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Wall Street remains fixated on the price of oil, which nudged higher today for no obvious reason - other than lingering concerns about the future of Libya and other oil-producing states. The Dow finished down 168 points, to close just above the 12,000 mark. Today was a classic case of the markets ignoring the encouraging past (February's bigger-than-expected jump in car sales and manufacturing) and focusing on the worrisome future (how higher oil prices may affect March car sales and manufacturing). And let's not forget the investors who believe that stocks are still priced too high and see the current oil hubbub as a chance to pull out for a while.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.