Wall Street ended a week of big losses with more selling today as rising oil prices again raised worries that strained consumers will cut...
NEW YORK — Wall Street ended a week of big losses with more selling today as rising oil prices again raised worries that strained consumers will cut back spending and hurt the overall economy.
The Dow Jones industrials fell 145.99 to 12,479.63 in the final session before the three-day holiday weekend.
Microsoft, one of the 30 Dow stocks, fell 47 cents to close at $28.05 a share. Boeing, also a Dow stock, added 7 cents to $81.48.
Broader stock indicators also declined. The Standard & Poor’s 500 index fell 18.42 to 1,375.93, and the Nasdaq composite index fell 19.91 to 2,444.67.
Most Read Business Stories
- FAA safety engineer goes public to slam the agency's oversight of Boeing's 737 MAX
- 55,000 in Washington state may have to pay back thousands in jobless benefits
- MacKenzie Scott marries Seattle teacher after Bezos divorce
- 1 house, 45 offers: Homebuyers in Western Washington hard-pressed as supply remains scarce
- Boeing CEO gave up millions in pay; here's what he and other top execs earned
For the week, the Dow is down 3.91 percent, the S&P 500 gave up 3.47 percent, and the Nasdaq lost 3.33 percent.
Investors are worried about consumers, who at the start of Memorial Day weekend are paying gasoline prices that have gone up nearly 20 percent, or 65 cents a gallon, in the past year.
While spending more at the pump is hard for businesses and consumers alike, Wall Street is worried that consumers, who account for more than two-thirds of U.S. economic activity, will cut back to make room in their budgets for gas that has topped $4 a gallon in some parts of the country.
Light, sweet crude rose $1.38 to settle at $132.19 a barrel on the New York Mercantile Exchange. Oil saw its third weekly gain after surging to a record $135.09 a barrel on Thursday. Some investors are buying on the belief that global demand from countries like China and India will outstrip supply. A weak dollar also makes each barrel more expensive.
“Crude oil is still weighing on the market and particularly because this is a traditional driving holiday,” said Chris Orndorff, director of equity strategy at Payden & Rygel in Los Angeles.
Many traders took today off before the long holiday weekend, and lighter volume often contributes to more volatility in stocks and the major indexes.
U.S. financial markets are closed Monday for the Memorial Day holiday.