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Oil Takes Biggest Fall In Two Months
1Oil prices bounced higher Friday following two days of sharp declines that came on the heels of rising inventories of crude in the U.S. and a move by China to cool its economy. For the week, near-term oil futures tumbled $3.41 to $51.76 a barrel. Some traders said they expect higher supplies and lower prices this week.
Nasdaq Up For 2nd Week
2The tech heavy index climbed 3.1%, mixing two solid accumulation days with some lower-volume pullbacks and consolidations. Lower oil prices jump-started the stock market, which also rallied on earnings and economic news. The small-cap S&P 600 rose 3% to pull within 1% of its all-time high.
Red-Hot China Hikes Rates
3China's central bank raised its benchmark rate to 5.58% from 5.31%, an admission that prior efforts to slow growth have not worked. China's GDP surged 9.1% in Q3 vs. a year ago after Q2's 9.8%. The surprise rate hike signaled possible slower global growth and weaker demand for oil, metals and other commodities.
Election In Homestretch