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US stocks fall on high oil prices

3 years ago February 27, 2012 Feb 27, 2012 Monday, February 27 2012 Monday, February 27, 2012 7:47:05 AM CST in News
Source: Associated Press

U.S. stocks are falling because of worries that high oil prices could hurt the economic recovery.

A few minutes after the opening bell, the Dow Jones industrial average was down more than 80 points, or 0.6 percent, to 12,903. The Standard & Poor's 500 index fell 9.6 points to 1,356. The Nasdaq composite index slipped 22 points to 2,941.

Oil prices have risen 13 percent in the past month alone, and they closed on Friday at their highest point since May. There are worries that the spike in crude prices could hurt the economic recovery.

The drop follows similar declines at stock markets overseas. In London, the FTSE 100 index fell 1 percent. Germany's DAX gave up 1.4 percent, and the CAC-40 in France fell 1.3 percent.

 

 

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