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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Oct 01, 2008
Page
3
On Wall Street the Dow climbs 485.21 points to 10,850.66 as traders seek relief amid stalled rescue talks. LIBOR rises signaling tighter credit while lawmakers debate a 700 billion plan to absorb mortgage debt and bad loans, delaying clear market recovery.
Oil prices rebounded above $100 a barrel on Tuesday after Monday’s $10.52 drop triggered by lawmakers’ rejection of a $700 billion bailout. Light crude settled $4.27 higher at $100.64 with intraday high near $101.40 as analysts warned of a holding pattern until finance plan fate is clear. Global demand fears and weaker energy use signal potential further declines, while OPEC may cut output to defend the $100 level.
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