Crude closes under $50 for first time in a month

By Mark Cotton , CBS.MarketWatch.com
Last Update: 3:33 PM ET Nov 2, 2004

NEW YORK (CBS.MW) -- U.S. stocks staged a sharp reversal Tuesday, with blue chips sliding into negative territory and the Nasdaq paring gains amid reports that John Kerry is putting in a strong early showing at the polls.

"The only thing I can see is that the Drudge Report shows the preliminary exit polls showing Kerry within striking distance," said Jay Suskind, director of trading of Ryan, Beck & Co.

Miller Tabak equity strategist Peter Boockvar said there was a "sort of panic" as traders heard the news of Kerry's lead.

"We had this pre-election rally and the election is almost over. It's almost a sell on the news now that we're actually here."

The Dow Jones Industrial Average ( $INDU ) was last down 23 points at 10,031, erasing more than a 80-point gain earlier in the day.