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Old 01-23-2008, 06:32 PM
Louis Cypher Louis Cypher is offline
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Default Wall Street bounces back, halts skid

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Published: Jan. 23, 2008 at 6:01 PM

NEW YORK, Jan. 23 (UPI) -- Worries of a bear market and a decline in global markets did not ruffle Wall Street Wednesday, as U.S. markets put the brakes on early losses and bounced back.

The Dow Jones industrial average began with a slump, down more than 326 points during the day, then ricocheted back for a strong finish, ending the day 298.98 points higher at 12,270.17, a 2.5 percent gain.

Nasdaq listings, flirting with bear-market posturing, were down more than 20 percent below Oct. 2007, but finished the day up 1.05 percent, or 24.14 points at 2,316.14.

The day done, Nasdaq, averted the bear label by 0.6 percent, now standing 19.4 percent off its Oct. 2007 position.

Standard & Poor's 500 listings rose 2.14 percent, or 28.10 points at 1,338.60.

Volume on the New York Stock exchange exceeded 2.4 billion shares, with 1,379 stocks up and 1,765 down. The 10-year Treasury bond fell 30/32, yielding 3.355 percent.

The dollar fell in global trading. The euro changed hands at $1.4626 compared with $1.4620 late Tuesday while the dollar traded at 106.40 yen compared to late Tuesday's 106.48 yen.

The London FTSE 100 Index dropped 1.4 percent to 5,659.40. In Japan, the Nikkei 225, after a fall of 5.7 percent Tuesday, posted a 2 percent gain, up 256.01 points to 12,829.06.


Crude prices swing up Wednesday

NEW YORK, Jan. 23 (UPI) -- Prices of crude oil, heating oil and natural gas rose through Wednesday, as U.S. markets positioned themselves in a bear market.

As energy prices rise and housing slumps, U.S. markets have declined 20 percent since October.

But, amid speculation the Federal Reserve would lower interest rates again next week, as it did on Tuesday, energy prices climbed on the New York Mercantile Exchange, while the price of gas at the pump remained steady.

Crude oil, rising 19 cents, hit $87.18 per barrel Wednesday afternoon. Heating oil rose 0.54 cents to hit $2.4285 per gallon.

Blendstock gasoline on the exchange rose 0.07 cents per gallon and natural gas rose 20 cents per million British thermal unit to reach $7.641.

At the pump, the price per gallon of unleaded was steady at $3.01.


Financial concerns to dominate Davos

DAVOS, Switzerland, Jan. 23 (UPI) -- As financial ministers convened in Switzerland Wednesday, former British Prime Minister Tony Blair said he hopes delegates focus on more than just finance.

The downturn in global markets has been inserted into the agenda for the five day meeting in Davos, as foreign ministers ask themselves how much America's market woes will ripple across the international stage.

Blair told CNN, financial concerns would dominate discussions. But, "one of the good things about Davos is people are able to look beyond the immediate," he said.

Blair is co-chairing the meeting along with Chevron CEO David J. O'Reilly, who said the current market downturns would not last. O'Reilly told reporters, "I think there is a degree of pessimism that belies what is happening really."

Scheduled discussions for the five day meeting include Middle East peace talks, global warming, water supplies and poverty. But, the 2,500 arriving delegates seemed to focus mostly in financial concerns.

"It's too early to say if we're going to have a recession either in the UK or continental Europe, economics editor Chris Giles said.

The guest list for the meeting includes leading financial experts and world leaders, such as U.S. Secretary of State Condoleezza Rice, who is scheduled to speak.


Starbucks will test $1 cup of Joe

SEATTLE, Jan. 23 (UPI) -- Seattle-based coffee retailer Starbucks said Wednesday it will test a $1 cup of coffee at select stores.

The coffee chain will test out a new "short" cup that will put prices in range of fast-food giant McDonalds Corp, which has plans to add espresso drinks to its menu this year.

The price is significant, as it sneaks in under the prices of fast food retailers, including McDonalds and Dunkin' Donuts, The Wall Street Journal reported.

Although not divulging which stores will try the new concept, Starbucks has also decided to give customers in test stores free refills on their eight-ounce"short" cups,

Free refills are standard fare in many restaurants, but not a common practice in fancier coffee cafes.

Starbucks raised prices recently as a response to the rising cost of milk and blames slower sales on economic pressures faced by its customers.
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Old 01-24-2008, 07:16 AM
Bostongambler Bostongambler is offline
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LC it was down 200 and then the next time I looked it was +250...CRAZY
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