$142 Oil Drives Stocks Down

New crude record hampers recovery from Thursday's fall
By Nick McMaster,  Newser Staff
Posted Jun 27, 2008 3:29 PM CDT
Traders work on the floor of the New York Stock Exchange on Friday, June 6, 2008 in New York.   (AP Photo/Jin Lee)
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(Newser) – The markets fell today, continuing the slide that marked yesterday’s session. Investors continued to mull the tidal wave of bad news that hit the financial, tech and consumer discretionary sectors Thursday, MarketWatch reports. The Dow fell 104.46 to 11,348.96, the Nasdaq lost 5.74 to close at 2,315.63, and the S&P 500 dropped 4.68, closing at 1,278.47.

Adding to the unrest was another record oil price; crude futures topped $142 a barrel. Insurance giant AIG dropped after saying it faces $5 billion in losses from securities lending. Analysts predicted more gray skies ahead: "We're getting to the stage now where rising oil prices are really starting to bite," said one strategist.

  • For the week, the Dow lost 4.1%, the Nasdaq lost 3.8%, and the S&P 500 lost 3%.