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August 03, 2010 08:05 AM

Morning Business Brief

  • Stocks surged Monday. The Dow gained 208 points to 10,674. The S&P was up 24 and the Nasdaq rose 41 points.
  • As trading got underway in Europe, Britain's FTSE 100 was down 0.5 percent, France's CAC-40 was off 0.3 percent and Germany's DAX was up 0.1 percent. Futures pointed to losses on Wall Street with Dow futures down by 0.1 percent. Earlier, Japan's Nikkei jumped 1.3 percent and South Korea's Kospi rose 0.5 percent. Australia's S&P/ASX 200 added 0.7 percent and Hong Kong's Hang Seng advanced 0.2 percent. Markets in Taiwan, India and Malaysia also gained. China's Shanghai Composite Index retreated 1.7 percent.
  • Oil prices hovered above $81 a barrel Tuesday in Asia after surging stock markets and a weaker dollar helped boost crude to nearly a three-month high. Benchmark crude for September delivery was up 5 cents to $81.39 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $2.39, or 3 percent, to settle at $81.34 on Monday, the highest since May 4.
  • The government reports on personal incomes and spending this morning. Also due today is a report on June factory orders.
  • Carmakers are to release July sales numbers today. Analysts think it was the best month since last August, when the Cash for Clunkers program was credited for fueling sales.