U.S. Stocks Drop Amid Record Oil Prices; Dow Falls Below 10,000

[Zorra]

Sept. 27 (Bloomberg) -- U.S. stocks fell as oil prices climbed to a record, spurring concern rising energy costs will hamper earnings growth. The Dow Jones Industrial Average closed below 10,000 for the first time in six weeks.
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Almost two stocks fell for every one that rose on the New York Stock Exchange. Some 1.26 billion shares changed hands on the Big Board, 10 percent less than this year's daily average.
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``There is probably some downward adjustment in expectations that still has to take place,'' said Stuart Schweitzer, global investment strategist at JPMorgan Fleming Asset Management, which oversees more than $772 billion in New York.

Investor optimism dropped to a four-month low in September, according to a survey by UBS AG and the Gallup Organization, amid rising oil prices, violence in Iraq and the outsourcing of jobs to foreign countries. The Conference Board will release its consumer confidence index for September tomorrow. The research center's index fell in August for the first time in six months.

http://quote.bloomberg.com/apps/news?pid=10000006&sid=argX91zGYE.I&refer=home

[billbuckhead]

1. Ought to put it the other way,"The Dow fell twice below 10000 in 6 weeks"

Seems to me it's been above 10000 for a while and only lately it's struggling to maintain that level.
Then there were the good old Clinton strong dollar days.

[Zorra]

2. It seems like the economic "recovery" may be over without recovering

much.

[cliss]

3. Interesting that all this is happening right before

Good Ole Bush's "re-election". Notice how the shit really is hitting the fan? I recall some posts earlier in the summer where people were worried that Bush's cronies were going to raise gas prices, and then lower them just in time for the elections so BeetleBrain could be the Knight in shining armor.

Let's see......not 3 but FOUR hurricanes beat Florida into the ground. I've read that leaders are often blamed for natural disasters, and we're less than 6 weeks away from a major election....hm......

Interest rates were raised, in spite of the fact that people thought Alan Greenslime should have waited until after the election. More bad news about jobs, hitting at a really bad time, strategically.

Oil prices have hit the dreaded $50/barrel.

And all this BEFORE the election!!! I'd say God doesn't really like you, George.

[0007]

4. The market has been held up by fat GOP cats as of late.

I think they took a bath today.

[Jackpine Radical]

5. I can only wonder what the market will do tomorrow,

given that momentary breakthrough to $50 oil. $50 was a psychological barrier for a lot of people.