Dow Craters 300 Points - To Low Point Of 2008

by Darren

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The Dow Jones dipped by 300 points today as investors worried about interest rate increases dumped stocks. There was quite a bit of bad news to for everyone to digest.

The passel of worries that investors juggled Thursday added up to an increasingly troubled economy. Analysts’ negative comments on General Motors Corp. sent shares of the largest U.S. automaker to their lowest level in more than 30 years, while Citigroup Inc. fell sharply after an analyst placed a “sell” rating on the stock and warned investors to expect less from the brokerage sector in an uneasy economic climate. Disappointing outlooks from technology bellwethers Oracle Corp. and BlackBerry maker Research In Motion Ltd. further soured investors’ moods and made the tech sector one of the steepest decliners.

Also troubling were reports that oil prices would continue to climb, pushing worldwide inflation higher than ever.

The President of OPEC Chakib Khelil said he though that oil prices could go to between $150-$170 a barrel before a pull back.

Stimulus checks have not stimulated the economy as had been hoped, primarily because people are spending their checks on higher costing commodities, especially gas. Worse yet, global inflation is rising which will increase the costs of goods even more for American consumers. All in all, it was a tough day for the bulls today on Wall Street.

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