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May 16, 2008 3:31:36 AM CDT

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Stocks Sink on Weak Earnings, Soaring Oil  

Posted Apr 22, 08 3:48 PM CDT in Business    Most Covered

(newser) – Stocks fell today as oil prices soared and the flow of disappointing earning reports continued. Texas Instruments and UnitedHealth were both hit hard. "We're likely to see stocks continuing to be under pressure," one researcher told Bloomberg. The Dow was down 104.79 to 12,720.23, the Nasdaq 31.10 to 2,376.94, and the S&P 500 12.23 to 1,375.94.

Oil topped $119 a barrel. "The persistence of crude at this level is starting to undermine the market. It's like an added tax," a market strategist told the Wall Street Journal. And without any big positive news on earnings, the markets had nowhere to go but down, he says. Of the 30 components in the S&P retail index, 29 fell, led by Target.

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

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Stocks Sink on Weak Earnings, Soaring Oil
Smokestacks are seen at the Chevron refinery, Monday, April 21, 2008, in Richmond, Calif.   (AP Photo/Ben Margot)
Stocks Sink on Weak Earnings, Soaring Oil
A car drives through an entrance to Texas Instruments Inc. in Dallas, in this April 18, 2006 file photo.   (AP Photo/Donna McWilliam, File)
Stocks Sink on Weak Earnings, Soaring Oil
Traders deal crude oil options on the floor of the New York Mercantile Exchange.   (AP Photo/Jin Lee)
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