US stocks tumble on oil worries

Another surge in oil prices sent US stocks plummeting today, with the Dow Jones industrial average shedding more than 160 points and the Nasdaq composite index and Standard & Poor’s 500 recording new lows for the year.

Investors reacted strongly to the oil hike, selling off rapidly as the afternoon progressed. A barrel of light crude closed at a record-high $44.41, up $1.58.