US stocks fell Tuesday as surging oil prices and a weak report on consumer spending dragged on investor sentiment. NYMEX crude oil futures hit a record-high above $44 a barrel on worries of scarce supplies.
The spurt in crude prices sent shares of oil companies ChevronTexaco, ConocoPhillips Co and Exxon Mobil to 52-week highs.
The Dow Jones industrial average dipped 38.2 points, or 0.38 percent, to 10,140.96. The Standard & Poor's 500 Index lost 3.69 points, or 0.33 percent, to 1,102.93. The technology-laced Nasdaq Composite Index fell 20.02 points, or 1.06 percent, to 1,872.07.
Comments
Comments are closed.