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May 16, 2008 5:56:15 AM CDT

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Stocks Fall as Oil Prices Surge  

Posted Apr 9, 08 3:45 PM CDT in Business    Most Covered

(newser) – Stocks fell today on bad news on earnings and record prices for crude oil. American Express, General Motors, and UPS all took hits. "The negative UPS news could shake confidence in the broader transport stocks," an analyst tells the Wall Street Journal. The Dow ended down 49.18 to 12527.26, the Nasdaq 26.64 to 2322.12, and the S&P 11.05 to 1354.49.

An analyst for a futures brokerage says the increased crude prices—they topped $112 for the first time before settling at $110.87—are hitting refineries especially hard. "Refiners just can't afford to buy crude anymore," he says. The markets have been more or less flat since the initial rally at the beginning of the 2nd quarter, notes the Journal. "Everybody has this gloom-and-doom attitude about the US economy right now," says a portfolio manager.

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

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Economist: "The market is running into negative winds, with crude oil near records, a weak dollar and weak earnings"
MarketWatch | Apr 9, 08

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Stocks Fall as Oil Prices Surge
An American Express card welcome sign is seen above all others at McGerks Pub & Grill in Baltimore in this Jan. 22, 2007 file photo.   (AP Photo/Chris Gardner, file)
Stocks Fall as Oil Prices Surge
A UPS cargo plane at Buffalo-Niagara International Airport in Cheektowaga, N.Y. is seen Wednesday April 9, 2008.   (AP Photo/David Duprey)
Stocks Fall as Oil Prices Surge
Oil storage tanks are seen in Kawasaki industrial area, south of Tokyo, Tuesday, April 1, 2008. Oil prices hit another record high today.   (AP Photo/Itsuo Inouye)
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