U.S. stocks fell Wednesday as the price of a barrel of oil hit a new record and raised fears that energy and food prices would continue to soar, weakening the U.S. economy further. The major stock market indexes each lost more than 1.5 percent, with the Dow Jones industrial average declining by more than 200 points. Investors fear that rising energy prices will lead to increases in basic foodstuffs, forcing U.S. consumers to cut discretionary spending. According to preliminary calculations, the Dow fell 206.48, or 1.59 percent, to 12,814.35, after fluctuating early in the session. Broader stock indicators also declined. The Standard & Poor's 500 index fell 25.69, or 1.81 percent, to 1,392.57, and the Nasdaq composite index fell 44.82, or 1.80 percent, to 2,438.49. The New York Stock Exchange composite fell 171.51 to close at 9,339.47, but the American Stock Exchange composite rose 1.43 to end the session at 2,338.90. The Russell 2000 fell 13.58 to close at 716.21. Meanwhile, the price of a barrel of light, sweet crude oil for June delivery rose $1.69 to a record $123.53.
