Stocks Climb, Oil Falls
Aug 8th, 2008 by Shaun Carter
The markets were very strong today as the dollar gained strength and caused oil to drop sharply $115 per barrel. Over the last month crude oil has fallen some $30 from a high around $150.
Because of the steady drop in crude oil prices, analysts are predicting gasoline prices of around $3.50 per gallon over the labor day holiday. Currently here in West Michigan gas is around $3.80/gallon.
McDonald’s jumped over 6% on news that same-store sales increased 8%. But not all stocks were up, especially the oil companies who suffered from falling crude prices. I still think the oil industry is a great place to be long term because prices will continue an upward trend despite these short term pullbacks.
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