Wall St dives on record oil over $123

Wall St dives on record oil over $123

By Ellis MnyanduReuters Wednesday, May 7, 2008; 5:35 PM
NEW YORK (Reuters) -

Stocks tumbled on Wednesday, on concerns about inflation and higher interest rates as oil jumped to a record above $123 a barrel.

Investors sold off shares of banks, home builders and companies dependent on consumer spending amid fears that rising prices will crimp demand and exacerbate fallout from the housing slump.