Commodity Stocks Retreat Amid Resurgent US dollar
Contrarian Profits (September 21st, 2009) Writes:
U.S. stocks fell on Monday as a resurgent U.S. dollar took a toll on commodity prices and investors paused to gauge if the outlook for corporate profits justified the market’s recent run to 11-month highs.
Caterpillar Inc , down 2.5 percent, was among the top drags after the maker of bulldozers, excavators and other products said worldwide August sales of machinery to dealerships fell.
Crude oil futures shed 3.5 percent to $69.48 a barrel and spot gold prices dropped below $1,000 an ounce. The S&P materials <.GSPM> index fell nearly 2 percent.
Shares of Exxon Mobil Corp declined 1 percent to $69.26, while gold miner Newmont Mining Corp shed 3.1 percent to $43.55.
The Dow Jones industrial average <.DJI> lost 55.85 points, or 0.57 percent, to 9,764.35. The Standard & Poor’s 500 Index <.SPX> declined 6.64 points, or 0.62 percent, to 1,061.66. The Nasdaq Composite Index <.IXIC> dipped 6.77 points, or 0.32 percent, to 2,126.09.
The Nasdaq’s losses were curbed
...Biotechnology, Caterpillar Inc, Celgene Corp.;, computer maker, contrarian profits, Crude Oil Futures, Dell Inc, Dow 30, exxon mobil corp, gold miner, Investing Lessons, machinery, Market Commentary, Nasdaq 100, Nasdaq Composite, Newmont Mining Corp., Perot Systems Corp ., S&P materials, Sp 500, Spx, Standard & Poor, United States, USD


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