Overnight Briefing: American Timezone

U.S. Stocks Rose

Wed, May 7 2008, 05:49 GMT
by Jyske Bank Team

Jyske Bank


  • Dollar fell after Fanny Mae loss

  • Nikkei up 0.9 % in morning trade

  • Oil floats near record

  • The dollar edged up against the yen

Today’s main events:

  • EUR Euro-Zone Retail Sales

  • USD MBA Mortgage Applications

  • USD Pending Home Sales


American Time Zone:

U.S. Stocks Rose

U.S. stocks rose, sending the Standard & Poor's 500 Index to a four-month high, as loosened government restrictions on Fannie Mae sparked a rebound in financial shares and oil companies rallied on record crude prices. Fannie Mae gained, helping financials erase a 1.9 % decline, on a regulatory decision that will enable the biggest mortgage-finance company to buy more home loans. Anadarko Petroleum Corp., the second-largest independent oil producer in the U.S., climbed to a record after first-quarter profit exceeded analyst estimates and crude topped USD 122 a barrel.

Advanced Micro Devices Inc., the secondbiggest maker of computer processors, rallied the most since January on speculation the company may be split up.


USD fell after Fannie Mae loss

The dollar fell for a second day against the euro as Fannie Mae reported a larger-thanexpected USD2.19 billion loss, indicating the worst of financial-market turmoil may not be over.
The currency also weakened versus the yen after the largest U.S. mortgage-finance company said it will cut its dividend and raise USD 6 billion in capital.


Oil at new record high

Crude oil rose above USD 122 a barrel in New York for the first time on threats to supply in Nigeria and Iraq and growing Asian fuel consumption.

Published on  Wed, May 7 2008, 05:51 GMT

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