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Dow nears 11,000 mark

Posted by Charlie Kilo on July 7th, 2008

If they think this summer is bad…wait until this fall:

Stocks turned sharply negative after a morning rally, as battered financials continued to weigh on Wall Street and the major indexes returned to bear territory.

The day also marked a remarkable reversal of a trend that has dominated the market the past four months, in which stocks consistently rallied on days when energy prices fell. But with oil down more than $4 a barrel, equities still tumbled as banks were the main market movers of the day.

The joint movement lower of stocks and oil was seen as ominous for the economy.

“I see this as an increased probability of recession occurring here in the US,” Ernie Ankrim, chief investment strategist at Russell Investment Group, said on CNBC. “The problem here is we saw oil come down and about the same time we saw a lot of other things go down.”

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