This Forum is Closed
June 29, 2022, 07:25:01 am
Welcome, Guest. Please login or register.

Login with username, password and session length
News: GGF now has a permanent home:
  Home Help Search Links Staff List Login Register  

US shares tumble on oil, economy worries

Pages: [1]   Go Down
Author Topic: US shares tumble on oil, economy worries  (Read 369 times)
Global Moderator
Offline Offline

Posts: 20

I am not a number, I am a free man!

View Profile
« on: March 01, 2011, 06:13:21 pm »

US shares tumble on oil, economy worries

    * From correspondents in New York
    * From: AFP
    * March 02, 2011 8:52AM

WALL Street dropped sharply today after Federal Reserve chief Ben Bernanke warned that high oil prices could spark inflation and stall the country's economic recovery.

The Dow Jones Industrial Average lost 168.32 points (1.38 per cent) at 12,058.02. The broader S&P 500 index dropped 20.89 points (1.57 per cent) to 1306.33, and the tech-focused Nasdaq fell 44.86 points (1.61 per cent) to 2737.41.

"Sustained rises in the prices of oil and other commodities would represent a threat both to economic growth and to overall price stability," the US central banker said in testimony to Congress today.

The fresh worries came as fighting in Libya sent oil prices and gold higher, with gold hitting a new record above $1433 an ounce.

Although Bernanke also said that the oil price spike was likely to be temporary, and despite some encouraging data on growth in manufacturing and auto sales, traders seemed to take their cues from his remarks on price rises.

Read more:
Report Spam   Logged

Above all, we must realize that no arsenal or no weapon in the arsenals of the world is so formidable as the will and moral courage of free men and women.
~Ronald Reagan, First Inaugural Address, January 20, 1981

Share on Facebook Share on Twitter

Pages: [1]   Go Up
Jump to:  

Powered by EzPortal
Bookmark this site! | Upgrade This Forum
Free SMF Hosting - Create your own Forum

Powered by SMF | SMF © 2016, Simple Machines
Privacy Policy
Page created in 0.046 seconds with 17 queries.