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Stock Market Confirms Attempted Rally
1The tech-heavy Nasdaq and small-cap S&P 600 followed through Tuesday, each surging more than 2% in heavier volume than the day before. Volume was slightly below average on the Nasdaq, although small caps showed above-average trading. Many top-rated stocks broke out and worked higher during the week.
Oil Pulls Back From High
2July Nymex crude rebounded $1.79 to $41.72 a barrel May 24, a closing high. But crude retreated most of the week, despite no change in U.S. crude stocks and a surprising decline in the gasoline supply. By Thursday, New York oil fell below $40. Short covering boosted prices Friday ahead of the holiday weekend as crude closed at $39.88.
Bush Details Iraq Transfer
3 President Bush told Americans May 24 that he has a plan for the June 30 handover of sovereignty and beyond. The U.S. and U.K. proposed a U.N. resolution endorsing the transfer and giving U.S.-led forces wide security powers. Anti-war allies want more Iraqi power. Iyad Allawi, former member of Saddam's Baath party who worked with ...