USA: Oil prices surge to a record high, then fall back as U.S. stocks end the day with mixed fortunes

Record ID: 343986

  • Title: USA: Oil prices surge to a record high, then fall back as U.S. stocks end the day with mixed fortunes
  • Date: 17th June 2008
  • Summary: (W1) NEW YORK, NEW YORK, USA (JUNE 16, 2008) (REUTERS) (SOUNDBITE) (English) JOHN LONSKI, CHIEF ECONOMIST MOODY'S INVESTMENT SERVICES, SAYING: "I think there is little doubt in my mind that this latest jump in oil prices adds to economic uncertainty and most defiantly increases the risk that the U.S. economy might underperform in the near term."
  • Embargoed: 2nd July 2008 13:00
  • Keywords:
  • Location: Usa
  • Country: USA
  • Topics: Economic News
  • Reuters ID: LVA6XJQOKKW5PVOHY56F08U8PQTB
  • Story Text: Oil prices eased on Monday (June 16) after a surge to a record high of almost $140 a barrel stoked inflation worries, and the dollar fell against the euro on a drop in a key U.S. regional manufacturing index and record inflation in the euro zone.
    U.S. tech stocks rose, helping lift the Nasdaq, but the Dow industrials ended lower, hurt by brokerage downgrades of some key components and as food stocks fell on surging costs.
    John Lonski, chief economist at Moody's Investment Services, told Reuters: "I think there is little doubt in my mind that this latest jump in oil prices adds to economic uncertainty and most defiantly increases the risk that the U.S. economy might underperform in the near term."
    The Federal Reserve Bank of New York's "Empire State" index showed manufacturing in the state shrank in June for the fourth time in five months, casting doubt on the health of the sluggish U.S. economy.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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