Wednesday, August 4, 2004

Oil prices slam markets again



The Associated Press

NEW YORK - Another record high for oil prices and a sharp drop in consumer spending rattled investors Tuesday, sending stocks lower.

The market, already fretting over the impact of fuel costs on corporate profits, took another blow as U.S. crude prices jumped above $44 a barrel for the first time.

The Dow Jones industrial average fell 58.92, or 0.6 percent, to 10,120.24. The decline halted the Dow's longest winning streak since November, an advance of 217 points that lifted the blue-chip measure back above 10,000.




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