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Thursday, July 22, 2010
Fed Chairman Ben Bernanke disappoints Wall Street
Stocks shed all their gains following Bernanke's comments
US stocks made a modestly steady start earlier in the day rising on the back of a couple of earning reports on Wednesday, 21 July 2010. But stocks ran out of gas following Federal chairman Ben Bernanke's semi annual testimony to the Senate Banking committee. A strong finish to the prior session and a barrage of better-than-expected earnings reports benefited stocks in the early going, but the major averages lost their way since mid session hours
Crude sinks
Prices drop as crude inventories show unexpected rise for last week
Crude oil prices ended lower on Wednesday, 21 July 2010 at Nymex. Prices fell as energy department reported a sudden buildup in crude stockpiles for last week while traders had anticipated the report to show a drop. Prices also fell following Fed chairman Ben Bernanke's semi annual comments on the US economy.
Bullion metals end higher
Gold stays steady while silver sparkles
Bullion metal prices ended mostly higher on Wednesday, 21 July 2010 at Comex. Gold prices remained almost unchanged while silver prices rose. Prices rose and closed for the day just minutes ahead of Fed chairman Ben Bernanke's semi annual comments on the US economy. Gold investors were also waiting to hear the results of European banks' stress tests to be released on Friday.
Copper prices rise the most in five weeks
Red metal rises for third straight day
Copper prices ended higher for third straight day at Comex on Wednesday, 21 July 2010. Prices rose the most in five weeks after Freeport-McMoRan Copper & Gold Inc., the world's biggest publicly traded producer, said the metal's outlook is “positive.” Prices also rose due to continuous drop in LME inventories in recent months.
Wednesday, July 21, 2010
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