Stocks drop; Dow off 136 points

[Zorra]

NEW YORK (AP) — Disappointing earnings from Morgan Stanley (MWD) and oil prices topping $48 per barrel sent stocks sharply lower Wednesday as investors moved to protect their recent gains. The Dow Jones Industrial average dropped 136 points.

Investor pessimism during the summer took its toll on Morgan Stanley's earnings, which widely missed Wall Street expectations due to a sharp drop in trading commissions.

The big spike in oil prices created fresh worries that oil could surpass $50 per barrel, which would further curtail consumer spending just as the winter heating oil season arrives. A barrel of light crude was quoted at $48.35, up $1.59, on the New York Mercantile Exchange.

The Dow closed down 135.75, or 1.3%, at 10,109.18.

http://www.usatoday.com/money/markets/us/2004-09-22-stocks-drop_x.htm?POE=NEWISVA

[smirkymonkey]

1. Well, it is that time of year....

Could be an "October Surprise" that nobody's planned on.

[markdd]

3. 3rd Friday

Triple witching hour?

[NC_Nurse]

2. Yeah but we're turning the corner

right? :eyes: