift cards. The Dow Jones industrial average was down 17 points, or 0.16 percent, at 10,810. The Standard & Poor's 500 Index was down 3 points, or 0.22 percent, at 1,208. The Nasdaq Composite Index was down 4 points, or 0.19 percent, at 2,157. Volume was light, with Wall Street sparsely staffed following the Christmas break. Just 607 million shares had traded by early afternoon on the New York Stock Exchange, while only 1 billion had traded on the Nasdaq. "When there isn't a lot of news to trade off, the market tends to trade within a certain range and that's probably what we're seeing right now," said Brian Williamson, vice president, equity trading, The Boston Co. Asset Management. Shares of Exxon fell 1.5 percent to $51.18 and ChevronTexaco Corp. (CVX.N: Quote , Profile , Research ) was down 0.5 percent at $52.40 as oil prices fell more than $2 a barrel. Meanwhile, the dollar resumed its decline, with the euro hitting a new high. "The dollar might be hurting the market a bit today -- there's some talk of the weaker dollar hurting equities a little," Williamson said. "It makes our exports cheaper, but it makes imports harder to buy for the consumer and makes U.S. equities a little less attractive." Meanwhile, analysts said the biggest exposures to the devastating tsunamis could be found among reinsurance companies, firms that cover catastrophic losses for insurance carriers. Prudential Equity Group insurance analyst Jay Gelb said storm losses might be borne by RenaissanceRe Holdings Ltd. (RNR.N: Quote , Profile , Research ) , XL Capital Ltd. (XL.N: Quote , Profile , Research ) and Ace Ltd. (ACE.N: Quote , Profile , Research ) , though the final damages should not be significant. RenaissanceRe fell around 1 percent to $51.04. Among retailers, Amazon.com, Inc. (AMZN.O: Quote , Profile , Research ) rose 9.3 percent to $42.56 after the online retailer said its holiday sales season was the busiest ever. Shares of Wal-Mart Stores Inc. (WMT.N: Quote , Profile , Research ) rose 1.2 percent to $53.18 after the world's largest retailer said it expects sales at its U.S. stores open at least a year to be in the middle of a previously forecast gain of between 1 percent and 3 percent in December. Source: reuters.comTerug naar Goedkoopste Verzekeringen