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 ...
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.
I should’ve waited until today to buy...I put a small bit of $$ in the market two days ago.
Oh well.
If it were a SEA OF OIL wouldn’t oil prices go DOWN?
;-)
In 2002, Vice President Cheney puit together a good energy bill. Obviously, it wasn’t perfect but it was a start at making ourselves more energy independant. But, Congress rejoiced in defeating that bill. Now, the American people are going to pay the price for Congress’ incestual relationship with the Environmental Lobby.
One more thing, if $150.00 per barrel oil isn’t enough for the Congress to authorize more drilling then I wonder what price it will take to get their attention...and then, at that point, how bad will our economy be?
do you think this is intentional on the part of congress?
The market has been drowning in oil for months; the difference today is the Obama factor. For sure!
Up $15 dollars in just two days to a new record $138 and change.
Stated reason? “The dollar fell against the Euro.”
Gee did the dollar lose 11% of it’s value in the last two days? Lets see. U.S. dollar, from the fifth to the sixth... -1.087 % that is ONE percent, one tenth of the required drop to account for the gain in , in... what was that? SPECULATION.
It’s the end of the world and only socialism can save us.
Capitulate, peasants! Your government demands it!
$150/b oil is a self-fulfilling prophesy now.
Yes. So the people will want CHANGE!
The minus three hundred point drop today is fairly easy to understand. The two hundred point run up yesterday has to be the head scratcher.
Sure the $US went up 2 cents against the $EU. This was not the cause of much of anything, although it did happen at about the same time. The cause of the increase in the price of crude is being investigated now and any suggestion is as good as the next.
Dad! Is that you? I didn’t know you were a Freeper.
Collectively congress isn't smart enough to do this on purpose. An acquaintance of mine (now a supreme court justice of a midwestern state) is fond of saying, "Don't look for a conspiracy when incompetence will explain the situation."
Sea of oil news...
>> 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.
Well, for better or worse I guess I’m one of those nimrods who believes that speculation IS a significant factor in commodity prices these days.
Time will tell... time not necessarily measured in days.
LOL.
http://www.foxbusiness.com/story/markets/oil-data-swallows-market-open/
Are the Hunt brothers back? It looks like somebody is in there. The past two weeks showed a slow decline, absolutely normal. When it looked like crude was going to go under $120… WHAM Biggest increase in recent history.
Does ANYBODY know what's going on? I watch all the Talking heads on MSNBC and Fox. They don't have a clue do they?
I think I’ll close my Morgan Stanley account...they could have at least give me some notice they wanted to tank the market today.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.