Oil Prices Back 'beat up' Wall Street ?

Jakarta - Wall Street again weakened in trading Fridayon fears of Middle East political crisis and oil pricesare still not stable in the next few weeks.

These concerns cover the good news from within the United itself, namely the unemployment rate haddropped to below 9%, the first time in two years. Butinvestors still fear the adverse effects of the crisisLibya.
Brent crude oil rose to above U.S. $ 116 per barreland the CBOE Volatility Index VIX. VIX, or commonlycalled a gauge of risk Wall Street rose 2.7% to as low as 19.11.


"After the rally a few days, the market becomes veryvulnerable to a variety of news, particularly aboutrising oil prices," said Director of Trading andDerivatives Schwab Center for Financial ResearchRandy Frederick, as quoted by Reuters on Saturday(03/05/2011).

Earlier this week, data on positive U.S. employmenthas lifted the shares to its highest position since threemonths ago.

However, the bank's shares tumbled after MerrillLynch actually declare their income in the quarterI-2011 could go down due to soaring world oil pricesand reduced activities of their clients
In trading Friday (03/05/2011) local time, the DowJones index fell 88.32 points (0.72%) to the level12169.88. The broader Standard & Poor's 500 indexdecreased 9.82 points (0.74%) to a level of 1321.15.The Nasdaq Composite Index fell 14.07 points(0.50%) to a level of 2784.67.

During the week, the Dow Jones Index rose 0.3% andS & P and Nasdaq both increased 0.1%. A total of7.73 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, this figure is stilllow compared to average daily trade last yearamounted to 8.47 billion shares.
source:detikfinance.com

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