Stocks Sink on Weak Earnings, Soaring Oil

Texas Instruments, UnitedHealth tumble, along with many others
By Sam Gale Rosen,  Newser Staff
Posted Apr 22, 2008 3:48 PM CDT
Smokestacks are seen at the Chevron refinery, Monday, April 21, 2008, in Richmond, Calif.   (AP Photo/Ben Margot)
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(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.