Gasoline prices have dropped while the Dow Jones Industrial Average is up over 900 points. Bush administration officials meet with financial leaders on unfreezing the credit markets.
Fort Worth, TX (WiredPRNews.com)—Gasoline prices have dropped an average of 35 cents a gallon over the last two weeks and the Dow Jones Industrial Average has risen over 900 points today after the group of seven leaders met at the White House this weekend to resolve the global banking freeze.
According to an October 13, 2008 Associated Press article by Martin Crustinger that appeared on Yahoo.com’s news page, Assistant Treasury Secretary Neel Kashkari stated that the move to stabilize the credit markets would be done swiftly but carefully.
In Monday trading, the Dow Jones Industrial average rose over 900 points, as of 3:58 pm Eastern Standard Time. According to an October 13, 2008 non-bylined Associated Press article that appeared on Yahoo.com’s finance page, both the NASDAQ composite index rose and the Standard and Poor 500 index rose over 6%.
The Associated Press article also mentioned that the German DAX index rose over 9%, the British FTSE rose 5% and the French CAC-40 rose 8%.
The good news about the markets’ rise after last week’s disastrous plunge comes as crude oil and gasoline prices are record lows for the year. An October 12, 2008 non-bylined article at USA Today’s website indicated that the average price of a gallon of regular gasoline has dropped 35 cents over the last two weeks, according to a Lundberg survey of 5,000 US gas stations. Last week, crude oil was at $78 a barrel, according to the USA Today article.