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December 3, 2008 2:34:29 AM CST

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Stocks Fall on Yahoo Plunge, Oil Spike

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

(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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Oil prices reached over $120 today.   (AP Photo/David Duprey)
Markets were bearish today, much like this bear.   (AP Photo/Christina Bush, File)
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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