This week, oil continues its record ramp and stocks took a drubbing as the consumer continued to suffer and the specter of inflation haunted investors. The Dow Jones Industrial Average tumbled down to close the week at 12,479.63. The S&P 500 also suffered, finishing at 1,375.93, and the Nasdaq wound up at 2,444.67.
announced that a strike by the United Auto Workers and
had hurt second-quarter production. Earlier in the week,
announced that it does not expect to make a profit this year.
Meanwhile, the airlines got pummeled as a slew of analyst downgrades rocked the sector. Shares of
were among the stocks to take it on the chin.
One of the few winners in the week was
, which benefited from a takeout offer from Belgian brewer
Next week, retailers will be in the spotlight as investors try to get a read on the pulse of a harried consumer.
will report results, as will
So what's next? Will oil continue to scream higher, engendering a beatdown for U.S. stocks? Will the consumer show signs of life? Can airline stocks get off the ground? Where's the market going? Vote in our poll to share your insight.
This article was written by a staff member of TheStreet.com.