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November 22, 2008 9:11:43 AM CST

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Oil Greases Another Big Slide

Posted Jun 11, 08 3:31 PM CDT in Business 

(Newser) – US stocks fell today as crude futures continued to rise and Federal Reserve data showed “generally weak” economic growth in April and May, MarketWatch reports. The Dow lost 205.99, closing at 12,083.77. The Nasdaq dropped 54.93 to 2,394.01, and the S&P 500 fell 22.95 to 1,335.49, with only energy shares bucking the downward trend.

Investors see the economy caught between inflation and its bitter medicine, interest rate hikes: "Any attempt to slow the rise in inflation by rising rates will put downside pressure on a fragile U.S. economy," one analyst said. "For this market to stop declining, we either need better economic news or a halt in the run-up in the price of oil.”

Sources: MarketWatch, Wall Street Journal, Bloomberg

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Traders work on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo/Jin Lee)
Ned Zeller rubs his eyes while working on the floor of the New York Stock Exchange on Wednesday, June 11th in New York.   (AP Photo/Jin Lee)
A trucker leaves a truck stop in front of a sign advertising the price for diesel at $5.019 per gallon off the New York State Thruway in Pembroke, N.Y., Monday June 9, 2008.   (AP Photo/David Duprey)
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