Archive for July 8th, 2008

Oil prices extended a post-July 4th descent Tuesday - falling more than $9 a barrel over two days - as Iran's president downplayed concerns about possible war in the Middle East and investors anticipated falling demand due to high gasoline prices.

IndyMac has become the latest mortgage lender to announce what is by now a familiar routine to battered investors: Shuttered business lines, failed attempts at capital raising and massive layoffs. A look at how it got here shows the risks of dominating a lending niche it had long argued was minimally risky: low documentation loans to residential mortgage borrowers with middling (at best) credit profiles.

Falling oil prices and a stronger dollar supported stocks Tuesday afternoon, but gains were limited by ongoing concerns about financial markets and the economy.

Oil prices continued a post-July 4th descent Tuesday - down about $9 a barrel in two days - as Iran's president downplayed concerns about possible war in the Middle East and investors anticipated falling demand due to high gasoline prices.

In classic contrarian style, some Wall Street pros are happy the bear is back.

With gas prices spiking and the economy in a tailspin, the people who provide luxury extras are finding a once-lucrative gig is now a tough trade.

Texas oil man T. Boone Pickens Tuesday unveiled a new energy plan he says will decrease the United States' dependency on foreign oil by more than one-third and help shift American energy production toward renewable natural resources like wind power.

Read full story for latest details.

Stocks rose Tuesday afternoon after a choppy morning in which investors welcomed falling oil prices but remained wary about financial markets and the economy ahead of the first big wave of quarterly earnings reports.