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Mergers Fan Oil Price Flames
By WebProNews
Staff Writer
Article Date: 2005-01-10
Investors nervous from the price of Oil jumping past $46 a barrel had some recent merger news to set their minds at ease a little bit.
Between Hollywood Entertainment merging with Movie Gallery, Wells Fargo/ Barclays PLC talks, and a merger in the wireless telephone sector, the economy would remain reasonably strong. These pieces of news weren't enough, however, to keep many investors from dropping out of the market.
According to a Forbes article, "In the first hour of trading, the Dow Jones industrial average fell 17.85, or 0.2 percent, to 10,586.11."
"Broader stock indicators were narrowly lower. The Standard & Poor's 500 index was down 1.22, or 0.1 percent, at 1,184.97, and the Nasdaq composite index fell 0.06, or 0.05 percent, to 2,088.55."
"We're doing all right for now, but earnings will really determine where we're going to go," stated Peter Cardillo of S.W. Bach & Co. "And the key with earnings will be guidance for 2005. How concerned is corporate America about inflation? That's the big question."
Wholesale inventories rose by 1.1 percent in November according to a Commerce Department report.
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