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November 22, 2008 1:28:00 CST

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Stocks Rally, Flatten, End Down

Posted Mar 12, 08 3:38 PM CDT in Business 

(Newser) – Markets shot up early today, then flattened out and ended down as record oil and gas prices put a damper on things. Per-barrel oil prices hit $110.20 before landing at $109.92, the Wall Street Journal reports. The Dow ended down 46.57 to 12,110.24, the Nasdaq 11.89 to 2,243.87 and the S&P 11.88 to 1,308.77.

Investors are also once again starting to hope for an interest-rate cut from the Fed's meeting next week, the Journal reports. "They seem to understand that they need to do more and maybe do it a little unconventionally," one strategist said. The record highs for oil and gas, meanwhile, came despite relatively large supply of the commodities available in the US.

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

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Stocks rose early, then flattened out, kind of like this camel does.   ((c) if you could, would you?)
Stocks rallied big, then flattened out today.   ((c) °Florian)
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