Wall St slides on profit worries, oil's surge

1/07/2008 - 17:34

NEW YORK (Reuters) - Stocks slid to session lows on Tuesday, putting the Dow on the cusp of a bear market, as investors feared that fallout from record crude oil prices will hurt corporate profits and exacerbate the impact of mounting credit losses in the financial sector.

The Dow Jones industrial average <.DJI> dropped 156.57 points, or 1.38 percent, to 11,193.44. The Standard & Poor's 500 Index <.SPX> slid 18.70 points, or 1.46 percent, to 1,261.30. The Nasdaq Composite Index <.IXIC> tumbled 35.70 points, or 1.56 percent, to 2,257.28.

(Reporting by Ellis Mnyandu; Editing by Jan Paschal)

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