Dow Ends Down 167, Nasdaq Down 36

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Stocks plunged for a second straight session Thursday as Wall Street battled a storm of negative factors – soaring oil prices, interest rate jitters and a slowing economy, the Associated Press reports. The Dow Jones industrial average dropped almost 167 points, bringing its two-day loss to 288. Escalating tension in the Middle East carried oil near $77 a barrel, which compounded worries over Merrill Lynch’s warning that higher lending rates and gasoline prices would likely pressure consumer spending at Wal-Mart Stores Inc. SAP AG rattled investors further after reporting weak software sales last quarter.


According to preliminary calculations, the Dow slid 166.89, or 1.52 percent, to 10,846.29. On Wednesday, the blue-chip index sank 121 points. Broader stock indicators declined. The Standard & Poor’s 500 index lost 16.31, or 1.3 percent, to 1,242.29; the Nasdaq composite index dropped 36.13, or 1.73 percent, to 2,054.11, its lowest level since last October.


Read the full Associated Press story

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