Source:
USA TodayNEW YORK — Stocks retreated Monday, taking the Dow Jones industrials down more than 175 points as investors watching earnings reports and an uptick in oil found little incentive to buy.
Among the latest companies to report, Verizon Communications (VZ) said its second-quarter profit rose 12%, although revenue came in short of Wall Street's forecasts.
Beyond corporate news, investors are waiting to see if oil prices' sharp drop of recent weeks has come to an end, or is just pausing. Light, sweet crude rose 94 cents per barrel to $124.20 on the New York Mercantile Exchange.
"There's nothing to drive it higher and really people are probably more concerned about what happens Thursday and Friday with major economic news," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research, noting that volume is light as it had been on pullbacks last Thursday and Friday.
Read more:
http://www.usatoday.com/money/markets/2008-07-28-stocks-monday_N.htm
I'm confused -- I was told that oil prices were coming
down because of Bush's bold decision to lift drilling restrictions.