CAROL LIN, CNN ANCHOR: Well, the price of oil soared yesterday Bill, as Bob was just showing us the reasons why. What's going to happen today?</s>BILL TUCKER, CNN CORRESPONDENT: Well, Carol, it's anybody's guess, but for now oil prices have steadied and, right now, the stock index futures indicate a slightly higher open when the market gets underway. But with the tensions in the Middle East, the situation remaining extremely volatile, just about anything goes. Yesterday in New York light sweet crude topped $36 a barrel on fears of a supply disruption and that, along with profit warnings from Home Depot, sent the Dow industrials plummeting; the blue-chip index tumbled 379 points, more than 3 1/2 percent, that's the Dow's fifth- biggest point drop ever. The Nasdaq composite sank 93 points, closed at its lowest level of the year, nearly 40 percent below its record high set back in March. But the Dow and the Nasdaq extended their losing streaks to six straight sessions. The oil situation does seem stabilizing a bit. In London, Brent Crude is currently down 21 cents a barrel at $34.38. Oil matters because investors worry high prices could lead to inflation still and stall consumer spending, eat into corporate profits, slow the economy down, creating uncertainty, all at a time when the market is already worried about slower earnings growth. That's a quick check of the morning business, Carol. And back to you.</s>LIN: All right, Bill. Boy, I didn't give you a very formal introduction, that was Bill Tucker, of CNNFN.
With Fears of Oil Prices Going Up, Stock Markets are Down