US Shares Roar As Oil Prices Plummet
Posted on: Wednesday, 7 September 2005, 09:00 CDT
US shares roar as oil prices plummet
NEW YORK, Sept. 6 (Xinhua)-- US shares surged to a three-week high Tuesday as crude oil and gasoline futures prices plummeted.
Light sweet crude for delivery in October fell sharply by 1.61 dollars to closed at 65.96 dollars a barrel in New York, as US refiners got ready to restart plants and other Gulf Coast petroleum operations slowly recovered. In London, the price of Brent North Sea crude for October delivery dropped 18 cents to 64. 67 dollars a barrel from Monday's close.
In company news, Dow industrials Home Depot and Coca-Cola climbed on expectation of rebuilding after Katrina. Home Depot rose 1.38 dollars to 41.71 dollars and Coca-Cola gained 62 cents to 44.52 dollars. Wal-Mart, the world's largest retailer, climbed 1.14 dollars to 45.69 dollars, although the company claimed that Hurricane Katrina could hurt its sales for September.
Advancing issues outnumbered decliners by more than two to one on the New York Stock Exchange where volume was 1.42 billion shares, up from the 1.27 billion shares traded on Friday.
Source: Xinhua News Agency - CEIS
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