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July 24, 2008 7:39:39 AM CDT

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Stocks Teeter on Oil News

Posted Jan 16, 08 3:42 PM CST in Business 

(Newser) – Stocks ended slightly down today partly in response to falling oil prices, which could provide a possible jump-start for consumer spending, the Wall Street Journal reports. "Considering that oil was near $100 not too long ago, this is a big move," one trader said. The Dow ended down 34.95 to 12,466.16, the Nasdaq 23.00 to 2,394.59, and the S&P 7.75 to 1,373.20.

Some analysts were wondering whether the Federal Reserve might cut rates even before its scheduled meeting at the end of January, reports the Journal. And disappointing fourth-quarter results from Intel squelched some of the enthusiasm over the good performance of IBM, depressing the tech sector.

Sources Wall Street Journal, Bloomberg, Financial Times (UK), CNN

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Ian Stewart, right, and Gregory Gravalis, both of Bear Wagner Specialists, monitor trading on the floor of the New York Stock Exchange. (AP Photo/Henny Ray Abrams)   (Associated Press)
seesaw crossing   ((c) rachaelvoorhees)
Stocks teetered on mixed oil news today.   ((c) JS North)
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