Crude futures rally on surprise drop in inventories

11:51 am ET Oct 31, 2007

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Crude futures rally on surprise drop in inventories

SAN FRANCISCO
Crude-oil futures rallied to trade near record highs on Wednesday after
the Energy Department reported a surprise drop in U.S. crude inventories
in the latest week, while a possible rate cut this afternoon from the
Federal Reserve could further lift oil prices.

Economic Report: U.S. economy grows 3.9%, fastest in six quarters

WASHINGTON
The U.S. economy shook off the worst housing downturn in a generation to
grow at a 3.9% annual pace in third quarter, the best performance in six
quarters, the Commerce Department estimated Wednesday.

Google tops $700 mark; Wall Street sees more gains

SAN FRANCISCO
Google Inc.'s seemingly unstoppable stock set a new milestone Wednesday
morning, topping the $700 mark to set a new all-time high for a company
whose market value has already jumped by more than 50% for the year.

Market Snapshot: Wall Street gains ahead of Fed decision

NEW YORK
U.S. stocks coasted higher Wednesday, with investors cheered by thoughts
the day could bring another interest-rate reduction by the Federal
Reserve.