Markets nose-dive

Another worry is the renewed surge in the price of crude oil. Crude oil for February delivery surged 2.3 percent on the New York Mercantile Exchange to hit $68.35, the highest level in more than four months.

On top of the existing turmoil surrounding Iran, unrest in Nigeria, and unease about Osama bin Laden’s latest warnings of terrorist attacks, Dwyer says he saw the market respond even to such odd rumors as one that said half of Kuwait’s oil reserves exist only on paper.
“Politics and the weather,” said William Dwyer, portfolio manager at MTB Investment Advisors. “you can’t plan for them; you just have to focus on fundamentals.”

MENAFN, from NY Post; MarketWatch