Dow ....8,174.73 ...+58.70 (0.72%)
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US Stocks Gain on Earnings; Texas Instruments, Travelers Rise
Fed expected to keep rates at record lows
Oil prices tumble on jobs, housing consumer data
Hint of growth in demand for raw materials
Analysts said the rally in shipping costs could be an early sign that global trade was beginning to revive from the paralysis that took hold late last year, which led to many ships lying empty.
The bulk of demand has come from Chinese steel mills and iron ore traders.
“Steel and iron ore prices seem to have stabilised a little, especially in China,” said Mr Norfolk.
“We’ve been through a period of significant destocking and the Chinese steel mills have been encouraged by the fact that prices seem to have hit a floor, so they’re finally coming back in to buy up some raw materials.”
Tuesday, January 27, 2009
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