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July 24, 2008 7:44:14 AM CDT

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$100 Oil Extinguishes Rally

Posted Feb 19, 08 4:11 PM CST in Business 

(Newser) – After three-digit Dow gains, today's record surge in oil prices knocked out a broad rally, and the major indexes closed in the red. Analysts say the market won't be able to sustain a prolonged rally for some time. "The rallies we're seeing now are just bounces, not a new trend," a strategist tells the Wall Street Journal. The Dow ended down 10.99 at 12,337.22, the Nasdaq 15.60 at 2,306.20, and the S&P 500 1.21 at 1,348.78.

Oil set a record, toppping $100 a barrel, following an explosion at a Texas refinery yesterday and worries that OPEC may cut production at its March 5 meeting. "Investors are starting to get nervous and selling riskier stocks," an asset manager told Blooomberg. Meanwhile, mixed news from Wal-Mart and OfficeMax made things even more complicated for investors.

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

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Shopping carts are gathered outside the Wal-Mart Stores Inc. in Brunswick, Maine, on Tuesday, Feb. 19, 2008. The world's largest retailer announced its renewed focus on low prices has paid off with a...   (Associated Press)
Plumes of smoke rise after an explosion at an Alon USA oil refinery in Big Spring, Texas in this Monday, Feb. 18, 2008 file photo. Oil futures prices have shot back above $100 a barrel for the first time...   (Associated Press)
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