Go Finance Reporting in NEW YORK - The stock market index down Wall Street spot because of surging oil prices and worries about inflation that could hamper economic recovery.
In trading Friday, May 27 local time on record, the Dow Jones index fell 29.59 points, or 0.24 percent to 12379.90. Standard & Poor's Index (SPX) 500 fell 5.36 points, or 0.40 percent to 1328.15. While the Nasdaq Composite Index (IXIC) dropped 15.73 points, or 0.56 percent to 2780.41.
The result of the budget talks in Washington and his red outlook for the U.S. government to encourage investors to protect ahead of the weekend, with the release of shares. They prefer to move their portfolios to short-term investment for the Standard & Poor's (SPX) 500.
"This indicates the existence of enlightenment, and people hope that there is no bad thing that happened over the weekend," said a senior trader at regional investment bank Wedbush Morgan, Michael James, as quoted by Reuters on Saturday (05/28/2011) .
Oil prices soared along with the decline in airline stocks and shares of transportation companies. Arca Airline Index fell 2.7 percent and the Dow Jones Transportation average fell 1.7 percent.
For information, Brent crude is above USD126 per barrel, was at its highest level during the last 32 months. This is because the dollar weakened. (GoFinance)
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