Should see more of these in coming months
JWN 40.72 -$2.22 right with the dow
Message 20327250
Associated Press
Dow Down 164, Largest 1-Day Drop of Year
08.05.2004, 04:07 PM
Another surge in oil prices sent stocks plummeting Thursday, with the Dow Jones industrial average shedding more than 160 points, the largest one-day drop of the year.
Investors reacted strongly to the oil hike, selling off rapidly as the afternoon progressed. A barrel of light crude closed at $44.41, up $1.58 cents, on the New York Mercantile Exchange, and traded as high as $44.50 per barrel earlier in the session.
Over the past few weeks, drops in stock prices have corresponded almost directly to rising oil prices, which have climbed on terrorism fears. Thursday's rise, attributed to Russian oil conglomerate Yukos' ongoing troubles with the government there, prompted heavy selling in the last hour of trading.
According to preliminary calculations, the Dow fell 164.37, or 1.6 percent, to 9,962.14.
Broader stock indicators also fell sharply. The Standard & Poor's 500 index dropped 17.91, or 1.6 percent, to 1,080.72, and the Nasdaq composite index was down 33.43, or 1.8 percent, at 1,821.63.
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