Dow Down 166 points as Oil reaches psychologically important $60 a barrel

[mopaul]

NEW YORK(AP) Stocks plunged Thursday, sending the Dow Jones industrials down 166 points as oil prices briefly moved past the psychologically important $60 per barrel level for the first time. Oil's advance accelerated a selloff prompted by poor earnings from FedEx Corp. _ which blamed high fuel prices for its disappointing profits.

FedEx's earnings missed Wall Street's expectations and raised new concerns about oil's impact on corporate profits. That led crude oil futures to creep higher through the day, breaking through the $60-per-barrel barrier. While purely psychological, that move was enough to send stocks tumbling.

A barrel of light crude settled at $59.42, up $1.33, on the New York Mercantile Exchange after peaking at $60.05, an intraday record.

"We always wondered what $60 a barrel oil would cost us, and now we know," said Jeff Kleintop, chief investment strategist for PNC Financial Services Group in Philadelphia. "On top of that, you've got news from FedEx, a transportation company, saying, 'Yeah, oil is hurting us.' That's got the market shaken up a bit."

[left hand man]

1. In the late 70's I stayed liquid (mostly silver dimes and quarters)

and stockpiled commodities-- I left that in the 80's--- I'm going liquid again (LOTS of Silver dimes and quarters)as the current regime will hasten the end of what they proclaim to represent--- you better stock up or suffer when the Republicans kill our republic

[MercutioATC]

2. I thought $50 was "psychologically important".

It didn't seem to slow down the stock market any. I wonder what $60 will do over the next week or two - I'm betting nothing.

[mopaul]

3. i don't think anything is psychologically important anymore.

besides michael jackson

[MercutioATC]

4. You forgot Natalee!

Strange black entertainers and pretty white girls...

...if only we could link Michael to the Holloway disappearance...