Chrysler LLC , citing financial damage from high gasoline prices . GM shares fell 6.8 percent and Ford tumbled 8.1 percent.
Oil prices shot up 2 percent to $134.70 a barrel on Middle East tensions and a weak dollar , compounding already elevated fears about inflation and consumer spending. The session started on a negative note, as investors dumped commercial bank shares after Merrill Lynch said it sees dividend cuts and the need to raise more capital at Bank of America, Regions Financial, SunTrust Banks and Wachovia Corp .
Full Story: Dow closes below 12,000 on bank jitters, oil prices (Reuters)
Oil prices shot up 2 percent to $134.70 a barrel on Middle East tensions and a weak dollar , compounding already elevated fears about inflation and consumer spending. The session started on a negative note, as investors dumped commercial bank shares after Merrill Lynch said it sees dividend cuts and the need to raise more capital at Bank of America, Regions Financial, SunTrust Banks and Wachovia Corp .
Full Story: Dow closes below 12,000 on bank jitters, oil prices (Reuters)
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