Record Oil Price Caused Wall Street's Falling

Wall Street stocks fell sharply Thursday after crude oil prices touched a $60 mark.
The Dow Jones industrial average fell 166.49 points, or 0.157 percent, to 10,421.44 points. The Nasdaq composite index shed 21.37 points, or 1.02 percent, to 2,070.66 points. The Standard & Poor's 500 index declined 13.15 points, or 1.08 percent, to 1,200.73 points.

General Electric Co. shed 84 cents to 34.66 dollars even after announcing a reorganization that would reduce its 11 business divisions into six groups, saving up to 300 million dollars.

Morgan Stanley rose 1.20 dollars to 51.71 dollars after a mediareport said the company would soon name a new CEO to replace outgoing Chairman and CEO Phil Purcell.

On the NYSE, declining stocks outnumbered advancers about 2 to 1, and the trading volume was 2.02 billion shares.