Stocks Fall on Rising Oil, Weak Dollar

[wildflower]

Stocks Fall on Rising Oil, Weak Dollar
10.25.2004, 09:47 AM

Rising oil prices and a weaker U.S. dollar sent stocks lower Monday as uncertainty over economic growth and the upcoming election weighed heavily on investors.

The dollar slid to an eight-month low early Monday as foreign investors worried that the tight presidential race and the impact on oil prices could further hurt the U.S. economy.

And oil prices, which topped $55 for the first time last week, continued their climb Monday, with a barrel of light crude quoted at $55.27, up 10 cents, on the New York Mercantile Exchange.

In the first hour of trading, the Dow Jones industrial average fell 29.13, or 0.3 percent, to 9,728.68.
Broader stock indicators were modestly lower. The Standard & Poor's 500 index was down 3.20, or 0.3 percent, at 1,092.54, and the Nasdaq composite index dropped 5.24, or 0.3 percent, to 1,909.90.

The uncertainty over oil and the elections accentuated negative earnings reports as well, while overshadowing any good news.

http://www.forbes.com/home/feeds/ap/2004/10/25/ap1607125.html