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.

Spiralling oil prices hit US stocks
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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CourtsBusinessHeathrowPlace: USPlace: Wall StreetPlace: ChicagoPlace: Charlotte, North CarolinaPlace: New YorkPerson: Jack AblinPerson: Mark VitnerPerson: VitnerOrganisation: NasdaqOrganisation: Cisco SystemsOrganisation: New York Mercantile ExchangeOrganisation: Harris Private BankOrganisation: DowOrganisation: Federal ReserveOrganisation: FedOrganisation: US Department of EnergyOrganisation: Wachovia SecuritiesOrganisation: Wall StreetOrganisation: American International GroupOrganisation: Federated Department StoresOrganisation: BloomingdaleOrganisation: Macy'sOrganisation: FederatedOrganisation: CiscoOrganisation: MicrosoftOrganisation: IBMOrganisation: The Walt Disney Co.
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