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Dollar, Oil Woes Weigh on Market

Good tech news keep stocks mainly unchanged

By Sam Gale Rosen, Newser Staff

Posted Oct 18, 2007 3:48 PM CDT

(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.

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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More Newser Stories

Dollar Slides to Record Low; Oil Tops $102

Investors bet on Fed rate cut, driving euro up against US currency

Oil Tops $99 as Dollar Sinks

Weak greenback and strong demand could send crude over $100 a barrel today

Dollar Nears 3-Year Low

Set for biggest weekly plunge since January

Count the US Dollar Down, But Not Out

Fears of a looming currency crash are overblown

Euro Cracks $1.50, Dollar Hits New Lows

Investors shun low-yielding greenback for riskier currencies

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Dollar, Oil Woes Weigh on Market

Good tech news keep stocks mainly unchanged

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OTHER STORIES ON OUR RADAR

euro • oil price • US dollar

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Dollar Slides to Record Low; Oil Tops $102

Investors bet on Fed rate cut, driving euro up against US currency

Oil Tops $99 as Dollar Sinks

Weak greenback and strong demand could send crude over $100 a barrel today

Dollar Nears 3-Year Low

Set for biggest weekly plunge since January

Count the US Dollar Down, But Not Out

Fears of a looming currency crash are overblown

Euro Cracks $1.50, Dollar Hits New Lows

Investors shun low-yielding greenback for riskier currencies

About Us

Site

Newser By Users

Community

Site Maps

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More News

What is Newser?