Despite a modest gain in factory orders, the markets plunged to close sharply lower as crude oil prices climbed to settle at a record high of $143.57 per barrel. The Dow skidded 167 points to 11,216 while Nasdaq plummeted 54 points to 2251.
On the downside
In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 19 points to 672.