Archive for July 17th, 2008

Wall Street posted strong gains Thursday for the second session in a row. Investors cheered a string of large oil price declines and welcomed more encouraging earnings results from the financial sector.

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Shares of Microsoft Corp. dropped more than 5 percent in after-hours trading after the software giant posted a fiscal fourth-quarter profit that fell short of Wall Street's estimates as it forecast lower-than-expected revenue for the following quarter.

In the last three days oil prices have fallen by roughtly $10 a barrel. Many analysts say slackening demand, or the threat of it, is the main culprit.

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A group representing the buyers and sellers of mortgage backed securities unveiled a plan on Wednesday to recharge the moribund mortgage securitization market.

Oil prices fell steeply Thursday, extending a decline to a three-day record $15.89 a barrel, as natural gas prices tumbled and investors anticipated declining demand.

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