Renewed Risk Aversion Helps Dollar
Morgan Stanley’s worse-than-expected results stalled any hope of a rally on Wall Street today as the DOW fell into negative territory despite being up about thirty points by mid-day. As a result, investors turned to the dollar for safety pushing the greenback higher against the euro. More
Crude Oil Falls on Lower-Than-Expected Inventory Levels
A US government report released today indicates that crude oil inventories in the US declined by 1.8 million barrels to 342.7 million barrels in the week ending July 17. Even though this was smaller than the 2.1 million barrels predicted, oil prices still fell for the first time in six days to $65.38 a barrel from $65.61 the day before. More
Goldman Sachs Pays Back $1.1 Billion
Goldman Sachs paid back $1.1 billion to the US Treasury today to redeem warrants acquired by the government when it came to the investment bank’s rescue last fall. The payment – in addition to $318 million in preferred dividends that Goldman Sachs already paid to the government – amounts to an annualized return to the taxpayer of 23 percent according to a statement released by Goldman Sachs. More
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