Morning News Summary for May 6, 2011

Volatility in the commodities markets has taken center-stage in recent trading. A recent $5 drop in oil prices extended a 10% crash on speculation that global economic recovery will lower safe-haven demand. The improving economic outlook has pushed some investors to take profits in some of their earlier commodity positions. Silver continued to drop over 3% today in pre-market trading on the heels of another hike in the margin requirements and expectations of a higher dollar value. The iShares Silver Trust SLV has lost 25% of its value during the last five days. Indian shares rose 1.7% with the Indian financial sector leading the indices. Meanwhile, other Asian markets remained low. Earnings have continued to look positive, overall, as a handful of companies report today. The Washington Post WPO, United States Cellular USM and Madison Square Garden MSG are among the announcements. American home prices fell 4.9% last quarter dragging the housing market to recession lows. National home prices have decreased 11.5% in the past nine months, bringing them back to 2008 levels. Recent information about housing prices can be found at this Benzinga article. April's unemployment rate came in at 9.0% vs an expected 8.8% this morning. Private payroll numbers beat expectations by 68,000. The world's largest card processing network, Visa V, saw a rise in quarterly profits beating expectations. The company posted earnings of $1.23 a share on $881 million in net income.