Oil prices send US stocks plunging

A surge in oil prices sent the major stock indexes to their lowest level of the year today as investors overlooked a strong earnings report and a bullish outlook from General Electric Co. All three indexes fell for the third straight week.

Oil prices send US stocks plunging
Fri, 21 Jan, 2005 - 21:39

A surge in oil prices sent the major stock indexes to their lowest level of the year today as investors overlooked a strong earnings report and a bullish outlook from General Electric Co. All three indexes fell for the third straight week.

Frigid weather in the North East and concerns over possible OPEC production cuts pushed crude futures substantially higher. A barrel of light crude settled at 48.53, up 1.22, on the New York Mercantile Exchange.

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