May

08

Market Update 10:48am ET

By Chuck

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As of 10:30am ET, volume was still below the six-month average with advancers and decliners about par.

Natural Gas Inventories were within expectations: +65 BCF VS. EXPECTED RANGE OF +60 TO +65 BCF

MARCH WHOLESALE INVENTORIES:  -0.1% V 0.5%E
- prior revised from 1.1% to 0.9%

HankyPanky Paulson says he expects the tax rebate checks to help consumers "right away" (a little sense of urgency there it seems) and reiterates that the US economy prospects remain ’solid’.

FITCH DOWNGRADES CIT ISSUER DEBT RATING TO A- FROM A, OUTLOOK NEGATIVE; AFFECTS $62B IN DEBT