Market Updates
Stocks open lower on retail sales data
13 Apr, 2005
New York City
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This morning Commerce department reported that March retail sales increased 0.3 percent. This was followed by rise of 0.1% and 0.5% in January and February. The prospects of higher sales related to Easter holiday were washed by higher oil prices and bad weather in much of the nation. Economists were looking for 0.8% rise in sales.
Retail at 0.3%, oil below $52
This morning Commerce department reported that March retail sales increased 0.3 percent. This was followed by rise of 0.1% and 0.5% in January and February. The prospects of higher sales related to Easter holiday were washed by higher oil prices and bad weather in much of the nation. Economists were looking for 0.8% rise in sales.
Oil continues to ease this morning on Nymex and dropping another 61 cents to $51.25 per barrel. In the last seven session oil prices have dropped 12%. Murphy Oil lowered its firs quarter guidance to $1.10-$1.15.
In the foreign markets, Japan closed 0.3% lower on earnings concerns for banking companies, Sydney closed 0.2% lower, investors are still digesting a recent rate hike by the central bank. In London the markets are trading higher 0.3% and in Germany DAX is trading up 0.6%.
In the U.S. market following stocks are trading lower.
Apple Computer
Murphy Oil
BHP Biliton
Phelps Dodge
Harley Davidson
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