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The economy, already running on fumes, was further rocked by escalating oil prices and plummeting consumer confidence.
While Friday brought some upbeat reports on consumer sentiment and new-home sales, the markets appeared leery of escalating oil and gasoline prices, as well as tensions with Iran and the unfinished bailout for Greece.
An exogenous event, escalating oil futures, saved the quarter.
The S&P 500 Index at 1,400 can't shake off the economic consequences of escalating oil costs.
Economists point to the high level of household debt, wealth destruction in housing and financial assets as well as escalating oil prices biting into consumer spending.
The change, which takes effect Friday, is expected to ease demand for petroleum in China, putting some downward pressure on escalating oil costs.
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Due to the increasing concern towards escalating crude oil price, depleting petroleum resource and environmental damages done by plastics, PHAs have gained more and more attractions, both from industry and research.
Escalating crude oil price and environmental problem are attracting more interest in methods to improve thermal efficiency and reduce emission of shipping.
The escalating international oil price also feeds higher prices for carbon emission permits or EU allowances.
New York's law against price gouging (General Business Law §396-r), was passed in the winter of 1978-79 in response to escalating heating oil prices.
Speaking of the escalating prices of crude oil and other commodities, Mrs. Gandhi said the nation was going through an economic crisis.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com