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2:30 pm: Oil fluctuates as Gustav bears down on Gulf

August 28, 2008

NEW YORK (AP) -- Oil prices shot above $120 a barrel and then pulled back Thursday as traders bet the government would tap the Strategic Petroleum Reserve if Tropical Storm Gustav disrupts production. Regardless, consumers are still likely to see a hike in pump prices for Labor Day weekend. Gustav, approaching Jamaica with winds near 70 mph, could regain hurricane strength later Thursday and possibly enter the Gulf of Mexico — home of a quarter of U.S. crude production — as a dangerous Category 3 storm early next week. Fearful of a direct hit, oil companies raced to remove workers from vulnerable oil and gas platforms and brace the structures for heavy rain and wind. Light, sweet crude for October delivery jumped as high as $120.50 a barrel on the New York Mercantile Exchange before pulling back to $115.75, down $2.50. Light trading heading into holiday weekend exacerbated the volatile trading. Oil was also being pressured by a government report showing that U.S.

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10:15 am: Jobless claims fall for third straight week

August 28, 2008

WASHINGTON (AP) -- The number of people signing up for jobless benefits declined last week, the third straight drop from a six-year high reached earlier this month, the government said Thursday.

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9:50 am: Survey says workers' confidence in job market sags

August 28, 2008

NEW YORK (AP) -- American workers' confidence in the job market is as low as it was during the 2001 recession, according to a survey released Thursday.

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10 am: Toyota lowers 2009 global sales target

August 28, 2008

TOKYO (AP) -- Toyota lowered its global sales target for 2009 by 700,000 vehicles to 9.7 million Thursday, showing that even one of the world's most durable automakers is being hurt by rising material costs, a slowing U.S.

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9:45 am: Economy rebounds, mostly spurred by exports

August 28, 2008

WASHINGTON (AP) -- The economy shifted to a higher gear in the spring, growing at its fastest pace in nearly a year as foreign buyers snapped up U.S. exports and tax rebates spurred shoppers at home.

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9:20 a.m.: USW gets authority to strike against ArcelorMittal

August 28, 2008

PITTSBURGH (AP) ä Members of the United Steelworkers union have voted to give the union authority to launch a nationwide strike against ArcelorMittal, the worldás largest steel producer, if ongoing contract negotiations fail.

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