Another day, another 12 year low.. stocks fall again

[briann]

http://www.tradingmarkets.com/.site/news/Stock%20News/2214040/

NEW YORK, Mar 09, 2009 (Xinhua via COMTEX) -- BAC | Quote | Chart | News | PowerRating -- U.S. stocks fell on Monday as a prevailing pessimism on the economy offset the recovering financial shares. Nasdaq shed nearly 2 percent as technology shares led the way down.

Financial stocks rose on a news report that Bank of America Corp. could raise capital in the private sector. Banking sector has been tumbling as investors worried that banks don't have enough cash to cover future losses despite government rescue efforts.

Pessimistic remarks by billionaire investor Warren Buffet added to the downbeat mood. Buffet said on CNBC that the economy has " fallen off a cliff" over the past six months. He added to the gloom by saying the economic turmoil has essentially followed the worst-case scenario he imagined.

Crude oil price gained 1.55 U.S. dollars to settle at 47.07 dollars a barrel on the New York Mercantile Exchange on Monday, which helped to lift energy shares.

Merck & Co. agreed to buy Schering-Plough Corp. for 41.1 billion U.S. dollars in cash and stock. The price represents a 34 percent premium to Schering-Plough's closing stock price on Friday.

The Dow Jones fell 79.89, or 1.21 percent, to 6,547.05. Broader indexes also slipped. The Standard & Poor's 500 index lost 6.85 points, or 1.00 percent, to 676.53; and the Nasdaq composite index tumbled 25.21, or 1.95 percent, to 1,268.64.
For full details on Bank Of America Corp (BAC) click here. Bank Of America Corp (BAC) has Short Term PowerRatings of 7. Details on Bank Of America Corp (BAC) Short Term PowerRatings is available at This Link.

[SavetheWest]

I'd get ready for oil to take off.  All these morons buying SUV's right now are in a for a horrid surprise.  The Russians and Gulf States have cut production to an all time low.

[briann]

I'd get ready for oil to take off.  All these morons buying SUV's right now are in a for a horrid surprise.  The Russians and Gulf States have cut production to an all time low.

Yes, you are right 100%.  These countries are becoming more ruthless as time goes by and they see their countries falling apart.

The USA represent a completely insignificant portion of total oil production... they have a near monopoly... and will keep on tightening and tightening.. until they see the price that they want.... and there is NOTHING we can do about it... except look to alternative fuels.

[Lewinsky Stinks, Dr. Brennan Rocks]

Don't forget that Hoebama is playing a role in driving up oil with his Energy Dep't "reports" of "dwindling" gasoline stocks and "record" fuel consumption. I guess that's why refineries can't find enough storage space for their unused product; makes a lot of sense that people without jobs will be driving all over town. But that's what happens when you have an Arab petrosheik president in the Oval Office.

[SavetheWest]

I'd get ready for oil to take off.  All these morons buying SUV's right now are in a for a horrid surprise.  The Russians and Gulf States have cut production to an all time low.

Yes, you are right 100%.  These countries are becoming more ruthless as time goes by and they see their countries falling apart.

The USA represent a completely insignificant portion of total oil production... they have a near monopoly... and will keep on tightening and tightening.. until they see the price that they want.... and there is NOTHING we can do about it... except look to alternative fuels.

We have to use high mileage vehicles, get more into solar and wind and drill for oil domestically.  It won't end the problem but doing nothing about this puts the whole world  at the mercy of Muslim tyrants.