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Middle East Dominates Economic Week

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MIAMI (CBS4) – From soaring oil prices to the slumping stock market, the week that was in economy was all about the crisis in the Middle East.

Monday, the NYSE was closed for President’s day, but global economics didn’t take a holiday. The violence in Libya started a steep climb in oil prices that pushed gas prices higher across South Florida.

Tuesday, Wall Street re-opened and wholesale oil prices continued to rise on rising tensions in Libya. The Dow Jones Industrial Average plummeted as a result as fears pushed investors to take their money and run.

Wednesday, investors kept dumping stocks as the Dow lost 107 points and was teetering on the edge of closing below 12,000. Gas prices kept climbing with some places in Doral posting nearly a $0.25 increase overnight.

Thursday, new unemployment claims came in below expectations, but home sales also dragged down the Dow as investors still weren’t in the mood to buy.

Friday, some positive news finally got oil prices to temporarily stabilize. Saudi Arabian oil production is being boosted to keep up with market losses from the Libyan crisis. The Dow opened with positive gains, but drivers are no facing the stark reality of $4.00 a gallon for gasoline.

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