Wall Street Wobbles On Iran Worries

AP:

Wall Street fluctuated Monday after the Bush administration warned Iran following an incident involving that country's forces and three U.S. Navy ships in the Strait of Hormuz.

Stocks had opened higher amid speculation about future interest rate cuts but pared gains after reports of the administration's comments appeared on news services.

U.S. forces were on the verge of firing on the Iranian boats in the early Sunday incident, when the boats turned and moved away, a Pentagon official said. The White House on Monday warned it "will confront Iranian behavior" if it threatens the U.S. or its allies.

Read the whole story: AP

Comments

[gappytoofcondi]

Well, let's see. The market wobbled on the unemployment info/new jobs figures for December. It's been wobbling on the subprime lending fears for the last few months. Now, it's wobbling on Iran issues with the related cost of oil.
Wonder how the market will react when the fourth quarter earnings reports come out?
On top of this, The Boy King is telling us that the economy is strong. Never mind the real estate market, the earnings slowing for the major corps, the energy price explosion, or the potential for war with Iran. George's bright idea will be to cut taxes for the rich for the fourth time in seven years (unheard of in a time of war in the history of mankind) and to raise the national debt ceiling.
The financial storm of the century is fast approaching. Don't expect to hear it first in the MSM. We will probably wake up one day only to find out that our banking system has failed and the market has collapsed with the experts throwing their hands up and acting totally "shocked".
Don't worry. Bush will be with Cheney is Paraguay and totally divested from investments in the USA, including the almighty dollar. The remainder of us who are not cronies of this WH will be totally screwed. So please do not be "shocked".

[mmckinl]

Bush stops speaking ... market recovers ...

Interesting how that works ...

[studlyguy]

wall street the party is wayyyyyy over ,get ready for the bread lines like the rest of Americans, think 1929

[mmckinl]

Bush speaks ... market tanks ...

Interesting how that works ...

[outnow]

19 guys with box cutters and now three speed boats determine the entire market. Talk about the need for insider information to make your investments really pay off. Who cares about mergers, acquisitions, or new FDA approval for the next super-drug?

Somehow the system does not seem very stable. A new foreign policy or a new energy policy is needed. But we have been saying that for forty years or more.

[samuraijack]

My wish for Wall Street in 2008:
BIG, BIG drops in the Dow, major layoffs for all you fucking stockbrokers.

[larry278]

Some point out the trading day isn't over till the closing bell rings at the NYSE.

[civilbehavior]

The American public at large is absolutely CLUELESS how serious the situation is in this world.

Clueless.

The first thing we need to do is get the rich to start conserving resources.

What day was that in hell when that happens?

Oh, that's right.....­...a very very cold one.

It's all about energy folks. All about energy.

[thepainter57]

Disaster economics rules.
Wall street soon to tumble, as planned by Bush.
Lots of corporatists and capitalists will benefit from this.

And all you people with ''investment portfolios'' - well too bad, watch them sink like stones.

[ZingoBonMot]

"Gulf of Tonkin" heir rings opening bell on Wall Street.

[WIpatriot]

Wall Street is wobbling all over the place on its way down. Last week it was Obama's win, this morning it's Iran, tomorrow it's going to be something else. It doesn't matter what, its just the excuse du jour.