Wall Street Takes A Nose-Dive on Fed Minutes, Oil Prices

by Jacob Cherian    May 21, 2008

According to news reports, Wall Street took a nose-dive on the Fed's outlook for the rest of 2008. And record crude oil  prices hovering near $130 a barrel was not much of a boost either.

The big three indexes were lower: The Dow Jones industrials average and the NASDAQ composite index dropped by 1.77%, while the S and P 500 managed to do a tad bit better with a decline of 1.66$.

The Federal Reserve released its minutes from the April 30the FOMC meeting at 2 pm Eastern - the main catalyst in driving stocks lower.

Meanwhile, crude oil prices regained strenght toward upper limits, adding a good $3 to close above $133, reports Yahoo Finance.

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

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