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December 2, 2008 8:07:41 PM CST

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Stock Sell-Off Rings Out 2nd Quarter

Posted Jun 29, 07 5:07 PM CDT in US,  Business 

(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.

Source Associated Press

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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)
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...   (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,...   (Associated Press)
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