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Markets gyrate on bin Laden death

Tuesday, May 03, 2011 - 02:56

May 2 - Stock and oil prices ended lower after a choppy trading season as investors bet any long-term positive impact from Osama bin Laden's death will be minimal. Conway G. Gittens report.

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PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL For Americans working in the Wall Street area nearly 10 years ago on September 11th, these scenes are etched in their memories and in their hearts, so it should be of no surprise emotions were riding high as people in the area digested the news of the death of Osama bin Laden. SOUNDBITE: RICHARD BELLIS (ENGLISH) SAYING: "I think it's great for the county. 10 years of pain. My town Middletown, New Jersey took a big loss. I think we lost about 26 people and just a great day for America. It really is." SOUNDBITE: BRUCE MCCORMICK (ENGLISH) SAYING: "Elation, better prospects for the future, better prospects for the economy. Definitely a validation of how we are viewed overseas." SOUNDBITE: AJ CHANNEL (ENGLISH) SAYING: "We saw it through from start to finish; no matter whether it be two different administrations, who cares? It was the country as a whole. We said we'd do it and we did it." The emotions outside of the New York Stock Exchange didn't translate in to much price action inside on the trading floor. Stocks swung from being mildly positive to mildly negative. Traders like Ted Weisberg of Seaport Securities say its hard to get too excited. SOUNDBITE: TED WEISBERG, PRESIDENT, SEAPORT SECURITIES (ENGLISH) SAYING: "Unfortunately it is not all about him. Ten years later there is a lot of other Osama bin Ladens out there - all of whom want to do damage to this country and so yes it's good that he is out of the picture for what he represents but the problem has still not gone away." And that sentiment may have caused a spike in volatility, in a sign of investor unease. And with good reason says former SEC Chairman Harvey Pitt. SOUNDBITE: HARVEY PITT, FORMER SEC CHAIRMAN (ENGLISH) SAYING: "The fact of the matter is that terrorism is a real threat. I believe that the death of Osama bin Laden will prompt retaliatory strikes against the U.S. in a variety of forms. And I'm not persuaded that the market's reaction takes into full account all of the likely political developments we are about to see." The oil market also had a difficult time deciding what and what not too price in, ending lower after a volatile trading session. But at the end of the day Osama's death will do little to keep oil and gas prices from rising says Paramount Options' Ray Carbone: SOUNDBITE: RAY CARBONE, TRADER, PARAMOUNT OPTIONS (ENGLISH) SAYING: "The unrest in North Africa, Libya, more unrest in Syria, all tension ratchet up all across the oil producing region, that to me is what is driving oil prices." Oil traders, like stock traders, say Osama's demise is a feel good story whose market impact is already waning. Conway Gittens, Reuters

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Markets gyrate on bin Laden death

Tuesday, May 03, 2011 - 02:56