Friday, April 8, 2011

Oil rises to $113 as stocks slip

NEW YORK (CNNMoney) -- U.S. stocks dropped on Friday, as oil and gold prices spiked and investors await news about the pending government shutdown.
The Dow Jones industrial average (INDU) fell 85 points, or 0.7%. The S&P 500 (SPX) and the Nasdaq Composite (COMP) were each down nearly 1%. With less than an hour before the close of trading, stocks were near their lows for the day.
Oil prices surged to nearly $113 a barrel Friday, a day after Japan was hit with another earthquake. At the same time, the price of unleaded gasoline rose 1.4 cents overnight to a nationwide average of $3.74, according to motorist group AAA.


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