DOW CLOSES AT NEW LOW FOR THE YEAR!
nydailynews.com
The latest jump in oil prices to over $55 a barrel pushed stocks down yesterday, with blue chips falling to their lowest levels this year.
The Dow fell 107.95 to 9,757.81, its lowest close since Nov.24, 2003. The Nasdaq, in its biggest drop in almost three months, sank 38.38 to 1,915.14 despite a 23% surge in Google shares. The tech-heavy index closed the week flat, while the Dow lost nearly 2%.
AIG, a target of New York Attorney General Eliot Spitzer's insurance industry probe, fell $1.75 to $54.70.
Microsoft, along with fellow tech stalwarts Intel and Hewlett-Packard, weighed on both indexes yesterday after predicting its 2005 earnings growth would be the slowest in 19 years. Shares of all three companies were off 2%.
Crude rose 70 cents to $55.17 a barrel, a fresh 21-year high, on reports that China's economy is growing faster than expected. China is the world's second-largest oil user after the U.S.
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