AP Stocks suffer more (*) losses as oil soars (economy headed down)

[rodeodance]

http://news.yahoo.com/s/ap/20060714/ap_on_bi_st_ma_re/wall_street;_ylt=AqBWxlmDHPGBjjIHjO0gKbWs0NUE;_ylu=X3oDMTA3OTB1amhuBHNlYwNtdHM-

Stocks suffer more losses as oil soars

By CHRISTOPHER WANG, AP Business Writer 36 minutes ago

NEW YORK - Surging oil prices pulled stocks sharply lower for a third straight session Friday, with bland earnings at General Electric Co. and weak consumer data further dampening the economic outlook. The Dow Jones industrial average has lost almost 400 points over the past three days.

"I don't think you're going to bring out a lot of buyers in the market after a week like this," Jay Suskind, head trader at Ryan Beck & Co., said of recent political turmoil in the Middle East,
Iran and North Korea. "Uncertainty over the world situation is just too much for the market to have a solid up day."

Crude futures reached an intraday record of $78.40 a barrel as
Israel intensified its attacks on Lebanon, raising concerns about potential supply disruptions throughout the Middle East. A barrel of light crude was up 80 cents at $77.50 on the New York Mercantile Exchange.

Retail sales fell unexpectedly in June, as did consumer confidence for July. Industrial and financial conglomerate GE said its second-quarter earnings matched analyst estimates, but the in-line results troubled investors already concerned that the recent spate of profit warnings was a sign the economy could be headed for a downturn.

[Deja Q]

1. And if the jobs stayed in the US, more people could still buy stuff.

Oh well.

[saltpoint]

2. Hey. Another tax cut for the filthy rich and we're home free.

In January William Saffire predicted that the DOW would hit 12,000.

It's starting to look like it's going to fall over the next six months. Just a hunch.

And with the November midterms staring Republicans in the face, they're running out of issues. They'll have to resort to the usual smear tactics to hold onto a few seats, but right now, the world's headlines, Bush's popularity, failed foreign policies, and a down-turning economy are not encouraging trends for Rethugs.

[Tempest]

4. Repugs have already picked out their 2006 platform

FEAR!

And the American sheeple will once again fall for it.

[saltpoint]

7. I think you're right -- they don't seem to have a RECORD to run on --

-- at least not a positive record.

So I think distortion and disrty tricks might be their best option, politically speaking.

I'd like to see Democratic congressional candidates call them on it. Many will.

I'm sure a memo or two has gone out to our people to be on red alert for skullduggery from KKKarl Rove and his ilk.

[rodeodance]

3. and "Retail sales fell unexpectedly in June,"

[ozone_man]

9. Who'da thunk it?

I didn't see this coming, did you? :eyes:

[European Socialist]

5. Lucky for the Pukes they got those crooked voting machines.

[Sapere aude]

6. Do these investors want a war with Iran? I doubt it.

The chicken hawks are calling for a war with Iran not even aware of what it will do to everyone's pocket book.

[Vogon_Glory]

8. The Same Excuse for a 2006 Recession as For The Last One

Buckaroo Bush's Duck Soup Posse will no doubt proffer the same excuse for this recession as they did for the last one:


IT'S ALL BILL CLINTON'S FAULT!

And the true ditto-heads will no doubt swallow that whopper down whole.

:sarcasm: