Stocks extend losses as oil hits record

2/07/2008 - 19:40

NEW YORK (Reuters) - Stocks extended losses on Wednesday as the price of oil hit a record, exacerbating concerns about the toll that soaring oil is taking on the economy and corporate profits.

The Dow Jones industrial average <.DJI> was down 62.05 points, or 0.55 percent, at 11,320.21. The Standard & Poor's 500 Index <.SPX> was down 7.57 points, or 0.59 percent, at 1,277.34. The Nasdaq Composite Index <.IXIC> was down 27.59 points, or 1.20 percent, at 2,277.38.

(Reporting by Kristina Cooke; Editing by Jan Paschal)

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