NEW YORK (Reuters) - Stocks closed lower on Wednesday after United Parcel Service Inc slashed its quarterly earnings forecast because of the deteriorating economy and oil prices hit a record high above $112 a barrel, dimming the earnings outlook.Based on the latest available data, the Dow Jones industrial average was down 48.85 points, or 0.39 percent, at 12,527.59. The Standard & Poor's 500 Index was down 11.02 points, or 0.81 percent, at 1,354.52. The Nasdaq Composite Index was down 26.64 points, or 1.13 percent, at 2,322.12.(Reporting by Jennifer Coogan; Editing by James Dalgleish)
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