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Dollar, Oil Woes Weigh on Market

Posted Oct 18, 07 3:48 PM CDT in US,  Business    Editor's Choice

(Newser) – Stocks mostly finished where they began today, despite the dollar hitting a record low against the euro and continued record-busting oil prices ($89.45 a barrel). Weak Bank of America profit figures started off the day badly, the Wall Street Journal reports. The Dow was down 3.58 to 13888.96, the Nasdaq up 6.64 to 2799.31, and the S&P down 1.16 to 1540.08.

Good news in technology stocks—led by Nokia's 85% profit surge in the third quarter—buoyed the market late; still, a rash of poor reports have many expecting the Federal Reserve to cut interest rates again by month's end. "It's a continuation of weakness in the financial sector," one observer said. Analysts also warned not to expect a dramatic recovery by the dollar anytime soon.

Sources: Wall Street Journal, Associated Press, CNN

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Oil is pumped Thursday, Oct. 18, 2007, from a well in front of a natural gas flame in the desert area of Sakhir, Bahrain, Thursday, Oct. 18, 2007. Oil prices surged Thursday to more than US$88 a barrel,...   (Associated Press)
Angel Gonzalez, a gas attendant at a station in North Brunswick, N.J., pumps gas at the station, Wednesday, Oct. 17, 2007. Oil prices surged Thursday, Oct. 18, 2007 as the falling dollar drew new foreign...   (Associated Press)
Stock traders. (AP Photo/Richard Drew)   (Associated Press)
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