Stocks Plunge on Oil, Credit Worries
World News (0)
Nov 1 09:58 AM US/Eastern
By JOE BEL BRUNO
AP Business Writer
NEW YORK (AP) - Wall Street plunged in consumer spending erased optimism about the Federal Reserve's positive take on the economy just a day earlier. The crude oil vaulted to a record $96 a barrel. Meanwhile, a report from the Commerce Department indicated consumers scaled back their spending in September as worries mounted about a worsening housing market and further credit market turmoil.That combination led investors to retreat from Wednesday's rally, in which the Dow climbed 137 points after the Fed, while cutting quarter point, said the economy had weathered the ...