Wall Street ends sharply lower on economic worry, oil
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NEW YORK (Reuters) - Stocks tumbled on Thursday after a report showing yet another drop in U.S. home sales prompted investors to take profits in financial shares, which had rallied sharply over the past week.The rebound in oil prices, which rose more than $1 to end above $125 a barrel, also revived worries about the economy and the impact of higher energy costs on both business and consumers. Earlier this week, U.S. crude futures prices had dropped over 5 percent.Based on the latest available data, the Dow Jones industrial average <.DJI> sank 283.10 points, or 2.43 percent, to end unofficially at 11,349.28, and the Standard & Poor's 500 Index <.SPX> fell 29.61 points, or 2.31 percent, to finish unofficially at 1,252.58. The Nasdaq Composite Index <.IXIC>slid 45.77 points, or 1.97 percent, to close unofficially at 2,280.11.(Reporting by Walter Brandimarte; Editing by Jan Paschal) (c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
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