News That Moved Tuesday's Market

U.S. Markets

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News That Moved the Market

Markets Gain as Oil Takes a Dive. Major indices enjoyed a strong session Tuesday, helped by a $3 plunge in crude. Hurt by a rise in the U.S. dollar and worries in demand, oil settled at $128.85/barrel, falling $3.34. The Conference Board's consumer confidence index fell to its lowest level in 15 years, as U.S. consumers dealt with paying around $4/gallon at the pump. After traders saw the drop in confidence, there were concerns that consumers would lower their dependency on oil until prices decrease. Up till now, U.S. consumers have done little to lower their consumption of oil, but perhaps we have finally reached a price point where people will began making major changes in their daily routine to counteract higher energy and food prices.

Quick Tics: New home sales increased a greater than expected 3.3%, it was the first gain in six months…GM (GM, -1.0%) continued to slide as Citigroup (C, +2.6%) downgraded it to a "hold" from a "buy"…Homebuilder Standard Pacific (SPF, +48.2%) jumped after a private equity firm invested $530 million into the company.

Tomorrow

Notable Earnings (Full List Here):
American Eagle (AEO) Morning
Chico's FAS (CHS) Morning
TiVo (TIVO) Afternoon

Economic Events:
8:30 AM: Durable Goods Orders

Comments

[2008traveler:]

For every 1 barrel of demand destruction in the USA the rest of the world increases by 14 barrels. How many parked SUVs would it take to really lower world demand? I still see SUVs on the road driving just as crazy as ever.

2008 May 27 05:26 PM