Posted on 04/29/2005 12:09:00 PM PDT by Asphalt
NEW YORK (Reuters) - U.S. stocks climbed on Friday, with the blue-chip Dow gaining 1 percent, as oil tumbled below $50 a barrel, while a positive revenue outlook from Microsoft Corp. (MSFT.O: Quote, Profile, Research) also offered support.
The Dow Jones industrial average was up 103.37 points, just over 1 percent, to 10,173.74. The Standard & Poor's 500 Index was up 9.79 points, or 0.86 percent, at 1,153.01. The Nasdaq Composite Index was up 10.12 points, or 0.53 percent, at 1,914.30.
Ample supply? The media has been lying to us all these months?
Quick! Everybody go buy a barrel of oil and watch the price fall even more!
My station had beter be down a dime when I go home, or there'll be hell to pay!
I'm stuned... so is my beeber.
What did I tell ya... when Goldman Sachs made their price spike prediction, I said short oil futures... one could have made $5 per short or more in the space of three weeks!
Next time, I take my own investment advice.
I remember your post.. I am kicking myself for not following your advice....
As I noted on other threads, the Wall Street Journal has been reporting for some time now that crude oil inventories have increased in each of the last 11 months. Crude supplies are now at a three year high.
Gasoline supplies are not as similarly abundant, but crude supplies are plump now. This seems to speak to two issues that seems to be causing the persistant high gas prices, overall refining capacity, and the 900 variations of reformulated gas now required.
History has proven otherwise. Soaring prices fall at some point.
In it, Deutsche Bank said "Downward pressure is building into a tremendous head that needs to be released by either higher crude demand or a collapse in prices."
A collapse. Not just a drop, a lowering, an easing.... a collapse.
This is very good news for President Bush.
This is a direct result of President Bush's energy policy speech yesterday. Folks realize he is serious about making sweeping changes re: energy.
Good news but we still need new refineries!
AZ is okaying a new one but there hasn't been a new refinery built in over THIRTY FRIGGIN' YEARS!!
Not in Arizona. I just heard this morning that since we will be switching to summer blend, it will be going up. So says that perky little Kim Pappas-Miller from AAA. She gets on my nerves but that is what she said.
I paid $2.41 today.
AZ is okaying a new refinery? Do you have a link so I can where they are putting it?
I lived in Phoenix a few years, and loved it. Unfortunately, family considerations lead me back to CA.
There is something going on in the market. The numbers are all over the board. I am wondering if some one is trying to manipulate the market. This doesn't make sense.
I think it is somewhere near Yuma. I'll have to find the article for you.
2.09 here in OK, plenty high enough for us.
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