Stocks fall on Wall Street as US oil price briefly hits $130
By STAN CHOE
AP Business Writer
NEW YORK (AP) — Stocks are falling in early trading on Wall Street, as more gains for oil prices threaten to worsen the world’s already high inflation. The S&P 500 was 1.5% lower after a barrel of U.S. oil leaped as high as $130 overnight on the possibility the U.S. could bar imports from Russia. Stocks around the world slid even more sharply earlier in the day, but they trimmed their losses as oil prices receded. Some markets in Europe even briefly erased all of their steep losses. Stocks in Paris were close to flat after having plunged as much as 5% in the morning.
