Market Falls with Oil Rising

Posted by Langston on July 28, 2008

Stock market woes continue with major indexes falling. BusinessWeek reports the Dow is down by 1.59%, the Nasdaq fell by 1.32% and the S&P came down by 1.11%. The article details of how a struggling U.S. economy felt further stress thanks to an increase in crude oil and troubling news of the U.S. deficit reaching a record-breaking high. Although avoiding a serious recession was the intended purpose of government issued stimulus payments, they are reported to be part of the increasing deficit. Today’s rise in oil prices was attributed to attacks on Nigerian pipelines, a source of over a hundred thousand oil barrels per day. With oil and the deficit on the rise, there is no telling when the U.S. market will see relief.

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Categories: Finance
28Jul

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