26 August 2005, 17:36  U.S. stocks set to open lower; crude holds steady

U.S. stock futures are indicating a lower open Friday as Wall Street continues to eye the price of oil, with a speech from Fed Chief Alan Greenspan later in the session also likely to provide a focus for investors. Dow futures were down 13 points at 10,447, Nasdaq 100 futures dipped 0.5 point to 1,566.5 while S&P 500 futures slipped 0.6 point at 1,213. "We're in a for a bumpy ride," said Peter Cardillo, chief market analyst at S.W. Bach. "As the Fed conference kicks off down in Jackson Hole, Greenspan's opening comments will be eyed very carefully as well as any talk of a possible successor to him or other topics such as a potential housing bubble, high energy costs and labor costs." The Federal Reserve annual economic symposium begins Friday in Jackson Hole, Wyo. Greenspan kicks off the conference with a speech reflecting on central banking. On Thursday, stocks closed slightly higher in a market hemmed in by concerns about the negative impact of high energy costs on economic growth, as oil prices hit another record high. The Dow Jones Industrial Average rose 15.76 points to 10,450.63. The Nasdaq Composite Index rose 5.46 points to 2,134.37 and the S&P 500 Index climbed 2.78 points to 1,212.37. Crude futures eased slightly in electronic trade after hitting record highs in the prior session, as tropical storm Katrina hit the Florida coastline but is expected to miss key oil and natural-gas facilities in the Gulf of Mexico. Crude for October delivery was recently down 13 cents at $67.36 a barrel. The world's major currencies were broadly higher against the dollar, as the now-familiar themes of expensive oil and expectations for higher U.S. interest rates tugged at the greenback. The euro tacked on 0.1% against the dollar to stand at $1.2303. Against the Japanese yen, the greenback ws down 0.5% at 109.62. It also lost ground against the British pound after UK data showing the economy grew 0.5% in the second quarter from the previous quarter, revised up from the previous estimate of 0.4%, according to the Office of National Statistics. At last check, sterling was up 0.3% at $1.8040. Stocks in focus

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