Richard Tafoya
May 10th, 2007, 11:09 PM
CNN:
http://money.cnn.com/2007/05/10/markets/markets_0500/index.htm?section=money_topstories
Stocks tumbled Thursday, with the Dow Jones industrial average giving up nearly 150 points one session after ending at an all-time high, as investors eyed higher oil prices, weak economic news and lackluster April retail sales.
...
Stocks have gained over the last five weeks thanks to first-quarter earnings that have beaten weak forecasts, many corporate deals and mergers, and more stock buyback plans.
The climb left the Dow at an all-time high, the S&P 500 within reach of an all-time high and the Nasdaq at a six-year high.
After such an advance, stocks were vulnerable to a pullback, analysts said, and Thursday's news provided the incentive.
On Thursday morning, the government reported that the March U.S. trade gap widened more than expected and that April U.S. import prices rose more than expected, both because of higher oil and gas prices.
A number of the nation's retailers said April sales were hurt by the impact from higher oil and gas prices - and the fallout in the housing market.
In addition, "there are some rumblings you're hearing on Iran and there's also the fact that the markets had a pretty huge rise," said Steven Goldman, market strategist at Weeden & Co.
http://money.cnn.com/2007/05/10/markets/markets_0500/index.htm?section=money_topstories
Stocks tumbled Thursday, with the Dow Jones industrial average giving up nearly 150 points one session after ending at an all-time high, as investors eyed higher oil prices, weak economic news and lackluster April retail sales.
...
Stocks have gained over the last five weeks thanks to first-quarter earnings that have beaten weak forecasts, many corporate deals and mergers, and more stock buyback plans.
The climb left the Dow at an all-time high, the S&P 500 within reach of an all-time high and the Nasdaq at a six-year high.
After such an advance, stocks were vulnerable to a pullback, analysts said, and Thursday's news provided the incentive.
On Thursday morning, the government reported that the March U.S. trade gap widened more than expected and that April U.S. import prices rose more than expected, both because of higher oil and gas prices.
A number of the nation's retailers said April sales were hurt by the impact from higher oil and gas prices - and the fallout in the housing market.
In addition, "there are some rumblings you're hearing on Iran and there's also the fact that the markets had a pretty huge rise," said Steven Goldman, market strategist at Weeden & Co.