Stocks Flat; Oil Falls $3.90

Energy concerns take a hit as crude plunges

By Nick McMaster, Newser Staff

Posted Nov 3, 2008 3:37 PM CST

(Newser) – Stocks held steady today, with the indices ending the session only a few points removed from their opening marks, MarketWatch reports, with General Motors and Ford reporting mammoth October sales drops, and crude plunging $3.90 to $64.25. The Dow fell 5.18 to 9,319.83. The Nasdaq gained 5.38, closing at 1,726.33, and the S&P 500 lost 2.45 to settle at 966.30.

The steep fall in oil prices sent energy shares down, with Weatherford International down 11.02% and Halliburton down 7.28%. The Institute for Supply Management’s index of US manufacturing activity fell to 38.9% this month, from 43.5%, a bigger drop than forecast. Many traders had their eyes on the election—and on a federal jobs report due Friday, the Wall Street Journal adds.

[Images (2)]

[Quotes (1)]

Specialists work in their booth on the floor of New York Stock Exchange in this undated file photo. (AP Photo/Richard Drew)

General Motors announced that its sales were off 45% last month from the same period a year ago. (AP Photo)

« Prev« Prev | Next »Next » Slideshow

Everyone is waiting to see what happens, no matter what the polls say. We're likely to have a record voter turnout, so you never know. - Mike Mainwald, Lek Securities trader,
on the pre-election mood

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

Dow Up 299 on Stimulus, Autos

Industries likely to benefit from Obama building plan see gains

(NEWSER) - Stocks rallied today, led by automakers, which look ever likelier to get a federal bailout, and industrial firms expected to benefit from President-elect Barack Obama’s proposed public-works programs, MarketWatch reports. The Dow gained 298.76 to close at 8,934.18. The Nasdaq rose 62.43, closing at 1,571.74, while the S&P 500 climbed 33.63 to settle at 909.70. More»

Dow Off 400+ Again, Below 9K

Worrisome news on retail, jobs sink stocks

(NEWSER) - Stocks added to yesterday’s deep declines with the major indices registering falls of 4%-5% today, MarketWatch reports. A string of poor retail reports soured confidence ahead of tomorrow’s October unemployment report, expected to be grim. The Dow fell 443.48, dropping below the 9,000 mark to 8,695.79. The Nasdaq lost 72.94 to 1,608.70, and the S&P 500 shed 47.89 to settle at 904.88. More»

Investors Wary; Stocks Mixed

Lehman's floundering continues to stir fear in financial sector

(NEWSER) - The markets ended mixed today, as Lehman Brothers foundered and financial firms continued to take hits, MarketWatch reports. Weekly gains were slim, despite Sunday’s Fannie and Freddie bailout, which was supposed to calm investor fears and boost the markets. The Dow closed down 11.72 at 11,421.99. The Nasdaq rose 3.05 to 2,261.27, while the S&P 500 gained 2.64, closing at 1,251.69. More»

Dow Sinks Below 11K

Fannie, Freddie continue to sink; regional banks hit hard

(NEWSER) - The markets ended mixed today after a seesaw session. An $8 decline in crude encouraged investors, but concerns about the fate of the mortgage GSEs and regional banks persisted, MarketWatch reports. The Dow ended down 93.39 at 10,961.80, the first time in over 2 years the average has closed below 11,000. The Nasdaq gained 2.84 to close at 2,215.71, and the S&P 500 fell 13.39 to 1,214.91. More»

Dow Up 115 on Manufacturing

Oil hits $71.2 a barrel, highest price in a month

(NEWSER) - Stocks rallied today on signs of a turnaround for US manufacturing, the Wall Street Journal reports. Oil rose $2.13, to $71.27 per barrel, its highest price in a month, and banks HSBC and Barclays reported strong quarterly earnings. The Dow closed up 114.95 to settle at 9,286.56. The Nasdaq added 30.11, settling at 2,008.61, and the S&P 500 rose 15.15 to close at 1,002.63. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Stocks Flat; Oil Falls $3.90