Dow down 400 points, oil nears $140

There had been some predictions the increase in bonuses would have been significantly higher. However, layoffs and top managers giving up their bonuses have curtailed that. (AP Photo/Mark Lennihan)

NEW YORK (AP) -- Wall Street has plunged, with the Dow Jones industrials closing down more than 400 points, after oil prices shot higher and neared $140 for the first time.

The prospect of higher energy prices that could hobble consumers and worsen a slowing economy had investors frenetically pulling money out of stocks.

Wall Street began the day falling on a disappointing unemployment report. The price of oil, which rose more than $11 and traded as high as $139.12, sent stocks lower throughout the session.

The Dow is down about 405 at at the 12,200 level.

(Copyright 2008 by The Associated Press. All Rights Reserved.)