News Briefs - Nov. 3
The Latest Headlines:
- Oil, Stock Markets Rise After Bush Wins Election
- ISM Services Index Increases in October
- Missouri, Phoenix, R.I. Voters Approve Transportation Measures
- Delays at California Ports Beginning to Ease
- ISM Services Index Increases in October
Oil, Stock Markets Rise After Bush Wins Election
The price of crude oil rose 2.6% on Wednesday, which analysts told Bloomberg News was related to President Bush's re-election victory.However, the major stock markets in the United States also rose Wednedsay as Bush claimed victory, news services reported.
Crude oil for December delivery rose $1.28 to $50.90 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange.
Jim Steel, director of commodity research at Refco Inc., told Bloomberg that Bush's win implied the government would continue to fill the Strategic Petroleum Reserve.
Bush has been filling the Strategic Petroleum Reserve, taking as much as 100,000 barrels a day of crude oil off the market, Bloomberg reported. Transport Topics
ISM Services Index Increases in October
The Institute for Supply Management said Wednesday its non-manufacturing index rose to 59.8 in October, from 56.7 in September, which had been the lowest reading of 2004.The index measures the services sector, which is the largest segment of the economy and includes trucking. It has shown expansion, marked by readings higher than 50, since March 2003.
ISM said a measure of new orders for non-manufacturing companies increased to 60.5 from 58.5, while the index of order backlogs held at 52.5.
In addition, ISM said the inventory index declined to 50 from 51.5 in September and its employment index rose to 55.8, the highest since June's all-time high of 57.4. Transport Topics
Crude Oil Falls After DOE Reports Gain in Stockpiles
The price of crude oil futures in New York fell to a one-month low on Wednesday after the U.S. Energy Department reported a rise in U.S. inventories.Crude oil for December delivery fell 62 cents to $49 a barrel at 10:43 a.m. on the New York Mercantile Exchange, Bloomberg reported. Prices fell as low as $48.65, the lowest since Sept. 29.
The drop came after DOE said stockpiles jumped 6.3 million barrels, or 2.2%, to 289.7 million in the week ended Oct. 29, the biggest increase since March. Transport Topics
Missouri, Phoenix, R.I. Voters Approve Transportation Measures
A Missouri state constitutional amendment to direct all vehicle sales taxes and some motor fuel taxes to improving roads and bridges was easily approved on Tuesday, the Associated Press reported.Half of the roughly $250 million collected each year in vehicle sales tax revenues goes toward roads, with the other half going into the state's general fund, AP said.
Meanwhile, a proposal to spend $4.8 billion over the next two decades on transportation projects was resoundingly approved by voters in Maricopa County, Ariz., which includes Phoenix, AP said. The plan includes adding 78 miles of freeways.
And in Rhode Island, voters supporting spending $66.5 million to fund improvements to the state's highways, roads and bridges, AP said. Transport Topics
Delays at California Ports Beginning to Ease
Delays at the California ports of Long Beach and Los Angeles have eased as the pace of holiday cargo shipments slows, new employees begin working and ships divert to other ports, Bloomberg reported.The ports process about 40% of U.S. ocean shipments, Bloomberg reported. Wal-Mart Stores Inc. containers were being held up about two days, down from four days in late September, according to James McKenna, executive director of the Pacific Maritime Association.
The backlog of ships waiting to get to a dock fell to 77 from a peak of 94 last month, Bloomberg reported. Transport Topics
