Middle East Turmoil - Market Turmoil

Posted by Jim Spence on Wednesday, February 23, 2011
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Muammar Gaddafi
Bloomberg - Oil rallied, touching $100 a barrel in New York for the first time since October 2008, as Libya’s uprising threatened to halt exports. Stocks fell amid concern higher energy costs will slow economic growth, while Treasuries dropped after a $35 billion auction. Crude for April delivery settled at $98.10 after surging as much as 4.8 percent to $100. Gasoline and heating oil also jumped. The Standard & Poor’s 500 Index slid 0.6 percent as of the 4 p.m. close in New York after tumbling 2.1 percent yesterday, the most in six months. Hewlett-Packard Co. led losses in equities after its forecasts trailed analysts’ estimates. Sugar and cotton dropped more than 1.9 percent. The euro gained on prospects for higher interest rates. Read full story here: News New Mexico
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1 comments:

Anonymous said...

The U.S. has tolerated despots like Muammar Gaddafi in the Middle-East for several decades. What makes us think that these revolutionaries will forget this? The oil situation looks extremely dismal for the U.S. in the very near future. Though it's probably too late to avoid the certain economic and energy woes that loom on the immediate horizon, if and when we maximize the development of domestic energy resources will dictate to what degree Americans suffer the inevitable wrath we'll realize from the changes coming in the Middle-East. Unless we reconsider opening up ANWAR and re-evaluating our off shore drilling policies the economic pain derived from these ridiculous and naive energy policies will be directly proportionate to the extent of our leaders denial. Based on past performance, it's my perception that as this crisis develops ideology rather than common sense will prevail and finger pointing will be the political weapon of choice. In the meantime, those most economically vulnerable Americans will suffer the most.

February 24, 2011 at 8:34 AM

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