MORNING BUSINESS MINUTE, WEDS., MAY 24, 2006

The U.S. Energy Secretary made an annoucement yesterday, saying rising oil prices could damage economic growth. He said that - regardless of a rebound in the price of commodities. What more did investors need? The selloff started late. The Dow lost -26.98 (-0.24%) to close at 11,098.35. The NASDAQ lost -14.09 (-0.65%) to close at 2,158.76 and the S&P 500 lost -5.50 (-0.44%) to close at 1,256.57. Local stocks mostly lost ground on the session. Wal-Mar (WMT) gained +$0.17 to close at $47.52. Tyson Foods (TSN) lost -$0.53 to close at $16.63. JB Hunt (JBHT) lost -$.0.49 to close at $23.93. Acxiom (ACXM) lost -$0.35 to close at $22.88 and AllTel (AT) lost -$0.06 to close at $61.50. In terms of economic figures today, we`ll have April durable goods order, new home sales and crude oil inventories for the week behind. Earnings today include quarterly numbers from Petco and Tivo, among a score of others. Overseas in Asia, the Nikkei gained +60.38 (+0.4%) to reach 15,659.58 at the mid-day break in Tokyo. The broader Topix gained +8.71 (+0.6%) to reach 1,587.97. Back in the U.S., in extended hours trading, the NASDAQ 100 Afterhours Indicator fell -2.65 (-0.17%) to close at 1,566.36.