Events Calendar
In This Section
Matsos bottling a dressing that’s selling in 25 states
Economic survey: Job losses to bottom out in first quarter
Ohio gas prices up 12 cents from last week
SCORE offers wide variety of workshops
After 30 years at the helm of Akron Children's, Considine still looks to future
New version of Mozilla Thunderbird landing soon
Most Read Stories
Police accuse bank robbery suspect of gobbling up note (with dashcam video)
Victim of beating in Kent last week is declared dead at Akron hospital
Akron man killed in crash on his street
Can DNA tests free ex-Akron captain?
Browns find another way to lose
Dad accused of forcing son into field, killing him
Man found dead in North Akron home is identified
Blogs:
Pets:
Cat-loving chihuahua suckles seven abandoned kittens
The Heldenfiles:
Sunday Notebook
Patrick McManamon:
Browns sick after sick loss in Detroit
Akron Zips:
Zips advance to Sweet Sixteen
Tribe Matters:
Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Post-game defensive quotes
Kent State Sports:
Kent State defeats Rochester College, 63-44
Cleveland Cavaliers:
Gameblog: Cavs vs. Philadelphia 76ers
Buckeye Blogging:
OSU – Michigan college football rivals meet in Baghdad
Varsity Letters:
Four area football teams play tonight
All Da King's Men:
The Sunday Sanity Challenge
Blog of Mass Destruction:
Will Health Care Reform Pass?
Akron Law Café:
Health Care Financing Reform: (70) Savings in Medicare Advantage
See Jane Style:
Vintage Chic
Car Chase:
TIME TO GET YOUR COLLECTOR CARS WINTERIZED
Let's Talk Real Estate:
Faye Dunaway to be Evicted?
Ohio Travels with Betty:
Monique asks how to get tickets for the Polar Express.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
Personal Rant – You are All Wrong About Jobs, or the Lack of Jobs, Being the Reason People Do Not Live in NEO
Akron Gamer:
Nintendo's Mario endures even as games come and go
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.
Comments
Click here to post your comments
