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Stocks tumble on $132 oil, Fed meeting minutes
2 minutes ago

By MADLEN READ
AP Business Writer
(AP:NEW YORK) Wall Street is down sharply, smarting from record high oil prices and a bleak economic assessment from the Federal Reserve.

Stocks fell in early trading in response to oil that now costs more than $132 a barrel on the futures market. They took a further dive after the minutes of last month's Fed meeting said policymakers expected sharply lower economic growth, higher unemployment and higher inflation. And, the Fed indicated it was unlikely to keep cutting interest rates.

The Dow Jones industrial average is down about 132 points at the 12,696 level.