Oil, Gasoline Up, Gold Down - With some political unrest in Nigeria and global markets pointing higher, oil moved higher in Monday's trading. Oil is now trading around $58 and is up 3% from Friday's close. The continued recovery in the global markets is the backbone of the resurgence in oil, but it has started to slow somewhat and trade a bit more on fundamentals. Hopefully, this is a trend that will continue.
With oil moving up, it is no surprise that gasoline has also moved higher. Average U.S. retail gasoline prices climbed by eight cents to $2.31 a gallon in the past week, according to the AAA Daily Fuel Gauge Report. A week ago, gasoline sold for $2.23 a gallon. A month ago, it sold for $2.06 a gallon. A year ago, gasoline sold for $3.79 a gallon.
Along with a stabilization of the economy both domestic and abroad, the safe haven of gold becomes less appealing. This morning gold fell below $920 as global stock markets pushed higher.
State Street Plans Stock Offering - State Street on Monday said it expects to raise proceeds of about $1.5 billion and issue senior notes as it set plans to exit the TARP. The company plans to notify the U.S. Treasury of its intention to repurchase the Treasury's preferred stock and common stock purchase warrant investment in the company.
Bank of America Leads Financials - A bullish research note from Goldman Sachs urging clients to buy Bank of America shares with conviction boosted the stock almost 10% and helped propel the rest of the financial sector. Goldman on Monday upgraded Bank of America shares to buy from neutral and added the company to its conviction buy list, saying the market is absorbing a new stock issue and that the firm could earn 25 cents a share during the second quarter, well above consensus estimates of a penny a share.
Articles
Stimulus Aid Trickles Out, but States Seek Quicker Relief - By Michael Cooper - The New York Times - "Nearly three months after President Obama approved a $787 billion economic stimulus package, intended to create or save jobs, the federal government has paid out less than 6 percent of the money, largely in the form of social service payments to states."
With oil moving up, it is no surprise that gasoline has also moved higher. Average U.S. retail gasoline prices climbed by eight cents to $2.31 a gallon in the past week, according to the AAA Daily Fuel Gauge Report. A week ago, gasoline sold for $2.23 a gallon. A month ago, it sold for $2.06 a gallon. A year ago, gasoline sold for $3.79 a gallon.
Along with a stabilization of the economy both domestic and abroad, the safe haven of gold becomes less appealing. This morning gold fell below $920 as global stock markets pushed higher.
State Street Plans Stock Offering - State Street on Monday said it expects to raise proceeds of about $1.5 billion and issue senior notes as it set plans to exit the TARP. The company plans to notify the U.S. Treasury of its intention to repurchase the Treasury's preferred stock and common stock purchase warrant investment in the company.
Bank of America Leads Financials - A bullish research note from Goldman Sachs urging clients to buy Bank of America shares with conviction boosted the stock almost 10% and helped propel the rest of the financial sector. Goldman on Monday upgraded Bank of America shares to buy from neutral and added the company to its conviction buy list, saying the market is absorbing a new stock issue and that the firm could earn 25 cents a share during the second quarter, well above consensus estimates of a penny a share.
Articles
Stimulus Aid Trickles Out, but States Seek Quicker Relief - By Michael Cooper - The New York Times - "Nearly three months after President Obama approved a $787 billion economic stimulus package, intended to create or save jobs, the federal government has paid out less than 6 percent of the money, largely in the form of social service payments to states."
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