A Mid-Week Slump

The market hit a general slump today after a bearish two days. Treasury bonds have continued to slide since President Bush nominated Ben Bernanke as the next Fed Reserve Chairman. As the note on the 10-year bond falls, the yield goes up. The increase in this yeild is directly related to mortgage rates, which are now the highest since March. As for the drop in oil (which was minimal today), its a slight changed, especially considering the boost many oil companies experienced earlier after announcing their prosperous third quarter earnings. Many oil companies report that they will use these gains to rebuild and update oil refineries. I suppose we can bid farewell to low gas prices once and for all. Dow: -32.89 NASDAQ: -9.40 S&P 500: -5.16