Spiralling oil prices hit US stocks

Oil prices that soared to US$65 (€52.48) a barrel choked off an early rally on Wall Street today, pummelling the market's optimism about the economy in the process.

Thu, 11 Aug, 2005 - 00:20

Oil prices that soared to US$65 (€52.48) a barrel choked off an early rally on Wall Street today, pummelling the market's optimism about the economy in the process.

The tech-focused Nasdaq composite index also was hit by a disappointing forecast from networking gear maker Cisco Systems.

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