Wall Street slips on worry about growth outlook

May 25, 2011 |

Agencies

New Tork

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US stocks dipped in light volume on Tuesday as oil shares' gains failed to offset lingering concerns about slow growth.

Large-cap technology positions continued to be trimmed, leading the tech-heavy Nasdaq lower.

The Dow Jones industrial average .DJI was down 25.05 points, or 0.20 percent, to end unofficially at 12,357.42. The Standard & Poor's 500 Index .SPX was down 1.09 points, or 0.08 percent, to finish unofficially at 1,316.28. The Nasdaq Composite Index .IXIC was down 12.74 points, or 0.46 percent, to close unofficially at 2,746.16.

Goldman Sachs and Morgan Stanley’s predictions about oil surge also hit market badly.

The banks predicted oil prices will rise to $130 a barrel and data showed the market for new homes remained weak.

While the rest of the market drooped, oil company shares surged after US banks Goldman Sachs and Morgan Stanley forecast the price for Brent crude, London's benchmark, would hit $130 a barrel in 2012, compared to Tuesday's closing price of $112.53.

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