Tuesday, June 24, 2008
Stocks head for lower open as oil prices rise, UPS warns on profit ahead of Fed meeting
U.S. stocks headed for a lower opening Tuesday, as investors winced at rising oil prices and a UPS Inc. profit warning ahead of the Federal Reserve's rate-setting meeting. Energy prices show few signs of waning, leading to worries on Wall Street that high fuel costs will prevent the economy from growing and aggravate inflation at the same time. Light, sweet crude rose $1.01 to $137.75 a barrel in premarket electronic trading on the New York Mercantile Exchange.