Despite oil prices hovering $123, nearing the $200 a barrel prediction, investors managed to stay in the race and continued to make bets on Wall Street. All the big three indexes were higher by the end of the day, Tuesday.
Fannie Mae, the biggest seller of home mortgages took a hit with over $2 billion in losses, although the lender tried to reassure investors that all is not headed for doom. I’ve added to my stock picks on MSN Caps.
Cisco was just ahead of expectations for its third quarter.
In aggregrate, oil may stay up there at its record highs for some time – perhaps for a couple of weeks. But with food prices reaching unheard-of levels, somethings gota give in the inflation equation.
Analysts say that we are headed for a huge correction in oil. In case you’ve shorted oil, hang on to it and think long term.
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