Tuesday, September 12, 2006

Crude oil at lowest price in over a year

Oil's below $64 a barrel, the stock market's within 225 points of it's all time high and unemployment is still waaaay low at 4.7%. Pretty damn good economy, huh?

Sept. 12 (Bloomberg) -- U.S. stocks had their biggest advance in a month, pushing the Dow Jones Industrial Average within 225 points of its all-time high, as revenue at Goldman Sachs Group Inc. set a Wall Street record and retailers rallied on a plunge in oil prices.

Best Buy Co., the biggest U.S. electronics merchant, surged 9.2 percent, the best gain in the Standard & Poor's 500 Index, after its profit beat analysts' forecasts. Goldman Sachs, the second-largest U.S. securities firm by market value, rose the most in six months after saying earnings topped estimates.

Oil's seventh day of declines, the longest streak since October 2003, bolstered the market. General Motors Corp., the world's largest automaker, had its biggest gain in six weeks as investors bet that lower gasoline prices will aid car sales.

Oil finished at $63.76 and for the first time in I don't even know how long, all three grades of gas are now pricing under $3.00.