Stocks soar on drop in oil, Wells Fargo report

[gunslingingbird]

NEW YORK - Wall Street at least temporarily shrugged off some of its many concerns Wednesday and bounded higher thanks to a drop in oil prices. The Dow Jones industrial average rose 276 points, or 2.5 percent, posting its best daily gain in three months.

The broader Standard & Poor's 500 index also gained 2.5 percent, while the technology-dominated Nasdaq composite index surged 3.1 percent. Investors exited government bonds and back into stocks as it appeared that the slowing economy will curtail demand for fuel and, in turn, energy costs.

Light, sweet crude fell $4.14 to settle at $134.60 a barrel on the New York Mercantile Exchange, bringing its two-day decline to $10.58.

Oil drops, market gains. Oil skyrockets, market plummets. Genius! What a concept! :thumbsup:

Let's just hope that the trend continues.

Story

 

[senob44]

Oil drops, market gains. Oil skyrockets, market plummets.

That's very true, and also a dangerous situation for the US to be in. What would happen to stocks and the companies themselves if oil just kept going up?

It's been said many times and many ways, but we really have to figure out some way to reduce our dependency on oil.

 

[shayd]

That's very true, and also a dangerous situation for the US to be in. What would happen to stocks and the companies themselves if oil just kept going up?

It's been said many times and many ways, but we really have to figure out some way to reduce our dependency on oil.

I think in order to do that, we have to reduce our dependency on oil executives in our government.