Wednesday saw gaining stocks
2008-05-15 16:41:33 (GMT) (Caymanmama.com - Business News)Washington (CaymanMama.com) — CNN reported that after a milder report of inflation, the stocks gained on Wednesday. The falling prices of oil also helped in reducing the worries of inflation. The industrial average of Dow Jones rose 0.5%, the index of Standard & Poor’s 500 added 0.4% and Nasdaq composite ended up just more than unchanged.
On Tuesday, the stocks had slipped as investors took into consideration the record prices of oil. But on Wednesday, the stocks saw a rise as the milder inflation report gave the investors a reason to gather up the recently beaten shares. The President of the Barber Financial Group, Dean Barber said that after numerous down sessions, the advance on Wednesday was more like the relief rally. The weekly unemployment claims report is going to be out on Thursday.
In April, the consumer price index rose 0.2% while 0.3% was expected. The prices of food played a huge role in inflation reporting the largest jump in the last 18 years. Freddie Mac reported a sheer quarterly loss which was narrower than what was expected. The mortgage lender sponsored by the government also announced that it is going to raise around $5.5 billion of new capital. The shared of Freddie jumped 9%. The breadth of the market was positive. On Tuesday, the crude oil hit the record high price of $126.98 per barrel.
CaymanMama.com - Press Release Distribution Service
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