US stocks tumble on rising oil prices and unemployment

US stocks plunged today, with the Dow Jones industrials shedding nearly 112 points, as investors were pummelled by a sharp climb in oil prices, rising unemployment and a disappointing 2005 forecast from General Motors.

Crude oil futures extended their gains, surpassing 48 dollars per barrel and closing at a six-week high, as investors worried about declining US reserves, the Iraqi elections and evidence of Opec production cuts.