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from.– Oil Crisis...is
the world about to be shocked
Soaring Oil Prices
Undermine Market
-- Jerry Knight
Stocks
Just when investors thought the oil crisis was over, crude gushed to a
record $48.88 a barrel last week, spewing red ink over Wall Street. The
stunning run-up in oil prices was blamed on Hurricane Ivan, which blew
away oil production platforms in the Gulf of Mexico, tightening an
already tight supply.
The logic that leads from a hurricane to higher oil prices to stock
market losses is as hard to track as the path of a tropical storm. But
oil gave Wall Street something new to worry about, and when investors
are worried, they sell.
The Standard & Poor's 500-stock index, which had been up for six weeks
in a row, ended its streak with a loss of 18 points, or 1.6 percent. The
other, more erratic indexes were also down. The Dow Jones industrial
average fell 237 points, a 2.3 percent loss. The Nasdaq composite index
fell 30 points, or 1.6 percent.
The week's losses left the Dow down for the month of September, which
traditionally produces market losses. Nasdaq and the S&P are up for the
month, but there are still four trading days left.
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