Stocks open lower as oil at $129 fuels inflation concerns (now at $129.31 bbl)

Source: CBS Marketwatch

NEW YORK (MarketWatch) -- Stocks opened firmly lower on Tuesday, as crude oil futures topping $129 fueled concerns that surging commodities prices will further crimp U.S. consumption. The Dow Jones Industrial Average ($INDU: 12,923.78, -104.38, -0.8%) fell 102 points, or 0.8%, to 12,924, with 27 of its 30 components opening in the red. The S&P 500 index ($SPX: 1,419.34, -7.29, -0.5%) fell 8 points, or 0.6%, to 1,418, while the Nasdaq Composite (COMP: 2,500.25, -15.84, -0.6%) lost 19 points, or 0.8%, to 2,497.

Oil surged to a new record of $129.31 a barrel, with bullish calls by investments banks, weakness in the dollar and supply concerns fueling the gains. Consumer-related stocks were among the worst decliners early on Tuesday.

Read more: http://www.marketwatch.com/news/story/stocks-open-lower-oil-129/story.aspx?guid=%7BAF6BB6F0%2D436B%2D40F6%2D84C9%2DF3F82AE5E87F%7D&dist=TQP_Mod_mktwN

And in other breaking good news, the chocolate ration has been increased again.

Just like substituting chicken for steak in the CPI. We're in for better times ahead.


We've always been at war with East Asia.

Just be grateful that you do not receive twenty five!

Until tomorrow.

:sarcasm:

It cannot be understated how speculators are cannibalizing every market. Even themselves.

hooray for me.

:banghead:

http://www.businessweek.com/ap/financialnews/D90G5B2O7.htm


Count on it!