Slumping Crude Oil Prices Drive Energy Shares Even Lower
New York (AP) -- Stocks are down sharply as another tumble in oil prices undermines the case for an economic recovery.
Major stock market indexes skidded about 2 percent in light trading volume Tuesday as crude dropped for the fifth straight day. The drop in oil signals investors think demand for energy and basic materials will remain soft as the economy struggles.
Investors are cautious ahead of second-quarter earnings season, which begins Wednesday with aluminum maker Alcoa Inc.
The Dow Jones industrial average is down 162 at 8,163. The S&P 500 index is down 18 at 881. The Nasdaq composite index is down 41 at 1,746.
About four stocks fell for every one that rose on the New York Stock Exchange, where volume came to 1.1 billion shares.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Dancing For Charity at the South Oakland Shelter 11/07
WWJ's Marie Osborne spoke live with Kevin Roach the Executive Director of the South Oakland Shelter. This is a charity event where area politicians, business leaders and media personalities will be pairing with professional dancers.
Movie Boot Camp 11/7
Larry Meistrich a veteran producer, talks about a three day filmakers workshop next weekend which he will host.
Health Care Overhaul 11/7
A live WWJ interview with AFL-CIO President Mark Gaffney on today's health care rally in Royal Oak.
China Mission 11/7
Wayne County Executive Robert Ficano further elaborates on the trip to China for himself and a board of delegates.
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