US shares declined for a third day as strengthening Hurricane Rita threatened to disrupt...
US shares declined for a third day as strengthening Hurricane Rita threatened to disrupt oil production in the Gulf of Mexico.
Crude oil prices climbed as Rita strengthened to a maximum Category 5 storm, exceeding Katrina when it reached the US Gulf Coast on Aug. 29. Crude for November delivery added 0.9 percent to 66.80 a barrel in New York.
In company news, American International Group Inc., the world's largest insurer, fell $1.11 to $59.40 after it said late Tuesday it expects 1.1 billion in after-tax losses for the third quarter, mainly because of claims from Hurricane Katrina.
Retailers extended their longest losing streak in six months. Sears, owner of the largest US chain of department stores, was down $4.41 to $115.15. Wal-Mart Stores Inc., the world's largest merchant, lost 72 cents to 42.49 dollars, its lowest close since August 1999.
The Dow Jones industrial average fell 103.49, or 0.99 percent, to 10,378.03. Over the last three sessions, the Dow has fallen 263.91, or 2.48 percent.
In the broad market, the Standard & Poor's 500 index fell 11.14,or 0.91 percent, to 1,210.20, and the technology-laced Nasdaq composite index fell 24.69, or 1.16 percent, to 2,106.64.
Declining issues led advancers 2 to 1 on the New York Stock Exchange, where the volume was 1.73 billion shares, up from 1.56 million shares at the same time Tuesday.