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.