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Stocks Tumble as More Bad Economic News Piles Up

NEW YORK - Wall Street plunged Thursday, hurtling the Dow Jones industrials down to their lowest point in nearly two years as investors contended with a barrage of bad news: a surge in oil prices past $140 a barrel and warnings of trouble in the key financial, automotive and high-tech industries.

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Oil Jumps Above $140 on OPEC, Libya Comments

NEW YORK - Oil futures shot above $140 Thursday after OPEC’s president said crude prices could rise well above $150 a barrel this year and Libya said it may cut oil production. The advance raised the likelihood that gasoline prices would also extend their advance, and that prices of goods and services throughout the economy would also keep rising.

Light, sweet crude crossed the $140 level minutes before the New York Mercantile Exchange closed Thursday, then retreated slightly to settle up $5.09 at a record $139.64. In after-hours electronic trading, prices rose as high as a record $140.39.

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