"DataBank; This Time, Wall St. Doesn't Like Higher Oil Prices"
"When crude oil futures reached $58.60 two weeks ago, the broad stock market rose. When oil reached $60 last week, the reaction was quite different.
The broad stock market fell sharply, leaving the major market gauges with some of their biggest losses in weeks.
The Dow Jones industrial average fell more than 100 points on both Thursday and Friday, days on which the price of oil futures for August delivery touched $60. Oil ended the day on Friday at $59.84.
Some investors evidently feared that energy prices at these elevated levels would drain corporate earnings.
Alcoa, the aluminum maker, with a decline of 6.3 percent, was among the Dow's worst performers. The company announced that it would cut costs because of higher energy expenses and a drop in aluminum prices.
For the week, the Dow lost 325.23 points, or 3.1 percent, to close at 10,297.84. The Standard & Poor's 500-stock index fell 25.39 points, or 2.1 percent, to close at 1,191.57. The Nasdaq composite index lost 36.84 points, or 1.8 percent, to close at 2,053.27.
The yield of the benchmark 10-year Treasury note fell sharply, to 3.92 percent, from 4.07 percent the previous week.
JEFF SOMMER"