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Hope in housing sector
 Source: MediaScrape
Tech stocks are leading a modest pullback on Wall Street, but stocks are still on track to have their fourth weekly gain in five weeks. The mood for the trading day, however, is sour after the latest read on the American shopper. Consumer sentiment tumbled to a 28-year low, according to a Reuters-University of Michigan survey, as shoppers complain about paying more for just about everything. Adding further pressure to the market.....record oil prices. Crude jumped above $127 a barrel after influential investment bank Goldman Sachs significantly raised its price forecast for the year. The record price for oil also comes as President Bush meets with Saudi King Abdullah. The world's top oil exporter said it is ready to pump more oil - but not until demand requires higher production, according to a U.S. official. But..there was finally some good news from the housing market. New home construction projects were surprisingly stronger than predicted in April and applications for new projects were up for the first time in five months.....providing some optimism for the hard hit sector. Conway Gittens, Reuters
Rating: (0 ratings) Views: 3 Added: May 16, 2008
Category: Business
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