US mkts surges as oil price dips further

CNBC's Margaret Brennan -Stocks goes up on Wednesday the price of oil decreased with the Dow Jones industrial average gaining by 29 points and the Nasdaq up by 22 points. Those gains despite confirmation that the economy slowed in June and early July, price pressures were alleviated.

Some manufacturers were planning to charge more for goods according to the Badge Book. Castco is among the companies that warned that its earnings will be below Wall Street’s projection of dollar a shares, in power pickers it is paying 5-10% more for products to the manufacture price increases and that is leading into profits. Some price hikes also have to be passed on to consumers according to management.

Crude oil prices fell 3% on a larger than expected building gasoline inventory, a barrel will now cost you USD 124.44/bbl and those lower prices helped put money back into the stock market.

Financial shares traded to the upside as Bank of America proves spending upto USD 3.25 billion next year to repurchase their shares that stock gained nearly 4% on Wednesday’s session.   

Wall Street Action
Upward trend continues on Wall Street
Further drop in oil prices support gains
Dow and S&P 500 gain nearly 0.5% each
Nasdaq up nearly 1%
Crude drops over $4 to near $124/bbl
Costco warns quarterly profit will fall short due to inflation & LIFO accounting charge
Financials rally on news that Housing Rescue Bill was nearing passage in US Congress