Stocks fall, commodities climb
Posted 06:56 a.m., May 9, 2008
World stock markets were mostly sharply lower overnight, with declines above 1 percent (and in Bombay and Tokyo, more than 2 percent) following reports of accelerating inflation in China that sparked investor fears that prices for the country’s currently cheap manufactured goods might be headed higher, potentially fueling inflation elsewhere.
The leading culprit in rising prices globally, crude oil, topped $124 a barrel in overnight trading, while gold advanced above $890 per ounce. Grain futures also posted strong gains. The dollar posted moderate gains against other major currencies.
Locally and nationally, the average price of a gallon of regular unleaded gasoline rose to an all-time high, according to AAA’s Fuel Gauge Report. In the Charleston area, the price was $3.524, topping the previous record of $3.515 set last week and up from $3.506 yesterday, $3.191 a month ago and $2.804 a year ago.
The major economic report due today is the March figure for the U.S. international trade balance. Analysts on average are looking for a deficit of 60.8 billion, which would be a modest improvement from February’s $62.3 billion deficit. Higher oil prices are adding to the cost of imports, while the dollar’s weakness is boosting exports.
Local meetings and events scheduled today:
The USC Small Business Development Center and the Internal Revenue Service hold a Small Business Tax Workshop. 9 a.m.-4 p.m. 5900 Core Drive, Suite 104, North Charleston. Free; registration required. For information or registration call 740-6160.
The Berkeley Chamber of Commerce holds its Annual Meeting. Noon. Charleston Area Convention Center, 5000 Coliseum Drive, North Charleston. Speaker: Darla Moore, Palmetto Institute. $45 for members, $55 for nonmembers. For information or reservations call 577-9549 or 761-8238 or visit www.berkeleysc.com.
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