High Oil, U.S. Economy Worry Stocks

[Dover]

High Oil, U.S. Economy Worry Stocks
Mon Aug 16, 2004 04:45 AM ET

<snip>...Investors have become increasingly worried that the soaring oil price, if sustained, will slow world economic growth, spike inflation and interest rates and hurt corporate profits.

Added to this has been a series of weak U.S. economic data that has increased expectations that the world-leading economy is heading into a decided slowing patch.

Payrolls data has suggested that few jobs are being created, consumer confidence is down and the U.S. trade deficit widened to a record $55.8 billion in June on falling exports and rising imports.

The result has been a wave of negative sentiment across financial markets, particularly stocks.

http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=5983071