Dow Industrials closes below 11,000, first in 3 months
New York: US stocks fell on Wednesday, and the Dow industrials registered a closing below 11,000 for the first time in three months. The sell-off was driven by worries about the economy and higher interest rates.

A drop of more than 2 per cent in crude oil prices dragged down shares of major energy companies, such as Exxon Mobil Corp., which weighed on both the Dow average and the broad S&P 500 index. An index of oil shares, down 2.9 per cent, registered its biggest one-day percentage loss since Feb. 7.

Stocks extended losses in the final hour of trading, as the market failed to sustain gains from value buying, which helped lift stocks earlier in the session.

This was the market's third day of losses this week. Tough talk on inflation from Federal Reserve Chairman Ben Bernanke and other US central bank officials since Monday has led to concerns that Fed policy makers may not be through with raising interest rates.

The Dow Jones industrial average slid 71.24 points, or 0.65 per cent, to end at 10,930.90. The Standard & Poor's 500 Index fell 7.70 points, or 0.61 per cent, to finish at 1,256.15. The Nasdaq Composite Index slipped 10.98 points, or 0.51 per cent, to close at 2,151.80.

Dow's gainers included Boeing Co. up 1 per cent, or 81 cents, at US$81.46 after Banc of America Securities raised its rating on the stock of the big US defence contractor and jet manufacturer.
In Nasdaq trading, shares of Google Inc. fell almost 1 per cent, or US$3.48, to US$386.51.
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Oil falls 2 pc on rising US fuel inventory
New York: Oil tumbled more than 2 percent on Wednesday as growing U.S. fuel inventories eased worries over supplies. U.S. crude supplies rose 1.1 million barrels last week, the Energy Information Administration said, surprising analysts who had expected a 500,000 barrel decline.

Domestic gasoline stocks increased by 1 million barrels, while distillate supplies rose by 1.8 million barrels.
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