Stocks Dive on Citigroup News

Only energy stocks advance, with oil briefly hitting $86 a barrel
By Sam Gale Rosen,  Newser Staff
Posted Oct 15, 2007 3:40 PM CDT
Oil storage tanks in Linden, N.J. (AP Photo/Mark Lennihan, file)   (Associated Press)
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(Newser) – Stocks fell more than they had in over a month today after Citigroup reported a 57% third-quarter loss. Of the S&P's 10 industry groups, only energy advanced, with oil closing at a record $86.13 a barrel. The Dow lost 108.28 to close at 13,984.80, the S&P 500 fell 13.09 to 1,548.71, and the Nasdaq finished at 2,780.05, down 25.63.

"It's not a good spot to be in right now for a consumer here in America," one strategist told Bloomberg, referring to the uncertainty surrounding Citigroup and the rest of the financial sector. The oil market reacted to fears that Turkey might attack Kurdish forces in Iraq, cutting shipments at a time of high demand.