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.