High oil prices push US stocks mostly lower
Investors extended their blue chip sell-off today as oil prices neared their all-time highs, renewing Wall Street’s concerns that high energy costs would deflate third-quarter earnings. Only the Nasdaq composite index managed a minimal gain.
Analysts said oil prices, which continued their climb after shooting past 48 US dollars yesterday, would keep consumer spending down and business costs rising, a combination that will squeeze profit margins and lower third-quarter earnings.
