US stocks closed lower yesterday, with the Nasdaq falling sharply for the third time this week, as investors fretted over how surging oil prices might hurt the US economy and corporate profits.
The Nasdaq slid 119.03 points to close at 3,979.32 while the Dow Jones industrials shed 38.11 points to 11,221.76.
The Standard and Poor's 500 shed 7.87 points to 1,494.64.
Dealers said the continuing high price of crude oil is worrying investors that companies' bottom lines will be hurt.
The lead example was given Thursday when DuPont issued a profit warning, blaming mostly crude oil and a weak euro for the shortfall in earnings.
Barry Hyman, chief market strategist at Weatherly Securities, said: "The price of oil is a consideration that you have to look at; it's one of the impediments to the market."
