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Oil prices rise during stock slump

2008-05-08 17:05:33 (GMT) (Caymanmama.com - Business News)

New York, New York (CaymanMama.com) — CNN reported that on Wednesday, the stocks were drooping as the Dow lost more than 200 points and prices of oil crossed the marks of $123 per barrel, the reason why the investors pulled back following the latest rally. The prices of oil settled at the record rate of $123.53 per barrel giving rise to fears about how the prices of other commodities are going to be hurt in an economy that is already going through a weak phase.

The economy has been showing signs that it has started to become stable and worst phase of credit crisis is now over. This perspective has driven the stocks with major gauges as high as 15%. But the market participants have stepped back due to the latest rates of oil. “You have people doubting that the rally is the real deal, that it has any legs, combined with a volatile situation in oil, and people stepped back,” says Chris Johnson, CIO and CEO of the Johnson Research Group.

The reports of March whole-sale inventories and jobless claims filed in the week will be released on Thursday. One report also showed that the consumer credit has jumped to $15.3 billion while the expected one was only $6 billion. AIG, American Express, Bank of American, Citigroup and JPMorgan Chase were the biggest losers of the day.

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