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  • Dow falls 167 points as oil prices spike (Mideast war sinks my retirement account!)

    07/14/2006 2:56:54 PM PDT · by freedomdefender · 83 replies · 2,253+ views
    Philly Inquirer ^ | July 13 06 | Christopher Wang
    Stocks plunged for a second straight session yesterday as Wall Street battled a storm of negative factors - soaring oil prices, interest-rate jitters, and a slowing economy. The Dow Jones industrial average dropped almost 167 points, bringing its two-day loss to 288. Escalating tension in the Middle East carried oil near $77 a barrel, which compounded worries over Merrill Lynch & Co. Inc.'s warning that higher lending rates and gasoline prices would likely pressure consumer spending at Wal-Mart Stores Inc. SAP AG rattled investors further after reporting weak software sales last quarter. Many on Wall Street feared that the day's...