NEW YORK – U.S. stocks declined Friday, with the Nasdaq down more than 1 percent, as crude oil prices rose above $75 a barrel, increasing concerns about higher energy costs and overshadowing optimism about earnings.
The Dow Jones industrial average was down 16.71 points, or 0.15 percent, at 11,326.18. The Standard & Poor's 500 Index was down 4.15 points, or 0.32 percent, at 1,307.31. The Nasdaq Composite Index was down 26.73 points, or 1.13 percent, at 2,335.82.
The Dow industrials and S&P 500 indexes had held higher for much of the session, boosted by encouraging quarterly results from companies including manufacturer 3M Co. (MMM) and Google Inc. (GOOG) until the oil price rise induced selling.
"It's definitely oil. We're closer to $80 (a barrel) than to $70, and that's kind of discouraging," said Larry Peruzzi, senior equity trader at The Boston Company Asset Management, a Mellon subsidiary. "The bigger it gets, the more noticeable it is," he said, noting that the more oil rises, the more it cuts into consumer spending.
Supply worries pushed U.S. crude futures to all-time highs. Crude for June delivery settled up $1.48 at $75.17, after trading as high as $75.35, the highest for front-month crude since the New York Mercantile Exchange started trading oil futures in 1983.