Stock Market really likes Bush's Economy --- NOT -- Stocks Down 166 pts

cthrumatrix

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Thu Jun-23-05 04:08 PM
Original message

Stock Market really likes Bush's Economy --- NOT -- Stocks Down 166 pts

Dow Plunges 166, Nasdaq Drops 21 As Oil Prices Briefly Surge Past $60 a Barrel for First Time

NEW YORK (AP) -- Stocks plunged Thursday, sending the Dow Jones industrials down 166 points as oil prices briefly moved past the psychologically important $60 per barrel level for the first time. Oil's advance accelerated a selloff prompted by poor earnings from FedEx Corp. -- which blamed high fuel prices for its disappointing profits

http://biz.yahoo.com/ap/050623/wall_street.html?.v=28

Bush's Oil Policy is doing wonders......

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Tandalayo_Scheisskopf

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Thu Jun-23-05 04:09 PM
Response to Original message

1. And this speculation...

Is being driven by hedge funds.

Frankly, I would not be surprised to see more droppage tomorrow. If the price goes higher tomorrow...whoo boyee.

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BlueEyedSon

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Thu Jun-23-05 04:10 PM
Response to Original message

2. yeah its the oil thang

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cthrumatrix

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Thu Jun-23-05 04:11 PM
Response to Reply #2

3. and /or soc sec private accts. being "shot down"....

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BlueEyedSon

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Thu Jun-23-05 04:19 PM
Response to Reply #3

5. hmm... you win. you think it's really dead?

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whistle

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Thu Jun-23-05 04:12 PM
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4. Remember that every dollar increase per barrel of crude is....

....a dollar more in big oil profits. That in turn keeps the stock market index in energy prices going up. The downside are all the companies where the prices of energy negatively affect their profits. Anyone know how much energy stocks went up today?

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cthrumatrix

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Thu Jun-23-05 04:19 PM
Response to Reply #4

6. mixed....XNG index up .6%

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BlueEyedSon

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Thu Jun-23-05 04:20 PM
Response to Reply #4

9. and a $20 millon/day tax on everything else

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cthrumatrix

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Thu Jun-23-05 04:44 PM
Response to Reply #9

10. plus this talk on a China "tarriff" could be an issue...Greespan was

yapping.

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LSparkle

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Thu Jun-23-05 04:20 PM
Response to Original message

7. Supreme Court decision may have had an effect

All the home equity loans that are fueling the economy and now people will learn their little nest egg can be taken away if someone wants to build a mega-mall next door?

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cthrumatrix

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Thu Jun-23-05 04:20 PM
Response to Reply #7

8. homes starts report were down as well.......

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