Marketwatch: Stocks tumble as oil hits all-time high

[BlueEyedSon]

Crude prices surges above $56 on weekly supply data
By Mark Cotton, MarketWatch
Last Update: 11:04 AM ET March 16, 2005

NEW YORK (MarketWatch) - U.S. stocks extended losses Wednesday as oil prices surged to a new record high, adding to the woes of the market after General Motors' profit warning.

The Dow Jones Industrial Average ($INDU: news, chart, profile) hovered around three-week lows, sliding 95 points at 10,649.56

Weighing heavily on the benchmark index, GM shares slumped to a 10-year low, down nearly 14 percent to $29.01 in the wake of its warning.

The Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 13 points to 2,022 while the S&P 500 ($SPX: news, chart, profile) dropped 7 points to 1,190.

"It's a one, two, three punch," said Jay Suskind, director of trading at Ryan, Beck & Co. "First, GM, the bellwether, on the opening, took the market down with it and then oil gave us the one-two punch."

"And you're seeing a little rally in the bond market as some people think the stock market may not be a great place to be here."

On the broader market, decliners outpaced advancers by nearly 2 to 1 on the New York Stock Exchange, and by a 16 to 11 margin on the Nasdaq.

In the early going, volume was 433 million on the Nasdaq, and 590 million on the Big Board.

http://www.marketwatch.com/news/story.asp?siteid=bigcharts&dist=bigcharts&guid=%7BB5B10EF0-A32B-4E2F-8E13-5680D56C4319%7D

[oscar111]

1. Buy EXXON? what do brokers say on that?

will Big Oil co's do well? What do the brokers forcast?

some of you are likely brokers, so tell us what your House research says on this, for we who do not have cash to pay for that research? Just between us two? LOL.

IF oil reaches eighty a barrel, as one source said, would EXXON stock also go up in price by the linear extension graph, of sixty percent?

[spanone]

2. Dropped forty points while the Chimp-in-Chief was talking.