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But at least the Saudis and their Republican butt boys should be thrilled as oil hits $100 per barrel.
"Dick" Cheney will certainly have a Happy Thanksgiving: $100 oil, a new war in 2008!
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Stocks take an early hit
Wall Street slumps in the morning on worries about the mortgage market and record-high oil prices.
November 21 2007: 10:09 AM EST
NEW YORK (CNNMoney.com) -- Stocks tumbled Wednesday morning, as worries about the mortgage market and record- high oil prices sparked a broad selloff ahead of the Thanksgiving holiday.
Treasury prices rallied, lowering the corresponding yields, as investors sought safety in the comparably safer haven of bonds.
The Dow Jones industrial average (Charts) lost more than 100 points or around 0.9 percent. The S&P 500 (Charts) index lost 1 percent and the Nasdaq composite (Charts) lost 1 percent.
Wall Street had a tumultuous day Tuesday as investors weighed rising oil prices, mortgage market worries and the Fed's weaker 2008 economic outlook.
Those concerns remained in place Wednesday, sending stocks lower in the morning.
Declines were broad, with 26 out of 30 Dow components falling, led by AIG (Charts, Fortune 500), American Express (Charts, Fortune 500), General Motors (Charts, Fortune 500) and Intel (Charts, Fortune 500).
The October index of Leading Economic Indicators (LEI) fell 0.5 percent, after rising 0.1 percent in the previous month. Economists thought LEI would fall 0.3 percent.
The November consumer sentiment index from the University of Michigan was revised up to 76.1 from an initial reading of 75.0. Economists thought it would hold steady, on average.
U.S. light crude oil for January delivery rose 62 cents to $98.65 a barrel on the New York Mercantile Exchange, after having hit a record high of $99.23 in electronic trading.
COMEX gold for December delivery rose $9.10 to $800.50 an ounce.
In currency trading, the dollar fell versus the yen and was little changed versus the euro.
http://money.cnn.com/2007/11/21/markets/markets_0945/index. htm?cnn=yes
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