Midday Report: U.S. stocks post modest gains following economic data

Date: Tue, 26 Aug 2008 12:03:29 -0400

U.S. stocks post modest gains following economic data

NEW YORK
U.S. stocks on Tuesday shifted modestly higher in light volume after
data pointed to a better-than-forecast rise in consumer confidence and
ongoing weakness in the troubled housing market.

Futures Movers: Oil futures jump 2% on hurricane, Russia worries

Crude-oil futures soar 2%, boosted by concerns that Hurricane Gustav
might disrupt oil supplies in the Gulf of Mexico and heightened
geopolitical tensions after Russia formally recognizes the independence
of two breakaway Georgian regions.

Economic Report: Home prices fall at record 15.9% year-over-year pace in
June

U.S. home prices fall at a record 15.9% year-over-year rate in June,
stepping up the pressure on an already-fragile financial system as the
housing market shows precious few glimmers of light.

Currencies: Dollar up vs. most rivals but capped by housing data, rising
oil

The dollar is higher against most major rivals but is off its session
peaks after downbeat U.S. home-price data and a rebound in crude-oil
prices.

Obama hasn't sold voters yet on economic issues

Voters say the economy is their biggest worry this election year, and
they want answers from Democrats and Republicans about what they'd do to
restore the American Dream.