Business

Stocks advance following sharp drop in oil prices
by Radka Konkolova

American and other stocks as well are little bit calmer these days. Although some analysts, economists or citizens claim the crisis has already started, it isn’t necessary to became worse. The sign of this is, that value of stocks of almost or maybe more than a half of all companies which handle their shares on Wall Street, has have increasing trend. Few weeks ago the price of oil reached its historical top, but fortunately now it is down of $20 per barrel from beginning $147. Even the US dollar has swelled little bit, what has helped decreasing the oil price. Also the price of gold slightly declined.

So the consequence is that every stock exchange denoted increasing of about one per cent on average. Dow Jones rose 29.88 or 0.26 per cent to 11,632.38 after rising nearly 100 points in the early session. The Standard & Poor’s 500 index rose 5.19 or 0.41 per cent, to 1,282.19 and the technology-laden Nasdaq composite index rose 21.92, or 0.95 per cent, to 2,325.88. Bond prices slipped as some investors moved from the safety of government debt to stocks.

Stronger dollar helped some companies which use oil or gas every day for long distances. So thanks to this also the value of shares of Delta Airlines Inc. rose 89 cents, while Continental Airlines Inc. jumped $1.54. But on the other hand, energy companies denoted some loss. Stocks of the biggest energy companies fell down average of $2.5.

AT&T inc., McDonald’s Corp. and Pfizef Inc., all among the 30 stocks that make up the Dow Jones industrial average, are doing relatively well, while the value of their share is increasing. AT&T which offers telecommunication services and is one of the biggest operator, earned $1.24 per share. Pfizer, the world‘s biggest drug maker, claimed it earnings are more than doubled and the stock value is up of 72 cents. Also McDonald’s denoted strong overseas sales, but the stock fell down 46 cents.

There are of course many other companies which offer their shares on the stock exchange. Although their value slightly increased, there are still bear market, so purchasing is neiter as strong nor often. And the outlook of the market is still pretty negative, according to Bill Stone, chief investment strategist for PNC Wealth Management.

Also stock exchanges from other parts of the world denoted some changes in the progress of shares and quite big amount of them increased.

I think this could be a good start, but I am really so curious about another progress of this situation, because it caused relatively big pressure on the economy not only of United States. So probably every country of the world wish to get better...

related story: http://news.yahoo.com/s/ap/20080723/ap_on_bi_st_ma_re/wall_street;_ylt=AiD2i9822UT405V.MuLEHsKs0NUE

by Radka Konkolova for PocketNews (http://pocketnews.tv)

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