Wall Street tumbles 110 points

CNBC's Mike Huckman - A double dose of bad news for investors and consumer stocks were down and oil was up. The Dow dropped 110 points, the Nasdaq slipped 17 and the S&P lost 12.

But the price of crude jumped about 5 bucks to nearly USD 106/bbl. The gasoline inventories were much smaller than analysts thought they would be so investors figured consumers would not be buying as much stuff since they will be paying more at the pump and they sold stocks. Bolstering their case was a bigger than expected drop in the orders for durable goods, big-ticket items that were supposed to last at least a few years or so. 

New home sales fell to their slowest pace in about 13-years and putting more pressure on stocks here were Deutsche Bank saying it’s not of the woods yet a prominent analyst saying several big banks profits could still take a hit. Ongoing fears about the credit crisis with that USD 19 billion private equity deal to buy Clear Channel Communications falling apart.

But one deal you know in India is getting done, Tata Motors is taking Jaguar and Land Rover offer Ford’s hands for USD 2.3 billion. Ford bought them combined USD 5.2 billion but the company really needs the cash right now.   
 
 
Wall Street Action:

• Dow down 110 pts, Nasdaq declines 17 pts and S&P 500 drops 12 pts
• Crude jumps to $106/bbl levels
• Bigger than expected drop in Feb durable goods order
• Feb new home sales top estimates, still at 13-year lows
• Deutsche Bank says not out of the woods yet
• Concerns about credit crisis hampers corporate deal making
• Tata Motors buys Ford's Jaguar & Land Rover for $2.3 bn