Stocks declined Thursday as a record oil price and a disappointing earnings forecast from Hewlett-Packard Co., the world's No. 2 maker of personal computers, stoked concern that economic growth is slowing.

Benchmarks have lost more than 5.9 percent this quarter amid concern that surging oil prices will hobble personal spending. Crude oil for September delivery was up 1.6 percent to $45.50 a barrel on the New York Mercantile Exchange on Thursday, the highest settlement price since oil began trading in New York in 1983.

Some 1.41 billion shares changed hands on the Big Board.