#$#$#us stocks ready to slip ##$#$#

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    Stocks ready to slip

    Oil's run at record highs could weigh on U.S. markets at Monday's open.
    September 27, 2004: 5:36 AM EDT



    NEW YORK (CNN/Money) - The challenge to record prices for crude oil looked to be a bearish formula for Wall Street at Monday's open.

    Early Monday, Nasdaq and S&P futures were lower

    Hurricane Jeanne has passed, and with it the latest threat to Gulf of Mexico oil production. But concerns about supply from Iraq, Nigeria and Russia continued to pressure crude futures.


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    U.S. crude futures rose 45 cents to $49.33 a barrel in electronic trading, just 7 cents shy of the $49.40 intraday record set last month. Brent oil futures set a record, rising to $46 a barrel before pulling back to $45.90, up 57 cents on the session.

    On the schedule Monday is the government's report on new home sales for August. Economists surveyed by Briefing.com expect a rise to an annual rate of 1,150,00 from 1,134,000 in July.

    The Dow Jones industrial average ended Friday with a modest 8-point gain, but that couldn't salvage a 2.3 percent weekly loss for the blue-chip indicator. The Nasdaq composite index was slightly lower Friday and off for the week as well (see chart for details).

    Asian-Pacific stocks ended lower on the day, with Tokyo's Nikkei index down 0.3 percent for its seventh straight loss. European markets were lower early in the session. (Check the latest on world markets)

    Treasury prices fell in early trading, sending the 10-year note yield up to 4.04 percent from 4.02 percent late Friday. The dollar gained against the yen, but was lower versus the euro. Gold was higher.

 
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