Dow Dips On Fears Of A Recession
October 19, 2007 – 4:46 pmIf you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Stocks closed sharply down today as fears of a recession inflated. Rising Oil prices have many concerned that the worst is on its’ way.
he market turned sharply lower in late afternoon when Standard & Poor’s again reduced its ratings on residential mortgage-backed securities. The latest reduction, on more than 1,400 types of securities, added to investors unease about credit quality.
In addition, mixed results from Dow components Caterpillar Inc., Honeywell Inc., and 3M Co. gave investors little incentive to take chances on the market. And oil prices added to investors’ list of concerns after briefly moving above the psychological barrier of $90 per barrel for the first time.
Of course, Google Inc. had none of these problems and continued to soar.
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