Stocks plunge on record oil prices, Fed comments
2008-05-22 HKT 06:07
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Financial news... Wall Street
plunged overnight after crude
oil prices spiked to record
highs and the Federal Reserve
slashed 2008 growth forecasts
for the economy, while
signaling a pause in interest
rate cutting. The Dow Jones
Industrial Average plummeted
227 points, or 1.77 percent,
to close at 12,601. The
tech-dominant Nasdaq composite
dropped 43 points, or 1.77
percent, to finish at 2,448
and the broad-market Standard
& Poor's 500 index shed 22
points, or 1.61 percent, to
end the day at 1,390. Oil shot
past 133 dollars a barrel for the first time after the
Department of Energy released
its weekly oil inventory
report.
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