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May 16, 2008 8:13:53 AM CDT

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Stocks Fall on Yahoo Plunge, Oil Spike  

Posted May 5, 08 3:32 PM CDT in Business    Most Covered

(newser) – Stocks fell today as Yahoo shares plummeted 16% and crude prices jumped past $120 a barrel. "People have gotten in, but they don't want to be in a big way," a investment officer told the Wall Street Journal. The Dow fell 88.66 at 12,969.54, the Nasdaq 12.87 to 2,464.12, and the S&P 500 6.41 at 1,407.49.

Yahoo took a beating after climbing more than 50% in the wake of the Microsoft's bid, and crude prices spiked on fresh evidence of tension in several major oil-producing countries. All this is leading investors to be extra cautious. "We'll see further conservatism on the part of buyers in the acquisition market,'' a portfolio manager told Bloomberg.

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

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Stocks Fall on Yahoo Plunge, Oil Spike
Oil prices reached over $120 today.   (AP Photo/David Duprey)
Stocks Fall on Yahoo Plunge, Oil Spike
Markets were bearish today, much like this bear.   (AP Photo/Christina Bush, File)
Stocks Fall on Yahoo Plunge, Oil Spike
Today's market losses were not as adorable as polar bear cub "Wilbaer," swimming in the outdoor enclosure at the zoo of Stuttgart.   (AP Photo/Daniel Maurer)
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Microsoft  • stock market  • Yahoo  • oil prices  • $100 a barrel oil


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