Gustav sparks European Labor Day sale
September 1, 2008 by Tisa Silver
Filed under Finance
It’s hard to talk stock trading, on a day when the markets are closed!
In the non-Labor Day observing world, the Dow Jones STOXX 600 (European index) closed slightly lower by 0.3 percent. But, oil stocks were subject to a selloff after the industry’s Gustav-induced supply fears were quieted.
Hurricane Gustav was downgraded to a Category 2 storm, but was previously predicted to stay at Category 4.
Several European oil producers and service firms traded down between 2 and 5 percent.
BTW, the nationwide average for regular gasoline is about $3.68 a gallon…$1 more than last year :(
