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Stock Sell-Off Rings Out 2nd Quarter

Markets dip, inflation cools, oil prices soar as Fed plays wait-and-see

By Caroline Zimmerman,  Newser User

Posted Jun 29, 2007 5:07 PM CDT

(Newser) – Stocks slipped slightly today as the tumultuous second quarter ended in a cloud of uncertainty and contradictory economic reports. The Dow fell 13.66 to close at 13,408.62, up over 1,000 points since April, after an early surge in response to optimistic inflation and construction-spending reports. But oil prices soon topped $70 a barrel, cooling things off.

At the meeting that ended yesterday, the Fed held interest rates steady and expressed optimism about easing inflation—and today's figures, which showed the core rate rising at the lowest annual pace in 3 years, seemed to back that up. Oil prices, reports of terrorist activity in London, and continuing concerns about the subprime crisis then provided a reality check.

A trader uses a phone post on the floor of the New York Stock Exchange, Monday, June 18, 2007. Wall Street edged lower Monday after three days of solid gains as investors watched Treasury bond yields fluctuate amid lingering questions about inflation. (AP Photo/Richard Drew)
A trader uses a phone post on the floor of the New York Stock Exchange, Monday, June 18, 2007. Wall Street edged lower Monday after three days of solid gains as investors watched Treasury bond yields...   (Associated Press)
A motorist fills her car Thursday, June 14, 2007, at a gasoline station in downtown Chicago. The biggest jump in gasoline prices in six months helped push inflation at the wholesale level higher in May, although inflation outside of energy remained well-behaved. (AP Photo/Charles Rex Arbogast)
A motorist fills her car Thursday, June 14, 2007, at a gasoline station in downtown Chicago. The biggest jump in gasoline prices in six months helped push inflation at the wholesale level higher in May,...   (Associated Press)
Fed Chairman Ben Bernanke Speaks In New York City
Fed Chairman Ben Bernanke Speaks In New York City   (Getty Images)
William Fong of Credit Suisse, watches the Fed interest rate announcement on television screens in his booth on the floor of the New York Stock Exchange, Thursday, June 28, 2007. The Federal Reserve left a key interest rate unchanged at 5.25 percent on Thursday, hoping that a year-long economic...
William Fong of Credit Suisse, watches the Fed interest rate announcement on television screens in his booth on the floor of the New York Stock Exchange, Thursday, June 28, 2007. The Federal Reserve left...   (Associated Press)
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