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By Sara Lepro
Associated Press
POSTED: 04:52 p.m. EDT, Jul 07, 2009
NEW YORK: Investors sent stocks sliding after another tumble in oil prices eroded hopes for a speedy recovery in the economy.
Major stock market indexes skidded about 2 percent Tuesday and the Dow Jones industrial average posted its lowest close since late April as crude dropped for the fifth straight day. The drop in oil is the latest indicator that investors think demand for energy and basic materials will remain soft in an economy that continues to struggle.
Trading volume remained thin amid a dearth of news about the economy this week and as investors await the beginning of the second-quarter earnings season, which starts Wednesday with aluminum maker and Dow component Alcoa Inc.
Stocks have drifted lower in recent days as the market's confidence about the economy took hits from a poor jobs report for June, waning consumer confidence and plunging commodities prices.
That stoked fears that the market might have gotten ahead of itself in March and April, when investors sent stocks soaring in hopes that a nearly two-year-long recession will end some time this year. The next guideposts for the market will be the forecasts companies give during earnings reports about how business conditions look for the rest of the year.
"Uncertainty has crept back into the picture," said Carl Beck, partner at Harris Financial Group. "We started to get some data that put a damper on some of the optimism that had been growing about the economic recovery and that sort of put everything on hold until we start hearing from companies."
According to preliminary calculations, the Dow fell 161.27, or 1.9 percent, to 8,163.60. The Standard & Poor's 500 index fell 17.69, or 2 percent, to 881.03 and the Nasdaq composite index lost 41.23, or 2.3 percent, to 1,746.17.
Oil tumbled from an eight-month high hit last week on concerns that a weak economy will dampen demand for energy.
Light, sweet crude fell $1.12 to settle at $62.93 a barrel on the New York Mercantile Exchange, helping to send Exxon Mobil Corp. down $1.54, or 2.3 percent, to $66.56, while ConocoPhillips lost 84 cents, or 2.1 percent, to $39.99.
NEW YORK: Investors sent stocks sliding after another tumble in oil prices eroded hopes for a speedy recovery in the economy.
Major stock market indexes skidded about 2 percent Tuesday and the Dow Jones industrial average posted its lowest close since late April as crude dropped for the fifth straight day. The drop in oil is the latest indicator that investors think demand for energy and basic materials will remain soft in an economy that continues to struggle.
Trading volume remained thin amid a dearth of news about the economy this week and as investors await the beginning of the second-quarter earnings season, which starts Wednesday with aluminum maker and Dow component Alcoa Inc.
Stocks have drifted lower in recent days as the market's confidence about the economy took hits from a poor jobs report for June, waning consumer confidence and plunging commodities prices.
That stoked fears that the market might have gotten ahead of itself in March and April, when investors sent stocks soaring in hopes that a nearly two-year-long recession will end some time this year. The next guideposts for the market will be the forecasts companies give during earnings reports about how business conditions look for the rest of the year.
"Uncertainty has crept back into the picture," said Carl Beck, partner at Harris Financial Group. "We started to get some data that put a damper on some of the optimism that had been growing about the economic recovery and that sort of put everything on hold until we start hearing from companies."
According to preliminary calculations, the Dow fell 161.27, or 1.9 percent, to 8,163.60. The Standard & Poor's 500 index fell 17.69, or 2 percent, to 881.03 and the Nasdaq composite index lost 41.23, or 2.3 percent, to 1,746.17.
Oil tumbled from an eight-month high hit last week on concerns that a weak economy will dampen demand for energy.
Light, sweet crude fell $1.12 to settle at $62.93 a barrel on the New York Mercantile Exchange, helping to send Exxon Mobil Corp. down $1.54, or 2.3 percent, to $66.56, while ConocoPhillips lost 84 cents, or 2.1 percent, to $39.99.
Comments
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Kandi, SL
Posted 06:19 PM, 07/07/2009
So why am I paying $3.25 a gallon for gas?
