The stock market continutes to be buffeted by the one-two punch of raging crude oil prices and bank blowups.
While oil has gotten more volatile lately, it's still hanging around its all-time high of 145 bucks and change a barrel. In fact, crude touched $147 before retreating to around $143 in Friday's Nymex session. The average American consumer is looking at the No. 4 -- $4 a gallon of gasoline -- at the pumps.
And on Friday evening, federal regulators seized
-- the biggest bank failure in U.S. history. The Office for Thrift Supervision, IndyMac's regulator, said IndyMac "is unlikely to be able to meet continued depositors' demands" and was "in an unsafe and unsound condition." It turned operation of the bank over to Federal Deposit Insurance Corp.
That came on the heels of earlier news Friday that the government-sponsored mortgage outlets
were teetering on insolvency.
On Friday, the
Dow Jones Industrial Average
lost 128.48 points, or 1.1%, to 11,100.54, and the
tumbled 13.90 points, or 1.1%, to 1239.49. The
dropped 18.77 points, or 0.8%, to 2239.08.
Will we see more of the downcast trend in equity prices? What do you think?Vote in our poll below.