The news of the day was oil reaching a new record closing the U.S. session at more than $90 a barrel. And then, just a couple of hours later in Asia's Friday morning session, oil pushed past $91 a barrel. Some analysts are wondering how long before we see triple digits on oil and what is driving the prices sky high.
“It makes no fundamental sense nor is it justified by economics or supply and demand factors,” said Mark Gilman, oil analyst at The Benchmark Company
The record oil gains did little to move the market. All of the major indices closed almost flat. Other energy gainers included Petroleo Brasileiro up 2.67% at $76.61.
Aside from energy some of the days biggest movers came out of the technology and telecom.
Microsoft gained 2.7% and closed at 32.09. That’s just $0.14 shy of their 52-week high. Today’s gains come on the heels of yesterday’s announcement that Microsoft would invest $240 million for a 1.6% stake of Facebook, the social networking site.
Other gainers for the day included Vodafone up by 4.39% at $38.74, and France Telecom up 8.68% at 25.80.
Philadelphia based Comcast reported less than stellar earnings. The nation’s biggest cable operator said third quarter profits dropped 54 %. That sent shares down almost 11 percent to close at 21.28.
Other losers of the day include American International Group . AIG stocks fell more than 3% on concerns that the company is over exposed to the subprime market.
And finally, it’s not a good day when the FBI comes knocking on your door. This was the case with WellCare Health Plans . Neither the FBI nor WellCare are commenting about the reason for the probe. News of the fed raid dropped stock prices by more than 62% to close at 42.67.
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