All 30 Dow Jones industrial average stocks declined Wednesday as the index tumbled for a second day, with the largest losses recorded by Citigroup, Boeing Co. and American Express Co.
The Dow fell 227.49 points, or 1.8 percent, to 12,601.19 in response to record-high oil prices and a bearish economic assessment from the Federal Reserve.
Citigroup Inc. declined $1.05, or 4.8 percent, to $21.06, as financial stocks fell across the board.
Boeing declined $3.95, or 4.6 percent, to $81.19. The airplane maker is laying off hundreds of workers after losing an important military satellite contract.
Credit card company American Express Co. declined $1.83, or 3.9 percent, to $45.48. Consumers have been cutting back on spending, faced with tightening credit and high gas prices.
The price of oil set a new record and Chevron Corp. recorded the smallest percentage loss on the index, slipping 7 cents to $103.02.
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