Michael Metz, chief investment strategist at Oppenheimer & Co., does not believe that this is very bad news, because he supposes this situation is temporary: "The high price of oil is a factor affecting the consumer spending but I think a lot of traders feel this is a temporary aberration.?
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Oil Firms Still Gain from High Oil Prices
U.S. stocks tumbled on Tuesday
U.S. stocks tumbled on Tuesday after oil prices surged to a new record above $44 per barrel, and a report about sharp slide in U.S. consumer spending in June.
The record high oil prices sent shares of US large oil companies ChevronTexaco, ConocoPhillips Co. and Exxon Mobil to 52-week highs.
Michael Metz, chief investment strategist at Oppenheimer & Co., does not believe that this is very bad news, because he supposes this situation is temporary: "The high price of oil is a factor affecting the consumer spending but I think a lot of traders feel this is a temporary aberration.?
Michael Metz, chief investment strategist at Oppenheimer & Co., does not believe that this is very bad news, because he supposes this situation is temporary: "The high price of oil is a factor affecting the consumer spending but I think a lot of traders feel this is a temporary aberration.?
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