Rising oil prices apparently had a lot to do with today's rally on the Dow and on the S&P 500 because oil-oriented companies profited handsomely from the commodity's surge (the largest one-day rise since September 2005). Oil's boost today helped alleviate yesterday's decline on the Dow which had been the largest drop in about two months. Crude oil prices increased after the US government announced it will more than double the Strategic Petroleum Reserve over the next 20 years. Refiners rose in reaction, as they would likely benefit from such a move.

The day's economic news showed a manufacturing decline in the Richmond Fed Survey; in a separate report by the Conference Board, the US economy is anticipated to grow slightly over the months ahead.

Key economic data for the week starting January 22, 2007. Numbers shown are consensus estimates (market anticipates this value) and prior value.

Thursday:
	10:00 Existing Home Sales for December: 6.26M / 6.28M

Friday:
	8:30 Durable Goods Orders for December: 3.5% / 1.6% 10:00 New Home Sales for December: 1050K / 1047K

© HGH Associated Press

News Archive (from 1/1/2007 until 3/31/2007)