An early gain for the Nasdaq turned into steep losses after crude oil notched another new high on severe weather in the Gulf of Mexico.
The Nasdaq once again came up short of 2100, reaching 2085 before falling 17 points in the final two hours of trading to close at 2068.
Investors will get a sense of the effect of persistently high oil prices and rising interest rates on corporate earnings when second-quarter earnings reports begin to trickle out next week.
Appleand AMDwill be among the names reporting next week, and earnings season will swing into high gear the following week when IBM, Intel, Yahoo, eBay, Googleand Microsoftreport.
Blue chips tumbled on the new high for oil prices, with the S&P losing 10 to 1194 and the Dow plunging 101 to 10,270. Volume rose to 1.88 billion shares on the NYSE, and 1.59 billion on the Nasdaq. Decliners led 18-13 on the NYSE, and 17-12 on the Nasdaq. Downside volume was 68% on the NYSE, and 56% on the Nasdaq. New highs-new lows were 322-28 on the NYSE, and 133-28 on the Nasdaq.
GoAmericarose 7% on plans to merge with Hands On.
ADEplunged 22% on a warning.