Wall Street extended its losses Wednesday as a rise in oil prices and a profit warning from United Parcel Service raised investors' anxiety...
NEW YORK — Wall Street extended its losses Wednesday as a rise in oil prices and a profit warning from United Parcel Service raised investors’ anxiety about the well-being of the economy.
The Dow Jones industrial average fell 49.18 to 12,527.26.
Microsoft, one of the 30 Dow stocks, added 14 cents to close at $28.89 a share. Boeing stock, also one of the 30 Dow industrials, rose $3.58 to $78.60 and helped contain the blue chips’ losses. Boeing delayed its 787 jetliner by another six months, pushing the aircraft’s debut for commercial service to the third quarter next year.
Broader stock indicators also declined. The Standard & Poor’s 500 index fell 11.05 to 1,354.49, and the Nasdaq composite index declined 26.64 to 2,322.12.
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Crude prices jumped following a government report showing U.S. inventories fell by more than expected last week. The rise hurt shares of airline and trucking companies, which have already struggled with fuel costs.
UPS, the world’s largest shipping carrier, pointed to a weaker economy and higher fuel costs in trimming its forecast. UPS fell $2.74, or 3.7 percent, to $70.57.
Investors earlier this week received reports from aluminum producer Alcoa and chip maker Advanced Micro Devices that have made the market uneasy about overall first-quarter results.
Joe Kinahan, chief derivatives strategist for the brokerage service Thinkorswim Group, said investors are nervous about the implications, including inflation, of higher oil prices. Still, he said, the relative calmness seen in the markets in recent sessions is impressive.
Light, sweet crude jumped $2.37 to settle at a record $110.87 a barrel on the New York Mercantile Exchange.