Thursday, October 16, 2008
U.S. stock indexes erase gains after downbeat data
U.S. stock indexes erase gains after downbeat data
U.S. stocks on Thursday pulled firmly lower, extending the prior day's
rout, after a measure of factory activity in the Philadelphia region
swung sharply lower, offsetting earlier cheer on data showing tame
inflation in September. .
Economic Report: Consumer prices unchanged; energy prices fall
U.S. consumer prices are unchanged in September, while the core rate
rises just 0.1%, according to the Labor Department.
Futures Movers: Oil futures drop below $70 on economic worry, rising
U.S. supply
Oil futures drop below $70 per barrel for the first time in 14 months as
fears that a global economic recession will slash demand for oil
combined with three week's worth of rising U.S. crude and gasoline
supplies to set prices up for a third-straight session of declines.
EBay shares fall as economy, restructuring takes toll on forecast
Shares of eBay Inc. lose more ground after the company swings to a
third-quarter profit, but issues a disappointing forecast for the
current period.
Citigroup posts nearly $3 billion loss amid more write-downs
Citigroup Inc., the troubled banking giant, reported its fourth straight
quarterly loss on Thursday amid continuing write-downs for soured
investments.
