New York – Stocks Slide as Bernanke Warns About Oil Prices

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    New York – Stocks are closing with steep losses after Federal Reserve Chairman Ben Bernanke said that rising oil prices could hurt the economy.

    Oil prices rose to just under $100 a barrel Tuesday after Iran clamped down on anti-government protesters. Bernanke told members of the Senate that persistently high prices could derail the economic recovery by increasing the costs of transportation for businesses and cutting into consumers’ budgets.

    At the market close, the Dow Jones industrial average is down 168 points, or 1.4 percent, to 12,058. The S&P 500 is down 21, or 1.6 percent, to 1,306. The Nasdaq composite is down 45, or 1.6 percent, to 2,737.

    Three stocks fell for every one that rose on the New York Stock Exchange. Volume came to 1.2 billion shares.

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    3 COMMENTS

    1. Bernanke said what he said Beloshon Nekiya in order not to shock the market in to a sudden total stand still.

      The reality is far worse than what he admitted openly.

      The fact is that every oil producing country will most likely have their current dictator overthrown within the next few months and oil from all Arab countries will slow to a trickle.

      There is no chance the US economy can come out of this unless the US does to all Arab Oil producing countries the same of what they did to Saddam and only if they do it very quickly.

      If Obama keeps on playing silly games of only “sanctions” which accomplish nothing at all, our economy will not just ‘slow down’ but be totally shut down, this year.

    2. Duh? The more
      Oil rises the less affordable goods become, the less commerce there is, hence a collapsing economy. We don’t need Bernake for that. High school economics will tell you that.

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