US stocks sink as oil price jumps above $60

[Omaha Steve]

Source: AP-Excite

By MATTHEW CRAFT

NEW YORK (AP) — A combination of concerns knocked the U.S. stock market lower Tuesday, snapping a two-day run.

Crude oil climbed above $60 a barrel for the first time this year, raising expectations for rising inflation and interest rates. Greece's government remained in a standoff with its European creditors as a debt payment looms next week.

"There are some jitters," said Bill Stone, chief investment officer at PNC Asset Management Group. "Greece is definitely part of it. The other part is oil prices going up. That implies more inflation."

Major indexes wavered at the outset of trading, drifted lower throughout the morning, then spent the afternoon slowly ceding ground.

FULL story at link.



Trader Michael Smyth, right, works on the floor of the New York Stock Exchange Tuesday, May 5, 2015. Stocks are little changed in early trading following two days of gains that brought the market close to a record high. (AP Photo/Richard Drew)

Read more: http://apnews.excite.com/article/20150505/financial_markets-1f3755a15f.html

[bigdarryl]

1. Here goes the low gas prices

Glad I drive a Prius

[Gothmog]

2. This is good news for the Houston real estate market and energy markets

[MANative]

3. And the pump price in our area has gone up better than 20 cents/gallon in the last two weeks.

[Kelvin Mace]

4. Why do they show us pictures

of guys in suits on the floor of the NYSE? 99.99% of the trading today happen in computers in server rooms in New Jersey and Chicago. Only banks running dark pools have computers in NYC.

[Andy823]

5. Memorial day is coming up

No matter what happens, no matter how "huge" a surplus there is with oil, gas prices will go up simply because millions of people will be out driving on Memorial day. Prices always go up this time of year, and this year speculators are trying to get the price up over the $60 a barrel mark using everything they can to manipulate the prices. There is still a "huge" surplus, and it wont' stop soon. I read today that if it stays over $60 for even a short time, the fracking gan will rev up and start producing again, which will also increase the glut of oil, which "could" drive down prices again. Of course once that happens it will take months to see any drop at the pump. All we can hope for is that once again "greed" takes over and they produce so much oil, and they have no place to put it, that prices once again at least start going down.