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FINANCIAL NEWS
from Eyewitness News Online
Last Update on 05-09-08 1735EDT

NEW YORK
Stocks found a slippery slope as oil went higher again. The Dow lost 120 points on the day and fell more than 2 percent for the week. The S&P was down 9 points today, while the Nasdaq dropped 5 points.

NEW YORK
Oil traded above $126 a barrel for the first time today. That brought its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil's recent path higher.

NEW YORK
Citigroup shares lost more than 2 percent of their value today. The banking giant revealed a three-year plan that includes sticking with a global banking model, but only after shrinking the company by about a-fifth.

WASHINGTON
The nation's trade gap narrowed more than expected in March. The retreat was led by the biggest drop in imports since the last recession was ending.
WALL STREET UPDATE
Last Update 05-09-08 1613EDT

Stocks down for day, week

Stocks faded under the weight of rising oil prices and more fallout from the credit crunch. Crude oil settled at a new record of $125.96. And American International Group posted a wider-than-expected first-quarter loss.

The Dow lost 120 points to 12,745. It was down more than 300 points or 2.3 percent for the week.

The S&P fell 9 points to 1,388. It had a 1.8 percent weekly drop.

The Nasdaq composite was down 5 points to 2,445. It fell 1.3 percent this week.

Declining issues had a 17-to-14 lead over advancers.

Volume was more than 3.3 billion shares on the NYSE. Nasdaq stock market volume was 1.6 billion shares.





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