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Market briefing---Bob (fast)
Energy companies---Peter (slow)
NYSE---Deb (fast)
Nasdaq---Julie (fast)
>> welcome to “world financial report.” i’m bob bowdon. republicans in congress announced they reached a deal today on the first comprehensive energy deal in a decade. bloomberg’s peter cook joins us from washington with the latest on the legislation that could have a significant impact on those energy companies. peter in

>> well, bob, democrats in the senate could still block this bill once they read the fine print. but republicans sound confident they will be able to deliver another major legislative prior till for the president as early as next week. the g.o.p. negotiator, senator pete domenici and billy tauzin announced the agreement this afternoon. the final language of the massive bill will be later today or tomorrow. but here are some of the major provisions. the bill include major changes in the nation’s electricity law, including mandatory reliability standards for the first time. there is a new ethanol mandate that will result in the doubling of ethanol from corn in gasoline. there is an estimated $16 billion in tax incentives, mainly targeted to the oil and gas industry and a separate $18 billion in federal loan guarantees for the construction of a gas pipeline linking alaska to the lose earth 48 states. two controversial proposals, not in the final bill? a provision to open alaska’s arctic wildlife refuge to oil drilling and any increase in corporate average fuel commit or cafe standards for vehicles.

>> the bottom line is that this bill is totally comprehensive. it will, in many aspects, begin the restructuring of energy in our country so that we are not nearly as insecure in terms of the energy we need to power this great economy and supply our citizens with affordable energy.

>> democrats say they don’t know what’s in the bill yet, and can’t predict whether will get the 60 votes needed to prevent a filibuster in the u.s. senate.

>> this is a very large piece of legislation. there are provisions in it that all of us support. there are other provisions in it that i’m sure many of us oppose and each senator is going to have to make a judgment as to whether, on balance, this is a bill they’re willing to hold their nose and vote for.

>> now there is something in the bill for almost every sector. but schwab capital market analyst says the power industry may see some of the most immediate benefits, especially with the repeal of the puca act, which limits consolidation.

>> the arguments over the impact of puca is one of hagsened degree. how many transactions will there be, how fast will they come? not whether we’ll see m&a in the electricity sector.

>> she makes the point that energy companies have been waiting to make business decisions until congress decided the fate of the energy bill. now if the bill does pass, that uncertainty over the future could end. bob?

>> peter cook in washington on the energy bill. thank you for that report. moving on, an alabama jury rules that exxon mobil must pay the state almost $12 billion, over a dispute involving unpaid natural gas royalties. most of the damages are punitive and, according to bloomberg data, it is the fourth largest verdict in u.s. history. the world’s biggest publicly traded oil company reported third quarter revenue of almost $60 billion. the jury said they came to a quick decision because they found the royalty contract alabama had signed was clear about the amounts due. exxon mobil said it would appeal the verdict. well, speaking of the oil industry, the price of crude oil in new york rose to see a three-month high today on concern that heating oil supplies may not be adequate to meet cold weather demand. crude closed 1.5% higher at more than $32 a barrel. the energy department says u.s. inventories of crude oil and dist lates fell last week. fuel supplies along the east coast may full further because of reduced flow in a pipeline supplying the region as well. well, let’s get to the closing numbers as we check this down day on a friday trade. the dow jones industrial average closed down 69 points to finish at 9768. s&p, that was about .7% to the downside. s&p also about .7% to the downside, down eight points. the nasdaq was the laggard of the day, down 37 points to finish at 1930 on the day. checking volume on the big board, 1.3 billion shares traded and advancers out paced decliners 19-13. nasdaq, their decliners out paced advancers on a larger ratio, 2-1. the wilshire market, down 85 points on the day. and in fixed income, we see treasuries gained on the day. the 10 and five-year note gaining 20 and 14/32 respectively. the yields on the 10-year down to 4.22%. on the shorter end of the curve, we also saw upwards movements on treasuries. checking current siffs on the day. the yen trading right now 108.35 yen to a dollar. and a euro is at 1.1779 as you see right there. even though the market lost ground this week, health care stocks were the rising stars and our own deborah kostroun is at the new york stock exchange with a wrapup of the day and also health care stocks . deb?

>> in fact, bob, health care stocks soared 4.9 % this week. in fact, if you take a look at the s&p health care equipment index, it is the―it had its best weekly gain in eight months and, in fact, health care really performing quite well. a lot of news coming out over the past couple of days about congress making a lot of progress toward a medicare bill that would not allow canadian drug imports and would pump billions of dollars more money into medicare spending on drugs for seniors. in fact, what they’re looking at possibly doubling spending over the next 10 years. so, many of the drug stocks performing quite well. and this is actually a shift. we were talking about the shift in assets as bob started out the show, from technology stocks into some of the drug stocks . drug stocks traditionally the defensive stocks , so getting back to that. in fact f you take a look at health care, they’ve been really underperforming the market over the past year. so, if you take a look at the s&p 500, it’s been performing well. there ises a little bit of a different story, however, this past week gaining ground and seeing a little bit of a difference in many of the health care stocks and even some of the benefits manager, some of the pharmacy benefits managers also throughout the week. amerisource bergen closing a little bit lower, but the pharmaceuticals all performing quite well. also, broker-dealers among some of the biggest losers in today’s session, the amex broker-dealer down 4.05%. charles schwab, found evidence of possible illegal customer trading in some 3,000 funds that it does sell, also being systemed by new york state attorney general el elliott spitzer. we saw broker-dealers sharply lower and saw one of the investments, s.i.g. investment manager index and fiduciary trust index dropped 2.6%, the worst tumble since june 9. and also finding out about more improprieties or alleged improprieties and a lot more investigation. back to you in the studio.

>> thank you, deborah kostroun. well, technology stocks were down today on investor concerns about valuations and julie hyman has details from the nasdaq market site in times square where i understand chip stocks were amongst amongst the biggest fallers.

>> that’s right, bob. in particular, we saul shares of intel and applied materials down. also saw other technologies suffering. as you can see there, chris cose systems and microsoft also decliners on the day. it seems as we get more evidence that the economy is recovering, also more evidence that earnings of companies are doing farrelly well, it seems that we’re seeing a switch in the market, at least that’s what jeff kleintop is saying. he is saying we might see a change in leadership in the market as the economy starts to ress cover and could be one reason we’re seeing shares in technology shares drop. he says they’re less attractive because they need to improve exaptal spending and he is recommending that his clients buy banks instead. also want to take a look at the nasdaq for the week. it is down for the first week in three, as you mentioned, like the other two major index. down 2.05% this week, all of the groups in the nasdaq were down. the computer index had the biggest drop of about 2%, as you can see with the technology shares down today in particular. as for particular movers today, b.e.a. systems, one of the biggest down, 10.4%. now this after the company said sales of software licenses rose less than 2%. this was less than some analysts had forecast. overall, third quarter profit rose 17%, sales were up almost 8% and, finally, just want to touch on amgen. it was down 2.8% in today’s session, this after the “wall street journal” said some investors are concerned that the company might not be able to keep up its pace of profit growth. bob, back to you.

>> thank you, jew lits hyman from the nasdaq market site. when we come back after the break, stocks fed loadser for the week,, as we said. we’ll take a look at where stocks the might be headed next and if the market share is about to change. john carey joins us for that discussion after this break.
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