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Lower crude prices are seen as sign of lagging economy
Published on Wednesday, Jul 08, 2009
Associated Press
NEW YORK: Falling oil prices are becoming another sign of investors' deflating hopes for a speedy economic recovery.
Major stock indexes skidded 2 percent Tuesday as crude fell for the fifth consecutive day.
The Dow Jones industrial average fell 161.27 points, or 1.9 percent, to 8,163.60. It was the lowest finish for the blue chips since April 28.
The broader Standard & Poor's 500 index fell 17.69, or 2 percent, to 881.03, its lowest finish since May 1. The Nasdaq composite index lost 41.23, or 2.3 percent, to 1,746.17, the lowest close since May 27.
The Dow and the S&P 500 have shed about 7 percent since their recent highs on June 12. The Dow is still up 25 percent from a 12-year low hit on March 9 and the S&P 500 index is up 30.2
percent.
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 $62.93 a barrel. That helped 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.
Falling oil can help the economy by reducing costs, but investors are looking to the latest slide as an unwelcome prediction that demand for energy and basic materials will remain weak as the recession lingers. 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.
''Uncertainty has crept back into the picture,'' said Carl Beck, partner at Harris Financial Group.
Get the full article here.
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