Wednesday's Wrap-Up

The Energy Information Administration (EIA) announced today that the crude oil inventory dropped by 1.6 million barrels last week. There's still plenty of oil...the stockpile is actually higher this year than years past, but this much of a decline was not expected and upon the release of that report, oil rose $1.31 to $50.98 a barrel. Stocks also reacted to the report and the market closed as follows: DOW down 45.88 @ 10,457.80 NASDAQ down 11.50 @ 2,050.12 S&P down 4.06 @ 1,190.01