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Stocks Fall As Oil Jumps; UPS Warns
Wednesday April 9, 1:38 PM EDT
NEW YORK (AP) — Wall Street extended its losses Wednesday as a rise in oil prices and a profit warning from shipping concern UPS stirred concerns about the well-being of the economy.
The surge in oil prices weighed on transportation stocks and appeared to contribute to a pessimistic tone in the market. Prices jumped following a government report showing U.S. inventories fell by more than expected last week. The rise hurt shares of airline and trucking companies, which have already struggled with high fuel costs.
United Parcel Service Inc., the world's largest shipping carrier, pointed to a weaker economy and higher fuel costs in trimming its forecast. Investors earlier this week received reports from aluminum producer Alcoa Inc. and chip maker Advanced Micro Devices Inc. that have made the market uneasy about overall first-quarter results.
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8vufvk00&date=20080409
Wednesday April 9, 1:38 PM EDT
NEW YORK (AP) — Wall Street extended its losses Wednesday as a rise in oil prices and a profit warning from shipping concern UPS stirred concerns about the well-being of the economy.
The surge in oil prices weighed on transportation stocks and appeared to contribute to a pessimistic tone in the market. Prices jumped following a government report showing U.S. inventories fell by more than expected last week. The rise hurt shares of airline and trucking companies, which have already struggled with high fuel costs.
United Parcel Service Inc., the world's largest shipping carrier, pointed to a weaker economy and higher fuel costs in trimming its forecast. Investors earlier this week received reports from aluminum producer Alcoa Inc. and chip maker Advanced Micro Devices Inc. that have made the market uneasy about overall first-quarter results.
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8vufvk00&date=20080409