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| U.S. oil prices eased on September 7, 2004 as
the head of the OPEC cartel said markets were well-supplied with
crude and traders continued to take profits from this year's 40
percent rally.(Reuters) |
A decline in the price of oil helped lift U.S. stocks to their highest
level in two-months on Tuesday.
The dollar declined against its major rivals as investors took profits
after sharp U.S. jobs data-related gains last week. The price of gold in
New York slipped to a 3-1/2 week low and bond prices rose.
"I think the (stock) market was responding to two factors -- the price
of oil coming down and a late response to Friday's unemployment numbers,"
said Peter Cardillo, chief market analyst and chief strategist at SW Bach
and Co.
On Friday the U.S. Labor Department reported that nonfarm payrolls rose
144,000 in August while the unemployment rate fell to 5.4 percent from 5.5
percent.
According to the latest data, the Dow Jones industrial average ended up
82.59 points, or 0.80 percent, at 10,342.79, its highest close since June
30. The Standard & Poor's 500 Index was up 7.67 points, or 0.69
percent, at 1,121.30, its highest close since July 2. The technology-laced
Nasdaq Composite Index closed up 14.08 points, or 0.76 percent, at
1,858.56.
Cisco Systems Inc., the largest network equipment maker, helped both
the Standard & Poor's 500 Index and the Nasdaq Composite Index after
brokerage CIBC World Markets upgraded its rating.
General Electric Co. also underpinned the S&P as several
Wall Street firms saw better prospects for the industrial conglomerate.
Cisco Systems' stock rose 30 cents to $19.05 and General Electric's
stock rose 50 cents to $33.34.
The dollar retreated against the major currencies on Tuesday as
investors took profits on sharp U.S. jobs data-related gains last week,
turning cautious ahead of a Wednesday speech by Federal Reserve Chairman
Alan Greenspan.
In New York, the euro traded up against the dollar
at $1.2103 , off Friday's low around $1.2040.
The dollar slipped 0.75 percent against the yen to 109.28 yen , off
more than 1 yen from the 2-1/2 week high of 110.70 yen hit on Friday.
Against the Swiss franc, the dollar declined 0.26 percent to 1.2675 francs
.
(Agencies) | 
Updated: 2004-09-08 14:02