Woo-hoo for bushco!: Dow Ends Up 142 As Oil Prices Tumble

[stopbush]

Dow Ends Up 142 As Oil Prices Tumble

By ELLEN SIMON
The Associated Press
Tuesday, September 6, 2005; 5:12 PM

NEW YORK -- Wall Street rallied Tuesday as oil prices tumbled, the service sector reported strong growth, and investors embraced large-cap stocks such as Wal-Mart Stores Inc., Coca-Cola Co. and Home Depot Inc. The Dow Jones industrial average gained more than 141 points.

Investors rejoiced as crude oil and gas futures dipped following the decision by industrialized nations to release 60 million barrels of crude from strategic stockpiles in the wake of Hurricane Katrina. A barrel of light crude settled at $65.85, down $1.61, on the New York Mercantile Exchange, while gasoline prices on the exchange fell 13 cents to $2.05 per gallon.

http://www.washingtonpost.com/wp-dyn/content/article/2005/09/06/AR2005090600312.html

[rfranklin]

1. And by Friday it will be down by 200 points...

Nothing better than scamming the public with a little irrational exuberance.

[The_Casual_Observer]

4. You really think it will take that long?

I can just imagine the stock market headline hype today : "The bulls are charging!", "happy days are here again!"

[Jack from Charlotte]

7. Perhaps but the Gov't is getting ready to write $100 billion in checks....

to rebuild NO and area. That's a lot of cash and it's going to buy plywood, two by fours and new refrigerators. That will help a lot of companies bottom lines and their stocks.

BTW, that's $100 Billion worth of..... HOT.... checks because since AWOL/Moron took over all increased spending just gets thrown on the debt pile.

[Julius Civitatus]

2. Investors rejoiced as they preyed on human suffering

Horrible, horrible human behavior.

All this destruction just means money for some people.

[stopbush]

5. "All this destruction just means money for some people"

Sadly, it actually means money for the *same* people...

[Can o Beans]

3. So, exactly what does this mean

...to my particular wallet, seeing as I own exactly zero shares of oil company stock?

[Igel]

12. Do you have a pension?

Parents that are retired, getting a pension?

Have kids planning on getting university/college grants (not federal, but actually from the endowment)?

Do you want to fund state pension plans with tax dollars, or use investment income from the likely reserve in the pension plan?

Do you have life insurance or property insurance? See doctors?

My wife has one pension plan, and her employer is a college that counts on at least some endowment income for part of her salary, and student aid; I have one pension plan with a little in it from a previous job; the state employee pension plan has investments in every state I've been in; and we have a college fund for our kid; and I know that my life insurance money is invested by the company in stocks/bonds. And it's not a coincidence that all the malpractice crap hit the fan exactly when stocks fell: the malpractice insurance companies rely on investment income, and when they get little, they have to meet their income demands by raising rates. And my parents, retired 20 years, are receiving pension and IRA income.

I own exactly zero shares of oil company stock. But I'm betting that I have a stake in them and other stocks.

[rayofreason]

13. pension?

Yep. Most colleges have TIAA-CREF (I'm in that), and I am sure that the broad-based funds have all these stocks on the books. I don't own any big-cap stocks, but I am sure they are in the mix, even in the "social choice" fund.

[stopbush]

6. From Wall Street to Trent Lott's house, there's no end to

the rampant compassion flowing from the RW.

[Occulus]

8. This is why I don't invest

not even in a retirement fund.

The stock market is as corrupt an activity as anything, and I tend to look down upon those who invest in it. It's an immoral organization, capitalizing upon disaster, suffering, and death, and I'm damn glad I'm no part of it.

[CountAllVotes]

9. just wait until those that survived start to die

and the diseases spread all over the USA and pandemonium sets in, you ain't seen nothing yet. This "rally" is indeed likely the last breath of the DOW sorry to say. :(

:kick:

[pitohui]

15. stop it

i am a refugee & i am not spreading disease across the land

just stop it

we are not disease vectors

we are ppl who want to live even as you do

on edit-- to make it perfectly painfully clear, i have no contagious disease, the sick refugees have no contagious disease, you cannot catch west nile from me, you cannot catch st. louis encephalitis, you cannot catch heat stroke, you cannot catch diabetes & heart disease (the two diseases afflicting the majority of the dispossessed)

so just stop it

cancer, heart disease, diabetes, etc. are NOT fucking contagious

catch a clue train or put a sock in it

[ixion]

10. 1.61 is a 'tumble'?

uh, I think that's an exaggeration. :eyes:

[teryang]

11. The recovery effort will add to inflationary pressures

...on a wide range of commodities. The infrastructure damage will raise prices to some extent nationwide. The 30 million barrel intervention by Europeans will have a limiting effect and need to be continued on a monthly basis. If it were regularized, it could be sustained for about a year. (my guess) If it is not repeated on a monthly basis oil/gasoline prices will continue to steadily rise. US contribution of crude from strategic reserve won't affect prices much in the short run but could mitigate price increases in the intermediate and longer term if refinery capacity is reinstated. The long term trend in energy prices is up no matter what they do.

It would be ironic if damage to the gulf/NO energy infrastructure choke point resulted in a sustained fall of oil prices because world wide nothing has fundamentally changed for the better in the demand supply picture.

If prices fall significantly, I would buy energy companies rather than sell. Currently in a hold status regardless of the spin of the day by the energy traders. If you are a seller here and try to time it, you may have to buy back at a higher price.

[bribri16]

14. The stock in all those huge corporations who get federal contracts just

went up because of the devastation of Katrina. The poor not only suffer from major disasters (human or by nature)the rich get richer.

[Deja Q]

16. No oil = no food, no transport, no fuckin' nothin'.

I'm sick at the bastards too.

But unless you're suicidal, I wouldn't be so cynical or short-sighted.

[daleo]

17. It seems like a sucker play now

I have to think the smart money is bailing before the Katrina/Bush recession hits. Or should that be Bush/Katrina?