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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 05/29/2008 : 20:37:24
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U.S. stocks rise as oil prices plunge
You must be logged in to see this link. 2008-05-30 08:14:33 Print
NEW YORK, May 29 (Xinhua) -- Wall Street rose Thursday as oil prices fell sharply and the U.S. government said the economy grew faster than previously estimated last quarter.
Crude prices declined more than 4 U.S. dollars per barrel as the dollar rose against major currencies.
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The revised reading of first-quarter gross domestic product helped ease some concerns about recession as the Commerce Department said the economy grew at an annual rate of 0.9 percent, above the department's earlier estimate of 0.6 percent.
The Dow Jones industrial average rose 52.19, or 0.41 percent, to 12,646.22. The Standard & Poor's 500 index advanced 7.42, or 0.53 percent, to 1,398.26, and the Nasdaq composite index rose 21.62, or 0.87 percent, to 2,508.32. @
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Think positive. |
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Know Common Cents
Penny Pincher Member
195 Posts |
Posted - 05/31/2008 : 17:11:37
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It just seems amazing to me how the government can manipulate the figures for most everything. Take the CPI for example where prices for food and energy are factored out to get their "true" figures. If the government and the Federal Reserve were actually held to generally accepted accounting principles (known as GAAP), we'd have been on the skids long ago.
No question Ardent that the price of oil is being manipulated by forces we know and don't know. Bottom line is the populus is being squeezed whether they're at the pump or the grocery store. No refuge. The slight cushion given to all by the so-called "Economic Stimulus Checks" will be exhausted by mid-Summer and then we'll begin to feel the awful impact of our sour economy.
I guess if I had one wish, it'd be for all of the major political candidates to share with us how they plan to bring the economy back into solvency. Their consistently-stated economic policies (or lack of) will be the deciding factor as to whom gets my vote. |
Here in Wisconsin, we have some of the highest property and gasoline taxes in the US. We're squeezed so much, I have to make my daughter wear penny boxes for shoes. At least she has an endless supply. |
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Oil plunges as stocks/ dollar rise
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