Following is part of article from CNN ,shows how rapped up in their thirst for oil the Yanks are, if oil spike is maintained where is the DJIA heading to ?
Stock sell-off picks up steam as investors worry about a 4% jump in crude oil, weakening dollar.
NEW YORK (CNN/Money) - Stocks slumped Tuesday afternoon, as spiking oil prices and a falling dollar fed into inflation fears, sending the major gauges tumbling. Tuesday's selloff was an extension of the consolidation that had started last week, said Katie Townshend, chief market technician at MKM Partners, revived by the rise in oil prices.
"The market was already poised for a pullback," she said. "When people noticed oil breaking through $50 today, which is a key psychological level, that may have accelerated the selling."
Crude oil surged Tuesday in response to a bout of particularly cold weather in the United States and Europe, as well as the weak dollar. U.S. light crude oil for March delivery jumped $2.25 to trade at $50.60 a barrel on the New York Mercantile Exchange.
