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U.S. stocks dip as oil price climbs
Iraq News.Net
Friday 16th May, 2008
With the price of oil around $128 a barrel Friday, traders on Wall Street busied themselves selling off stock.
Supply concerns, in the wake of accelerating demand, and sabre-rattling over Iran, pushed the price of oil to heights not seen before.
In late afternoon trade in New York the Dow Jones Industrials were down 65.30 points or 0.90% at 12,927.36.
Tech stocks were particularly weak with the Nasdaq Composite off 19.01 points or 0.75% at 2,514.72.
The Standard and Poor's 500 was down 5.09 points or 0.36% at 1,418.48.
The U.S. dollar was also under pressure Friday. In late afternoon trade in New York the euro was quoted at 1.5586. The Japanese yen climbed to 103.90, and the British pound to 1.9557.
The Swiss franc was stronger at 1.0457, while the Australian dollar surged to .9535.
The Canadian dollar was changing hands at 1.002.
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