The international crude oil<\/p>\n
prices stabilised Friday, following a recent jump. The escalating turmoil in Libya still left major indexes down about 2 per cent last week.<\/p>\n
Oil prices settled at $97.88, down from a high of $103 Thursday but still up 13 per cent over the last week.<\/p>\n
Oil prices have been rising, sending stocks lower, as concerns rose that violence would spread throughout North Africa and the Middle East, affecting oil production for big OPEC producers like Iran and Saudi Arabia.<\/p>\n
Those concerns eased late Thursday after the International Energy Agency said the impact was far less than analysts had estimated and that any shortfall could be easily made up by tapping oil reserves in other countries.<\/p>\n
Boeing Co. rose 2.2 percent after the Air Force awarded the company a $35 billion contract Thursday, one of the largest ever made by the military, for nearly 200 airborne refueling tankers.<\/p>\n
DreamWorks Animation SKG Inc. fell 2.8 percent after the entertainment company reported revenue and earnings that were far below what analysts were expecting. Poor box office results from the Will Ferrell movie \u201cMegamind\u201d were partly to blame.<\/p>\n
The Dow Jones industrial average rose 61.95, or 0.5 percent, to close at 12,130.45. It was the first rise for the Dow after three days of losses.<\/p>\n
The Standard & Poor\u2019s 500 index rose 13.78, or 1.1 per cent, to 1,319.88. The Nasdaq composite rose 43.15, or 1.6 per cent, to 2,781.05<\/p>\n
All three indexes are still down for the week, largely a result of the fighting in Libya.<\/p>\n
Libya is Africa\u2019s largest producer of oil but only ranks 15th among the world\u2019s oil exporters. Traders have been concerned that fighting could not only threaten Libya\u2019s oil production but also spread to other countries in the region such as Saudi Arabia.<\/p>\n
Higher oil prices also weigh on the United States economy by increasing the costs of moving goods and filling up gas tanks. A sustained $10 increase in the price of oil translates into a 0.2 per cent cut in economic growth over 12 months, according to a recent estimate by economists at Goldman Sachs.<\/p>\n
Treasury inched up Friday on reports the economy grew more slowly than first thought in the last three months of 2010. The yield on the 10-year Treasury note edged down to 3.42 per cent from 3.46 per cent late Thursday.<\/p>\n
The Commerce Department said the economy expanded at an annual rate of 2.8 per cent in the October-December quarter. That\u2019s weaker than the previous estimate of 3.2 per cent.<\/p>\n
In an attempt to close budget gaps, state and local governments have cut spending much more deeply than previously thought.<\/p>\n
Despite this week\u2019s slide, the S&P 500 is up 2.6 per cent in February and 4.9 per cent for the year. Stronger earnings from a wide range of companies, including Archer Daniels Midland Co. and Dell Inc., have helped drive stocks higher.<\/p>\n
Five stocks rose for every one that fell on the New York Stock Exchange. Consolidated volume was 3.9 billion shares.<\/p>\n","protected":false},"excerpt":{"rendered":"
The international crude oil prices stabilised Friday, following a recent jump. The escalating turmoil in Libya still left major indexes down about 2 per cent last week. Oil prices settled at $97.88, down from a high of $103 Thursday but still up 13 per cent over the last week. Oil prices have been rising, sending […]<\/p>\n","protected":false},"author":43,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"yoast_head":"\n