Oil prices hit a new high, at close to $143/barrel today (but ended over $140/barrel ), and the Dow fell 106 points to close at 11,346.41. The NY Times reported the Dow Jones Industrial Average "flirted with bear market territory" when it fell 120 points--"The bear peeked out of its cave on Friday. And then it retreated." The Dow Jones is close to a bear market, because it's down 20% (the " threshold for a so-called bear market ") from its October high. A consultant tells USA Today , "Oil's back in favor, especially with people bailing out of the stock market." And some analysts expect oil barrel prices to rise to $145-150, while the president of OPEC thinks they could rise to " between $150 and $170 a barrel this summer ." According to CNBC, investors aren't panicking . Financial consultant Michael Kresh said, "In the backdrop of what we're looking at, with enormous spending in Iraq, ridiculous oil prices, a near collapse of the financial markets, it's not really all that bad." Photograph of specialist Jim Belford watching the screens at the New York Stock Exchange by Richard Drew/AP ...
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Oil prices hit a new high, at close to $143/barrel today (but ended over $140/barrel ), and the Dow fell 106 points to close at 11,346.41. The NY Times reported the Dow Jones Industrial Average "flirted with bear market territory" when it fell 120 points--"The bear peeked out of its cave on Friday. And then it retreated." The Dow Jones is close to a bear market, because it's down 20% (the " threshold for a so-called bear market ") from its October high. A consultant tells USA Today , "Oil's back in favor, especially with people bailing out of the stock market." And some analysts expect oil barrel prices to rise to $145-150, while the president of OPEC thinks they could rise to " between $150 and $170 a barrel this summer ." According to CNBC, investors aren't panicking . Financial consultant Michael Kresh said, "In the backdrop of what we're looking at, with enormous spending in Iraq, ridiculous oil prices, a near collapse of the financial markets, it's not really all that bad." Photograph of specialist Jim Belford watching the screens at the New York Stock Exchange by Richard Drew/AP ...