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Tuesday 06th of January 2009
June 24, 2005

NYSE down as oil prices impact


by Brian Turner
Speculation continues on possible ECB rate cuts

The New York equities markets ended the day and the week on a down note on Friday.

The Dow Jones Industrial Average fell 1.2 percent on the day, to 10,297.84, with a 2.1 percent loss on the week.

The S&P 500 declined by 0.8 percent for the day to 1,191.54, capping a 1.5 percent loss for the week.

The Nasadq composite fell, 0.8 percent for the day and 1.3 percent on the week to close at 2,053.27.

The continuing upward trend in oil prices made investors nervous as shares of energy-dependent businesses were particularly affected.

Delta Airlines lost 3.4 percent to $3.72 and Northwest Airlines was down 3.4 percent as well, to $4.88. FedEx declined 0.8 percent to $80.10 after having lost 7.8 percent in Thursday after issuing a profits warning for the quarter.

Steelmakers, which are also heavy energy consumers, were also down. Steel Dynamics lost 2.2 percent to $25.70 after Morgan Stanley had altered its outlook for the sector.

In the automobile manufacturing sector, Ford was down 1.8 percent on Friday to $10.21 after an announcement of a reduced profit forecast for the year on Tuesday sent share values down 4.3 percent on Wednesday.

The oil sector was doing better. Unocal gained 0.2 percent on a bid by Chinese oil company CNOOC on Thursday after the $19.6 billion bid was announced, and CNOOC gained 0.5 percent to $59.90.

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