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Wall St slips on rising oil price; Dow down 205 pts
Published on Thu, Jun 12, 2008 at 08:26 , Updated at Thu, Jun 12, 2008 at 09:00
Source : moneycontrol.com
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In the US markets, stocks tumbled on Wednesday as oil's resurgence lit the fuse of inflation fears, pushing the Dow to a three-month low. Among 10 key S&P sectors, energy was the lone gainer, climbing 1%, while financials were the hardest hit, falling 3%. Information-technology and telecom stocks lost more than 2%. Crude prices jumped more than $ 5 to within sight of the record after a report showed stockpiles in the US fell sharply for the fourth week in a row, intensifying worries of a worsening global crunch. Weakness in the US dollar and supply problems in OPEC member Nigeria encouraged the rally. The Dow slipped 205.99 points, or 1.68%, to 12,083.77. The Standard & Poor's 500 index was down 22.95 points, or 1.69%, to 1,335.49, and the Nasdaq composite index plunged 54.93 points, or 2.24%, to 2,394.01. A look at how the Indian ADRs performed:
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