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Stocks Slide for a Second Day

Posted Oct 16, 07 3:39 PM CDT in Business 

(Newser) – Stocks slid today for a second consecutive session following an ambiguous speech by Ben Bernanke and record-busting oil prices that topped $88. The Fed chairman offered a so-so assessment of the markets but no clues about rate cuts. The Dow fell 71.86 to 13,912.94, the S&P dropped 10.18 to 1,538.53, and the Nasdaq lost 16.14 to close at 2,763.91.

The question about oil prices is just how high they'll have to go before consumers get spooked and stop spending, reports the Journal. "Whether consumers could absorb $4-a-gallon gasoline, I don't know," says an economist. Wells Fargo and KeyCorp reported earnings significantly below expectations today, which contributed to the slide.

Source Wall Street Journal

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Crude oil futures traders work on the floor of the New York Mercantile Exchange, Tuesday, Oct. 16, 2007 in New York. Oil futures rallied to new records Tuesday on concerns about disruptions in Middle...   (Associated Press)
Traders James Maguire Jr, left, and Gerard Farco, right, watch the numbers as they work on the floor of the New York Stock Exchange, Tuesday, Oct. 16, 2007. Wall Street extended its retreat Tuesday after...   (Associated Press)
Federal Reserve Chairman Ben Bernanke waits to address a dinner meeting of the Economic Club of New York Monday, Oct. 15, 2007, in New York. (AP Photo/Jason DeCrow)   (Associated Press)
The Dow Jones Newswire is seen above the floor of the New York Mercantile Exchange, Tuesday, Oct. 16, 2007 in New York. Oil futures rallied to new records Tuesday on concerns about disruptions in Middle...   (Associated Press)
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