Dow Below 10,000 as Oil Hits New Record

[RedEarth]

NEW YORK (Reuters) - U.S. stocks sank on Thursday, with the Dow falling below the psychologically key 10,000 level, after NYMEX crude futures set a new high on Thursday amid renewed concerns about Russian oil major YUKOS' finances and its ability to export oil.


The Dow Jones industrial average (^DJI - news) dropped 164.59 points, or 1.63 percent, to 9,962.14. The broader Standard & Poor's 500 Index (^SPX - news) was down 17.98 points, or 1.64 percent, at 1,080.68. The technology-laced Nasdaq Composite Index (^IXIC - news) was down 33.29 points, or 1.79 percent, at 1,821.77.




http://story.news.yahoo.com/news?tmpl=story&ncid=749&e=1&u=/nm/20040805/bs_nm/markets_stocks_dc

here's another story...

Dow Down 164, Largest 1-Day Drop of Year

NEW YORK - Another surge in oil prices sent stocks plummeting Thursday, with the Dow Jones industrial average shedding more than 160 points, the largest one-day drop of the year.


Investors reacted strongly to the oil hike, selling off rapidly as the afternoon progressed. A barrel of light crude closed at $44.41, up $1.58 cents, on the New York Mercantile Exchange, and traded as high as $44.50 per barrel earlier in the session.


Over the past few weeks, drops in stock prices have corresponded almost directly to rising oil prices, which have climbed on terrorism fears. Thursday's rise, attributed to Russian oil conglomerate Yukos' ongoing troubles with the government there, prompted heavy selling in the last hour of trading.


According to preliminary calculations, the Dow fell 164.37, or 1.6 percent, to 9,962.14

http://story.news.yahoo.com/news?tmpl=story&ncid=716&e=9&u=/ap/20040805/ap_on_bi_st_ma_re/wall_street

[Generator]

1. Say Ciao! Chimpy

[nadinbrzezinski]

2. hmmm not good for the economy

we may see the crash before the election

[denverbill]

3. That Bush economy just keeps roaring ahead.

Geez, I guess it must be time to cut taxes on the rich again and cut services to the most needy.

[unfrigginreal]

5. LOL...Yep

if we'd just give a few more tax breaks to large corporations, the CEO's would get higher salaries to spend us out of this mess.

[saigon68]

17. PRESIDENT CHENEY SAID THAT YESTERDAY

To a Lobotomized group of factory workers and owners in Western Wisconsin.

The cheering workers were drooling all over him as he proclaimed the Bush Miracle.

Meanwhile in Eastern Wisconsin ---International Paper is going to close 4 mills outright, or sell them and eliminate THOUSANDS OF GOOD ($22.00 an HOUR) UNION JOBS.

[HuckleB]

4. And the Bush supporter says, "I can't hear you! What'd you say?"

Crumples paper in phone, cuts line.

How are so many people so entrenched in the camp of such an utter failure of a president?

[llmart]

6. Because people have lost the ability to think for themselves....

The American public allows the media to think for them. And then they repeat the memes that are thrown at them daily.

[TahitiNut]

8. Two words: Virtual Reality

... which has nothing to do with 'virtue.' :shrug:

[FiveGoodMen]

9. ... or reality!

[Eurobabe]

7. We're turning the corner

and we won't turn back!!!

Until Bu$h is outta office that is!

[JDPriestly]

10. Isn't the rise in oil prices

exactly what Woodward said would happen. Has everyone forgotten that the Saudis are going to step in and lower crude prices right before the election to give Bush a boost. Isn't that what they promised?

[drhilarius]

14. Yep. His buddy Prince Bandar will arrive to save the day.

[Arugula Latte]

12. We turned a corner ...

and got mugged in an alley. We're now heading DOWN, Down, down ...

[radfringe]

16. yup

and CNN - Lou Dobbs show - is predicting home heating prices may cost home owners $200-$400 MORE than last year

we put a call into our local wood guy last night and ordered a few cords -- looks like our wood stove is going to be the heat source for most of the winter... Last winter our heating budget was very tight - $200-$400 more is going to put a big crunch into our "don't worry-go shopping" budget.

but hey - the $2.00 a week taxcut we got will help --- right?

[gratuitous]

11. Mission Accomplished, Baby!

Sucking millions a day as fast as they can out of Iraq (the place is going to just freaking disintegrate in about 10 weeks), their domestic oil pals are bleeding consumers white, Halliburton got off with a chump change $7.5 million fine (Wouldn't you steal a billion if you had to give back only pennies on the grand?), and the vultures are poised to use their ill-gotten loot to snap up some bargains in a depressed stock market.

[SKKY]

13. Does anyone disagree with me on this?

I think that, in parallel with the war on terror, we really need to make alternative energy THE priority when Kerry takes office. I think we cut the amount of oil we buy from the Middle east by 10% and they'll feel the pinch. We cut it by 40%, they start shitting themselves. If I were Kerry, I would make this my big selling point right next to finishing the war on terror.

[drhilarius]

15. If you cut the money supply going into the

ME by forty percent you would be well on your way to ending the war on terror. At least on the international front.