Stocks, Oil Prices Drop on China Inflation Worries

By: Associated Press
By: Associated Press

New York, NY (AP) - Stocks and commodities are taking a nosedive on
worries that China might try to put the brakes on its surging
economy.

Any slowdown in the Chinese economy will likely reduce global
demand for oil, metals and grains, which sent prices of those
commodities lower.

According to preliminary calculations, the Dow Jones industrial
average fell 91, or 1 percent, to close at 11,193 Friday.

The S&P 500 index fell 14, or 1 percent, to 1,199, and the
Nasdaq lost 37, or 1 percent, to 2,518.

Crude oil dropped $2.93, or 3 percent, to $84.88 a barrel.

Falling shares outnumbered gaining ones five to one on the New
York Stock Exchange, where volume came to 1 billion shares.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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