Diving Crude Oil Price Helps Wall Street Rally

On Tuesday, September 2, 2008, the Dow Jones Industrial Average Index, DJI was seen climbing extensively by 198.34 points or 1.72 percent at the time of this post.

The reason for this large increase was due to the big drop in the price of light, sweet crude oil price to 109.42 on the New York Mercantile Exchange, NYMEX, a fall of $6.04. It has been a long while since the price of crude was at this level. This has been a piece of good news as the market was filled with worries over the Tropical Storm Gustav and its impact to the crude price. The fear was literally eased completely on this trading session.

Although the session has shown a very big jump in stock prices, the market is still believed to be very uncertain and delicately volatile. Asian market will be looking out for the closing of Dow Jones for their movements which are generally believed to be pointing upwards.

All the above are of personal opinion and not at all an inducement to trade.

This work is licensed under a Creative Commons Attribution 3.0 License.

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