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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 the CIA to topple him, was nominated prime minister Friday.
Iraq Militia Seeks Truce