Stocks Drop After New Record for Oil Prices
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Wall Street resumed its sell-off today after oil hit a new record and a bearish analyst report renewed concerns that General Motors Corp. could run out of cash.
The stock market’s pullback, which accelerated in the final hours of the week’s last full trading day, left the Dow Jones industrial average officially in bear market territory, with the blue chips having fallen more than 20% from their October highs.
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