$7-a-Gallon Gas Coming Soon?
A new gas forecast comes on the same day that the Dow plummets, oil surges.
June 26, 2008 — -- Stocks plummeted today as oil hit a new record and signs of trouble from the financial, automotive and high-tech industries soured the mood on Wall Street.
The Dow Jones Industrial Average lost more than 350 points, falling to its lowest level since September 2006. It closed at 11,453.42, a loss of more than 3 percent. The Nasdaq and S&P 500 also had bad days: the Nasdaq closed down 3.3 percent -- nearly 80 points -- at 2,321.37 while the S&P 500 closed down 2.9 percent at 1,283.15 after a loss of nearly 39 points.
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Among the factors driving the drop:
Oil prices surged into record territory today, boosted by a report predicting that gas prices will hit $7 a gallon in the United States within two years. The market didn't like the news.
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