Showing posts with label Wall Street tumbles. Show all posts
Showing posts with label Wall Street tumbles. Show all posts

Friday, May 23, 2008

Dow Drops as Oil Climbs Per Barrell

Wall Street took a tumble on Tuesday after oil prices spiked to a record above $129 a barrell. Not only that but a government report raised investor's concerns about the effect of inflation on consumer spending. I think consumer spending has been down since before Christmas. Jobs are uncertain and people are thinking twice before buying things they can get along without. I thought I heard this morning that now oil is $133 a barrell. Gas prices are rising 5 to 10 cents a gallon almost daily or every other day. Where is it all going to stop?