Stocks Slip as Oil Spikes Past $133
May 21st, 2008 | By Contrarian Profits | Category: Featured, Financial NewsStocks tumbled today after oil prices topped $133 a barrel. The market also took fright at the Fed’s lowering of its 2008 economic forecast.
CNN reports that the Dow Jones industrials fell over 187 points, or 1.5% with around 90 minutes left in the session. The broader Standard & Poor’s 500 index fell 1.2%, while the tech-heavy Nasdaq composite lost 1.5%.
There may be far worse news on the horizon, too.
According to Dave Gonigam in The Daily Reckoning, there is one ‘X’ factor that could quickly spike oil to $200.
Dave says that on May 9, retired CIA operative Philip Giraldi posted an item on the American Conservative magazine’s blog which claimed that there was “considerable speculation and buzz in Washington today suggesting that the National Security Council has agreed in principle to proceed with plans to attack an Iranian al-Qods-run camp that is believed to be training Iraqi militants.”
Read on here to find out more about the possibility of a US attack on Iran and what it could mean for crude oil prices.
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