Stocks plunge on earnings fears, uptick in oil prices

[brooklynite]

Source: USA Today

NEW YORK — Stocks retreated Monday, taking the Dow Jones industrials down more than 175 points as investors watching earnings reports and an uptick in oil found little incentive to buy.

Among the latest companies to report, Verizon Communications (VZ) said its second-quarter profit rose 12%, although revenue came in short of Wall Street's forecasts.

Beyond corporate news, investors are waiting to see if oil prices' sharp drop of recent weeks has come to an end, or is just pausing. Light, sweet crude rose 94 cents per barrel to $124.20 on the New York Mercantile Exchange.


"There's nothing to drive it higher and really people are probably more concerned about what happens Thursday and Friday with major economic news," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research, noting that volume is light as it had been on pullbacks last Thursday and Friday.

Read more: http://www.usatoday.com/money/markets/2008-07-28-stocks-monday_N.htm

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I'm confused -- I was told that oil prices were coming down because of Bush's bold decision to lift drilling restrictions.

[SpiralHawk]

1. The True cause: Republiconomics

Rotten to the core. Everybody knows it by now. Rats bailing like lemmings from the steenking, steaming heap of republicon 'conservative' economic strategeries

[Indenturedebtor]

2. I wonder how long they thought they could piss on the consumer

Before the consumer drowned. 30 years in the making this depression was.

[boomerbust]

3. CNBC

All the pukes on CNBC are blaming Obama for the downturn in the market. Just the thought that he might become POTUS has the investors running for the exits. Its hard to believe that there are people out there that eat this shit up.

[coalition_unwilling]

4. Oh, the irony. It was, after all, FDR who saved the capitalists

from themselves.

[Skink]

5. 30 year bull market meet 30 year bear market

:puffpiece: