Stocks Rally, Flatten, End Down

Oil hitting $110-a-barrel mark sure doesn't help; hopes of another rate cut rise
By Sam Gale Rosen,  Newser Staff
Posted Mar 12, 2008 3:38 PM CDT
Stocks rose early, then flattened out, kind of like this camel does.   ((c) if you could, would you?)
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(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.