Monday, August 29, 2005

Stock Markets Morning News 8/29/2005

Stocks turn positive on gains in oil shrs

National Oceanic and Atmospheric Administration satellite image shows Hurricane Katrina approaches the City of New Orleans in this image taken at 7:45 A.M. EDT on August 29, 2005. Gusty winds and heavy rain squalls swept across southern Louisiana on Monday as giant Hurricane Katrina bore down on the U.S. Gulf coast and threatened to swamp the city of New Orleans. At least a million people had fled the area ahead of the powerful storm, which weakened as it neared land to top winds of 155 mph and was downgraded to a Category 4 storm on the five-step Saffir-Simpson scale. (Reuters - Handout)Reuters - U.S. stocks turned positive early on Monday, as investors shook off some concerns about potential damage from Hurricane Katrina and record-high oil prices.


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Stocks Fall As Katrina Hammers Refineries

Charles Anslum rides his bike through downtown Morgan City, La, as Hurricane Katrina makes landfall Monday, Aug. 29, 2005.(AP Photo/David J. Phillip)AP - Wall Street slumped in early trading Monday as Hurricane Katrina battered U.S. refineries in the Gulf of Mexico, disrupting energy production and catapulting oil prices to new record highs.


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TSX rises as Hurricane Katrina slams ashore, disrupts oil production, refining; NY markets lower

Canadian Press - TORONTO (CP) - Higher energy stocks took the Toronto stock market higher Monday morning with oil hitting $70 US a barrel as Hurricane Katrina played havoc with refinery operations and offshore oil production in the Gulf of Mexico.

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Dollar falls on oil surge, yuan eyed

Reuters - The dollar slipped against most other major currencies on Monday as investors fretted that record high oil prices could crimp U.S. economic growth, but it gained against the yen as Tokyo shares stumbled.

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Nikkei off 1 pct on oil worries

Reuters - The Nikkei average was down 1 percent by midsession on Monday, led by exporters like Toyota Motor Corp. on worries over a surge in oil prices to a new record and after figures last week showed a fall in U.S. consumer confidence.

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Oil's Economic Impact May Be Seen This Week

Engineer Ray Johnson waits as Orange County Fire Engine 21 is filled with diesel fuel at a Mobil station Friday, Aug. 26, 2005, in Tustin, Calif. Oil prices crept up to $67.32 a barrel setting a new high Thursday, Aug. 25, 2005. (AP Photo/Chris Carlson)AP - Wall Street has been battered in recent weeks by high oil prices and mounting evidence that rising energy costs — including record gasoline prices — are starting to curtail consumer spending.


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Friday's Wall Street Glance

AP - Dow Jones Industrials

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Wall Street wants more competition as NYSE, Nasdaq prep mergers

Canadian Press - NEW YORK (AP) - Philadelphia has a stock exchange?

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Before the Bell: Google, Plumtree gain

Reuters - Google Inc. rose nearly 1 percent before the bell on Tuesday after the Los Angeles Times reported the Web search company will launch its own instant messaging system .

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NYSE says fines Merrill Lynch $10 mln

Reuters - The New York Stock Exchange on Monday said it fined Merrill Lynch & Co. , the biggest U.S. brokerage, $10 million for "supervisory and operational failures."

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