Dow Plunges 166 As Oil Surges Past $60 NEW YORK - Stocks plunged Thursday, sending the Dow Jones industrials down 166 points as oil prices briefly moved past the psychologically important $60 per barrel level for the first time. Oil's advance accelerated a selloff prompted by poor earnings from FedEx Corp.-- which blamed high fuel prices for its disappointing profits. FedEx's earnings missed Wall Street's expectations and raised new concerns about oil's impact on corporate profits. That led crude oil futures to creep higher through the day, breaking through the $60-per-barrel barrier. While purely psychological, that move was enough to send stocks tumbling. A barrel of light crude settled at $59.42, up $1.33, on the New York Mercantile Exchange after peaking at $60.05, an intraday record. "We always wondered what $60 a barrel oil would cost us, and now we know," said Jeff Kleintop, chief investment strategist for PNC Financial Services Group in Philadelphia. "On top of that, you've got news from FedEx, a transportation company, saying, 'Yeah, oil is hurting us.' That's got the market shaken up a bit." The Dow fell 166.49, or 1.57 percent, to 10,421.44. Broader stock indicators also lost substantial ground. The Nasdaq composite index dropped 21.37, or 1.02 percent, to 2,070.66. The Standard & Poor's 500 index was down 13.15, or 1.08 percent, at 1,200.73. http://news.yahoo.com/s/ap/20050623/ap_on_bi_st_ma_re/wall_street;_ylt=AmFn7PDP_6wUG7KBus1e95534T0D;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl
Hey I thought all I had to do was start my own business and pray to Jesus and I'd be happy ever after under Capitalism and Christianity. Looks like there are other factors involved. It just goes to show you can't run a nation on ignorance. You've got to look at the big picture and face the real problems.
Hey, 2 + 2 = whatever Big Brother tells you it is... AND he can change his mind and pretend that was his answer all along. Yes 1984 really happened under Reagan, and it's only getting worse. (Excuse me, it's getting "better". ) It would have happened even earlier in the 70s under "I am not a crook" Nixon, but even his friends thought he was an asshole. And Joe McCarthy sure tried back in the 50s, only he got stupid and started accusing his own allies.
Bush is scheduled to make a speech at one of the military bases on Tuesday to make everything sound good. Back to the old 'speech at the military base' thing. That's all he did his first term. The last one I saw they handed out little American flags to all the troops who waved them after every broken incoherent sentence he stumbled through. Those backdrops are funny too. One had a bunch of air force fighter jets behind Bush alternatiing left and right down as far as the eye could see, as to imply the infinite power of the U.S. military. .
