Posted on 06/06/2008 12:09:55 PM PDT by Blood of Tyrants
The Dow took a 325 point plunge on Friday as Wall Street reacts to an unprecedented $10 surge in crude oil prices and the largest one-month rise in the nation's unemployment rate in two decades.
Today's Market
As of 2:46 p.m. EDT, the Dow Jones Industrial Average slid 317.46 points, or 2.52% to 12286.26, the Standard & Poor’s 500 index dropped 31.88 points, or 2.27%, to 1372.17 and the Nasdaq Composite Index lost 61.54 points, or 2.41%, to 2488.40. The consumer-friendly Fox 50 fell 21.92 points, or 2.22%, to 964.53.
It didn't take long for Wall Street to erase all of Thursday's 200-point rally on the Dow, which was the largest one-day gain in seven weeks. Minutes into the trading day the index was already suffering a triple-digit decline.
As if the disheartening unemployment rate wasn't enough, the market kept falling Friday as crude oil prices continued an unrelenting rally to a brand new all-time record of $137.70 a barrel. Crude has soared more than $15 over the past two days alone as the U.S. dollar weakened.
(Excerpt) Read more at foxbusiness.com ...
“The Democrat controlled Congress plays with itself as the country crumbles.
Out with the usual nimrods who will try to convince us that speculators driving up the price of oil, wheat, corn, etc is actually GOOD for the average person living from paycheck to paycheck.”
Hey! Give some credit to this NIMROD, here! My gold went UP $24.20 per ounce today. Mama like!
Not ALL of us are as stupid as Democrats. We’re doing quite nicely in SPITE of them, and in SPITE of the “paycheck to paycheck” lifestyle we currently have. It does my ‘Conservative Capitalist Heart’ proud to thwart them at every turn! :)
Now, you can continue to whine, or you can play the game to WIN! Your choice. This STILL is America, last time I checked. If you can’t make it HERE...you ain’t tryin’ hard enough! :)
Thanks
“If this is happening, I’m sure not seeing it.”
I’m with you.
Yours with the only post that takes an educated (non-tinfoil) consideration of so-called speculation. However, these contracts are hardly thinly traded. Also, there are plenty of people claiming $75 before $200 and that does not happen in a bubble.
I think this is classic supply and demand - no more no less. More and more people want more and more and the people than can supply are artificially constraining (including the US government).
I agree completely. Plus the production that is running out is cheaper than the new production. One reason I have not been so interested in oil stocks (i.e. weak profits).
Speculate all you want with gold. I don’t need gold for my day to day life. However, I must have gasoline and food. Is it REALLY smart to allow groups of people run up the necessities of life just so they can make a few bucks?
I think you mean, “DRILL ANWR!”
I agree with RKBA. your RV biz is anecdotal. I bet gasoline consumption is not down 30% in aggregate. Plus what percentage of gasoline consumption is RV. I bet 100% if it could disappear and not be rounding error.
A lot of people that “speculate” around here are math challenged.
By the way, I notice what the environmentalists are saying lately is that the solution to our energy problem is "efficiency." Yep, use less energy. Like 50% less by mid-century. Don't use your hair dryer. Take the bus. Sure. They're also saying forget about energy independence. I think the most optimistic greenies envision 25% wind or solar by mid-century. Only a few environmentalists get it. I recently read the book Power To Save the World: The Truth About Nuclear Energy. Very good, written by a self-identified liberal who always opposed nuclear until an old family friend, a nuclear physicist, clued them into reality.
“repubs are doomed in the November election. People vote with their wallet. Food gas necessities up. We are going to take a beating. Count on it.”
Especially with McCain the candidate. What an idiot. Why can’t he get some good conservative economic advisors. Who is on his team?
If I ever meet up with a person who claims to be an environmentalist, I might just punch them in the face.
I heard some news story to the effect we were recently invited to join a rice cartel, but we declined.
I forgot about that! They have been busy, haven't they.
Interesting fact. I was surprised not so long ago to learn we are the third largest producer, after Russia and SA.
I agree completely. My wife said people are not taking trips up north this year. I don’t believe it. Plus if your car got 20 MPG your and gas was up $1 a 1000 mile trip would cost $50 more. Most people have $50.
That’s what I’ve learned. I wouldn’t hire most people I’ve met who are in high office to run a hotdog stand, much less a global conspiracy.
Problem is, I’m not sure if the truth isn’t scarier than the conspiracy theories.
Erm... speculation provides liquidity to the markets, and, more importantly, is a *very* small percentage of the overall market. Speculators by themselves are NOT driving up the price of oil, they’re riding it up and profiting from the natural supply/demand/risk perception dynamics.
Allow more supply to come to the market and they’ll be the ones driving the prices down into the basement. Works both ways.
My girlfriend and I are driving down to New Orleans from Raleigh for a vacation this summer. The gas prices mean we’re taking her Aveo rather than my Grand Cherokee, not that we aren’t going.
Erm... if you have bought UltraShort ETFs you’d have made 10% today like I did. Financial houses don’t control the market. They profit from transactional revenues, direction of the market not withstanding.
Say, it's Floriduh the state that seems to struggle counting simple ballots?
OK, OK I give up. Few are conserving on their fuel usage, and everything is business as usual.
Fill er up!
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