Oil has continued soaring. It has now moved past the $92 mark and the question now is will it continue to climb to $100 or fall back? Reuters looks at the soaring oil prices in this video. Reuters says oil may continue upwards due to limited supply and some say traders think it is more likely to hit $100 before retreating back to $80.
What's happening to the dollar? It is worth less today than the loonie and the Euro seems to be increasing its value over the dollar each day. Lindsay Campbell from Wallstrip tries to hand some out dollars in this humorous video clip but she has trouble finding takers. You can track the latest currency rates here on Bloomberg.com.
U.S. stocks tumbled on their worst day in nearly two months. The fall came on the 20-year anniversary of the 1987 stock market crash. A warning from Caterpillar is being blamed for the fall. The Dow fell by 366 points and the Nasdaq tumbled 74 points. Here's a video from Reuters looking back at
Black Monday on October 19, 1987 when stocks fell nearly 23% in a single session.
Those forecasts for oil to hit $100 a barrel aren't sounding very funny anymore. Oil closed voer $89 a barrel today because of concerns in the Middle East. Turkey has approved the entry of its troops into Iraq which greatly escalate problems in what is already a troubled region. CNN reports that gas prices are just starting to feel the impact from the soaring oil prices. The AAA has gas prices up 4 cents already for the week.
Earlier in the day, crude prices scrambled to an all-time trading high of $89.55 a barrel.
Prices at the pump have been slow to respond to rising crude prices recently, but that may be changing. On Thursday, gas prices gained nearly 2 cents to a national average of $2.79 a gallon for regular-grade gasoline, according to AAA. They are up 4 cents since Monday.
Prices at the pump have been slow to respond to rising crude prices recently, but that may be changing. On Thursday, gas prices gained nearly 2 cents to a national average of $2.79 a gallon for regular-grade gasoline, according to AAA. They are up 4 cents since Monday.
"There's almost an inevitability here now that we are going to get to $100 a barrel," said John Kilduff, an energy analyst at Man Financial in New York.
Helping to lift crude prices higher was a decline in the dollar, which fell to an all-time low versus the euro and also dipped versus the yen
Oil closed at $89.47 a barrel. You can track energy prices here on Bloomberg.com. This graph shows how rapidly oil prices have been climbing in 2007.
Google, which trades on the Nasdaq as GOOG, is getting close to the $600 mark. The stock has been on an incredible ride since it started trading at $85 in 2004.
Google, which began trading at $85 in 2004, has the sixth- highest stock price in the U.S. and has surged 27 percent this year. The shares rose $1.84 to $584.39 at 4 p.m. New York time on the Nasdaq Stock Market and earlier reached $596.81.
The search engine has taken users from Yahoo! Inc. and Microsoft Corp., pushing sales growth to at least 70 percent in each of the past three years. Google plans to lure more Web surfers and advertisers through the YouTube video site, bought last year, and has introduced software to sell mobile ads.
"Google is still dominating," Piper Jaffray & Co. Web analysts including Gene Munster said in an Oct. 1 report.
Munster, in Minneapolis, rates the stock "outperform" and estimates it will reach $660 within a year as Google parlays its lead in search into other areas of online advertising next year.
Google may very well break the $600 mark and even $650 but how much upside can be left for this powerful technology firm? Henry Blodget has suggested GOOG could trade as high as $2,000
Remember a couple years back when some analyst floated the idea that Google could eventually be worth $2,000 a share--and was ridiculed from coast to coast? Well, first it's worth noting that Google is now almost a third of the way there. Second, it's worth noting that $2,000 a share would mean a market cap of about $750 billion, which--given a reasonable time horizon--just isn't that far-fetched.
Why? First, from a macro level, in every technology wave, the market leader usually ends up amassing more power, wealth, and market capitalization than the leaders in the prior wave, often by a startling magnitude. The leaders in the last technology wave included Microsoft and Cisco, both of which peaked around $500 billion in market capitalization...
Blodget's remark has stirred up controversy among tech and financial bloggers - see here, here, here, here, here, here, here, here, here and here. You can check the latest GOOG quote here on Yahoo Finance.
Google, which trades on the Nasdaq as GOOG, is 