Dow’s Eighth Loss in Nine Sessions, Oil at Lows for the Year

Business

0  Updated at 3:23 pm, May 14th, 2012 By: ABC Digital
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Hemera/Thinkstock(NEW YORK) — The Dow ended the day down 125.25 points, or 0.98 percent.  The S&P and Nasdaq also ended the day down more than one percent.
 
Clearly between the European debt crises and the tainted reputation of America’s biggest bank, there wasn’t much economic news to reassure markets.
 
JPMorgan stock ended the day down more than three percent.  The stock is down more than 12 percent since announcing its multi-billion-dollar loss.    
 
As global growth worries deepen, oil prices have fallen to a new low for the year.  Oil settled at $94.78 in New York trading Monday.  Prices have not been this low since last December.
 
The average price of a gallon of regular gas is $3.75, down about 4 cents from a week ago, according to the Department of Energy.  This price is also down 21 cents from a year ago.
 
Prices on the West Coast, however, inched higher at an average of $4.26 a gallon.  This is the most expensive gas in the country, up 12 cents from a week ago.

Copyright 2012 ABC News Radio