Soaring Oil Prices Undermine Market
Sunday, September 26, 2004; Page F09
Just when investors thought the oil crisis was over, crude gushed to a record $48.88 a barrel last week, spewing red ink over Wall Street. The stunning run-up in oil prices was blamed on Hurricane Ivan, which blew away oil production platforms in the Gulf of Mexico, tightening an already tight supply.
The week's losses left the Dow down for the month of September, which traditionally produces market losses. Nasdaq and the S&P are up for the month, but there are still four trading days left.