Stocks Fall as Oil Prices Surge

American Express and UPS decline
By Sam Gale Rosen,  Newser Staff
Posted Apr 9, 2008 3:45 PM CDT
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)
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(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.