NEW YORK (AP) — Stocks are sliding in early trading as the price of oil tops $100 a barrel for the first time since July. The jump in oil prices could dampen the already fragile economy by cutting into spending.
Concerns lingered about Europe’s debt crisis. Greece’s new prime minister, Lucas Papademos, faces a confidence vote later Wednesday. His government must pass unpopular austerity measures to receive the next round of emergency loans.
Abercrombie & Fitch plunged 8 percent after the company reported earnings that were well short of Wall Street’s expectations.
The Dow Jones industrial average was down 133 points, or 1.1 percent, at 11,961 five minutes after the market opened. The S&P 500 slid 14, or 1.1 percent, to 1,243. The Nasdaq composite lost 27, or 1 percent, to 2,658.