Dow Ends Below 10,000 on Insurers, Oil

[Yo_Mama_Been_Loggin]

Ain't dat Bush economee grate? Glad he gave dem rich peepole tax cuts. Maybe I kin git a job mowin der lawn

NEW YORK (Reuters) - U.S. stocks tumbled on Thursday after oil spiked to a record and New York Attorney General Eliot Spitzer leveled fraud charges at the insurance industry, dragging Dow component American International Group Inc. down 10 percent.

Detroit automaker General Motors Corp. also weighed on the blue-chip Dow after reporting lower-than-expected earnings, which sent its shares 6 percent lower.


Stocks were hit by another surge in oil prices, which roared to nearly $55 a barrel, putting further pressure on corporate profits

http://story.news.yahoo.com/news?tmpl=story&cid=580&e=1&u=/nm/20041014/bs_nm/markets_stocks_dc

[cliss]

1. Yup. Doesn't surprise me.

So whatever happened to that scheme to have Prince Bandar come to the rescue for Old buddy Bush? Remember, gas prices were going to go up in September to make people really miserable. Then, they were going to miraculously come down,right before the election, so people would vote for Bush. (what the connection was between those two, I'll never know).

Anyway: looks like that theory has fallen apart at the seams. Oh well, no use crying over spilled oil.

[Dancing_Dave]

2. The Saudis Can't Increase Oil Production Enough

To offset the losses from Iraq.

Venezuala could probably do more...after Bushco tried to overthrow the present Government there by backing an unpopular coup that failed etc.

[wishlist]

4. Oil expert on CNBC today said Saudi promise of higher supply is bogus

Right after markets closed today, a business expert on CNBC talked about how the Saudi pledge of higher oil production is just an empty promise not backed up by reality because they are unable to produce much additional oil. Other oil experts have talked about how Saudis' additional oil is not the light sweet crude needed to ease market.

I also heard a report today saying that U.S. home heating oil inventory is at the lowest level ever seen at the start of the cold season, putting a lot of pressure on the market.

[Thurston Howell IV]

3. Stock market level an indicator of whether incumbents reelected

I'm not 100% sure on this, but I believe that if the market closes below 10,200, Bush is very unlikely to be reelected, according to some past pattern of stock market performance correlating to incumbent's prospects.

[harpo]

5. exxonmobil was up though

[NewYorkerfromMass]

6. Well yeah, some parasites benefit from the geater misery.

meanwhile, the real story is that a Kerry administration coupled with super-aggresive AG's like Spitzer are going to bring a world of hurt on the corporate cabal.