Dow down 400 points, oil nears $140

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.)


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